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AL Contractors > Flashcards > Flashcards

Flashcards

1
Q

a method of depreciation where an asset is depreciated at a higher rate during the early part of its useful life permitting larger tax deductions

A

accelerated depreciation

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2
Q

an agreement to an offer made and generally is done by signing by signing the offer.

A

acceptance(legal)

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3
Q

a process that happens each financial reporting period which starts with recording financial transactions and goes through analysis of financial statements

A

accounting cylce

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4
Q

monies that are owed to a business for products and or services provided

A

accounts receivable

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5
Q

a method of accounting where income is recognized when the services occur, not when the money is collected. Expenses are recorded when they are incurred, not when they are paid

A

accrual method of accounting

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6
Q

a formula that measures how effectively a company manages its credit. It is calculated by dividing sales per day into current receivables

A

activity ratio

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7
Q

changes made to bid documents after they are issued but before they are due

A

addenda or addendum- addenda ultimately become part of the contract after the bid is accepted

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8
Q

ADA

A

Americans with disabilities act- makes it unlawful to discriminate in employment against a qualified individual with a disability

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9
Q

AGC

A

Associated general contractors of america

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10
Q

a federal law that prohibits discrimination against individuals who are 40 or older

A

age discrimination in employments act ADEA

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11
Q

AIA

A

American institute of architects

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12
Q

a form a property insurance that covers property owners and builders for buildings under construction typically covering machinery equipment materials supplies and fixtures that are part of the structure or will become part of the structure. additional coverage can be added for temporary structures (scaffolding) used during construction. In general, major construction defects such as poor workmanship and faulty design are not covered

A

all risk builders risk insurance

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13
Q

a specified amount designated in an estimate for items that are not specified in the project plans such as finish material ( carpeting, fixtures, lighting etc)

A

allowance

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14
Q

arbitration uses a third party arbitrator or arbitrators to act as a judge to render a decision by which all parties are legally bound. Held in a format less formal than a trial

A

arbitration

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15
Q

these naturally occurring fibrous materials are woven together to create a product with high tensile strength. This material is commonly found in thermal insulation and fire proofing, roofing, and flooring materials. When these fibers become airborne, the cause a hazard due to their ability to enter the lungs. Diseases associated include lung cancer and mesothelioma

A

asbestos, also causes asbestosis

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16
Q

items of value owned by a business

A

asset

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17
Q

an employment agreement where either the employer or the employee may terminate employment at any time without cause or notice

A

at-will employment

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18
Q

a type of insurance providing coverage for liability and physical damage associated with a company vehicle

A

auto insurance

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19
Q

uncollectible accounts receivable which is deducted from gross income when figuring taxable income

A

bad debt

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20
Q

one of the basic accounting financial statements that shows a company assets liabilities and owners equity

A

balance sheet

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21
Q

a cash guarantee that can be converted to a payment to the owner by a bank or lending institution

A

bank letter of credit

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22
Q

a formal letter to complete a project according to the terms and conditions of the contract for a specified price

A

bid

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23
Q

a type of bond that guarantees the contractor if awarded the job will do work at the submitted bid prince enter into a contract with the owner and furnish the required performance and payment bonds

A

bid bond

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24
Q

a bid package put together in a competitive bid situation it may include an invitation to bid, bid instructions, bid sheet, bid schedule, bidders questionnaire on experience, financial responsibility and capability, copy of the contract and supplements

A

bid documents

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25
Q

an unethical situation where the subcontractor approaches the general contractor after the project is awarded with the intent of lowering the original price submitted on bid day

A

bid peddling

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26
Q

a form of conclusion where contractors coordinate their bids to fix the award outcome of a project

A

bid rigging

27
Q

an unethical situation where the general contractor approaches the subcontractors other than those who have submitted bids to seek a lower offer than what was quoted in the original bids

A

bid shopping

28
Q

standard language or clauses used in a legal contract that generally appear at the end of the contract. Their purpose is to protect the business in the event of a lawsuit

A

boilerplate provisions

29
Q

a risk transfer mechanism between a surety bonding company, the contractor, and the project owner. The agreement binds the contractor to comply with the terms and conditions of a contract. If the contractor cannot perform the contract, the surety bonding company assumes the contractors responsibility and ensures that the project is completed

A

bond

30
Q

when one of the parties involved fails to perform in accordance with any of the terms and conditions of a contract

