Exam questions Flashcards
Erosion and sediment control measures must be designed to control runoff of a _____ year storm.
10
When must a contractor must pay a subcontractor?
When the subcontractor submits an invoice
Applications to become a licensed contractor must be submitted to the board more than _______ days prior to the regular meeting of the board.
30
The contractor must notify the board________ when the qualifier leaves the company.
Within 7 days
The contractor must notify the board within ______ days of the qualifier leaving employment with the company.
90
The unauthorized practice of acting as a general contractor is ________
Class 2 Misdemeanor
Who must have a contractor’s license to perform their normal duties relative to building a structure except.
Engineer
No permit shall be issued on a commercial building when the cost exceeds _________ , unless the drawings have been sealed by a North Carolina professional.
$50,000
One important use of the general ledger is to _______________.
compile financial statements
The two most common types of insurance in the construction industry are
Workers’ compensation and liability
What MUST be included in a valid contract?
Identities of the parties
The document requesting an extension of time is called a _______.
Claim
A contract requires the contractor to indemnify the owner for any liability the owner might incur under the contract. The contractor should
Have the contract reviewed by an attorney
General overhead cost include:
Withholding taxes and workers compensation cost
When a company submits payroll taxes to the IRS it must:
Have previously completed a W-4 form for all employees added to the payroll