A

breach of contract

31
Q

a type of insurance covering loss or damage caused by burglary, theft, larceny, robbery, forgery, fraud and vandalism

A

burglary and theft insurance

32
Q

a type of insurance that bundles property and liability coverage together to eliminate policy gaps or overlaps

A

business owner’s policies (BOPs)

33
Q

a planning documents that outlines business strategies and goals. it is particularly useful for newly formed or early stage businesses and companies making major strategic changes. Typical contents are an executive and company summary, products and services description, market analysis, marketing plan, and financial plan

A

business plan

34
Q

a method of accounting where income is reported in the year it is received and expenses are deducted in the year they are paid

A

cash method of accounting

35
Q

a certificate issued by the architect that deems a structure can be used for its intended purpose

A

certificate of substantial completion

36
Q

a certificate issued by a building inspector that deems the structure meets all applicable codes and is safe for occupancy

A

certificate of occupancy

37
Q

CFR

A

Code of federal regulations

38
Q

a written agreement between the owner and contractor to change the contract

A

change order

39
Q

an IRS publication that provides instructions on calculating, withholding and depositing employee taxes and tax tables

A

circular e

40
Q

a federal law that allows the EPA to set limits on how much of a pollutant is allowed in the air

A

clean air act

41
Q

a facilitative process wherein all parties agree at the onset to work to identify a solution that beneficial to all parties involved. using lawyers for a mutually beneficial result

A

collaborative law

42
Q

the expenses that are necessary to keep business operations running but not directly associated with a project (taxes, legal fees, etc)

A

company overhead

43
Q

a basic liability insurance covering bodily injury that results in actual physical damage or loss for individuals who are not employees, damage or loss to property not belonging to the business, personal injury, including slander or damage to reputation, and advertising injury, including charges of negligence that results from promotion of goods or services

A

commercial general liability insurance (CGL)

44
Q

a method of contract accounting where income or loss is reported in the year the contract is completed

A

completed contract method

45
Q

a type of liability insurance that provides coverage for loss arising out of completed projects

A

completed operations liability insurance

46
Q

a type of bond that provides assurance to the financial backers of a construction project that it will be completed on time

A

completion bond

47
Q

an estimate prepared by the architect using cost models from previous projects

A

conceptual estimate

48
Q

when both parties give up something of value, typically, services and products in exchange for monetary compensation

A

consideration (legal)

49
Q

a federal law that gives qualified beneficiaries (a covered employees spouse and dependent children) the right to maintain, at their own expense, coverage under their health plan that would be lost to a “qualifying event” such as termination of employment, at a cost comparable to what it would be if they were still members of the employers group

A

consolidated omnibus budget act of 1985 (COBRA)

50
Q

a type of contracting where the project owner contracts with a professional construction manager to coordinate and manage a construction project

A

Construction management (contracting)

51
Q

a type of insurance that bundles liability and workers compensation insurance for general contractors and sub contractors on large construction projects to eliminate gaps in coverage. to qualify for this type of insurance, certain contract cost requirements must be met. these requirements vary by state

A

construction wrap-up liability insurance

52
Q

a specified amount added to an estimate to protect the contractor if an unanticipated problem or condition arises

A

contingency

53
Q

a federal law that sets overtime standards for service and construction contracts on federal projects

A

contract work hours and safety standards act

54
Q

a type of liability insurance that provides contractors with protection for damages that result from their negligence while under written contract

A

contractual liability insurance

55
Q

a legal business entity that has independent ownership of assets and liabilities from its share holders

A

c corporation

56
Q

a method of contract accounting that combines the completed contract and percentage of completion methods

A

cost comparison method

57
Q

a type of contract where the contractor is reimbursed for the actual cost of labor and materials and is paid a mark up fee for overhead and profit

A

cost-plus contract

58
Q

a sequence of tasks that determine the duration of the project

A

critical path -subsequent project tasks cannot begin until a critical path item is complete

59
Q

cash and other assets that can be converted into cash in less than one year

A

current assets

60
Q

liabilities that will mature and must be paid within one year

A

current liabilities

61
Q

a formula that measures the percent of total funds provided by creditors.

A

debt ration- calculated by dividing total assets into total debt

62
Q

cost directly linked with a particular project

A

direct costs

63
Q

monies paid out or borrowed for goods or servies

A

expenses

64
Q

a safety violation given when a previous violation has not been corrected

A

failure to abate prior violation

AL Contractors (1 decks)

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