Samuel Helleruds study cards

Question 1

Who is ultimately responsible for the people working under the licensee?

Answer 1

Owners

Question 2

Which of the following is considered a form of business organization?

Answer 2

Sole proprietorship

Question 3

Which of the following is an advantage of the sole ownership form of business?

Answer 3

can be sold or altered at will

Question 4

Which one of the following is the simplest form of business to set up?

Answer 4

Sole proprietorship

Question 5

Which of the following is NOT a licensee?

Answer 5

A sole proprietorship

Question 6

Two people are in business together and each owns 50 percent of ABC homes, Inc. Which of the following is required?

Answer 6

File Articles with the corporation Commission

Question 7

How would an LLC with a single home owner be taxed?

Answer 7

As a sole proprietorship

Question 8

In a limited partnership, the decisions are made by:

Answer 8

the general partners

Question 9

All of the following can change a name on a contractors license except:

Answer 9

Qualifying Party

Question 10

What is business interruption insurance designed to do?

Answer 10

Protect contractors from lost earnings due to delays in construction because of covered penls

Question 11

What document contains the actual physical descriptions of the project to be constructed?

Answer 11

drawings

Question 12

Which of the following would be considered project overhead?

Answer 12

Salaries of supervisors

Question 13

A contractor receives a change order for $2,500.00. The materials will cost him $2,500.00 and his overhead for this change will be $700.00, but he will save $1,000.00 on materials and $280.00 on overhead and have 10% profit on the change order. What will be his cost plus profit?

Answer 13

$2,112.00

Question 14

If a contractor performs the work according to specifications of the project and is responsible for the cost of all the material and labor to obtain project completion, it is called _____.

Answer 14

Single Prime contracting method

Question 15

A job is supposed to start on the 1st which is Monday. Materials arrive on Tuesday the 2nd. The crew begins work on Monday the 8th. The job must be completed by the 29th. No overtime, weekends or holidays are considered. It takes 10 days to complete the job. What is the float time?

Answer 15

5 days

Question 16

When scheduling a project what is the best method to make sure theres enough working capital to complete a project?

Answer 16

Cash flow

Question 17

A job is supposed to start on the 1st which is Monday. Materials arrive on Tuesday the 2nd. The crew begins work on Monday the 8th. The job must be completed by the 29th. No overtime, weekends or holidays are considered. It takes 10 days to complete the job. What is the float time?

Answer 17

10 days

Question 18

What is the advantage of having low invetory?

Answer 18

Lower labor cost

Question 19

Which of the following can be used to create or track a budget for a project?

Answer 19

Estimate

Question 20

An employee makes $12.00 per hour. One week he works 30 hours and the next week he works 50 hours to make up for the previous week. What is his compensation for the two week period?

Answer 20

Less than $1000

Question 21

How long does OSHA form 301 have to be kept?

Answer 21

5 years

Question 22

The faillure of a contractor to notify Blue Stake prior to the excavation may fable him responsible for damages and subject to how much of a fine?

Answer 22

$500.00 - $5,000.00

Question 23

If new information becomes available about a hazardous chemical, within what time period must labels be revised?

Answer 23

6 months

Question 24

Who determines what safety equipment is used on the job?

Answer 24

Employer

Question 25

The penalty for non-compliance with lead abatement regulations is?

Answer 25

$37,500 per day

Question 26

Where would depreciation of fixed assests be recorded in the accounting process?

Answer 26

General journals

Question 27

If you have a note on a truck that is due to be paid off within the year, this is an example of?

Answer 27

Current liability

Question 28

Which of the following is not on a Income statment?

Answer 28

Cash

Question 29

Given the following information, what is the contractors return on investment (total asset)?
Current assets: $80,000
Fixed assests: $112,000
Inventory not included in current assest: $12,000
Current liabilities: $30,000
Fixed liabilities: $86,000
Net profit: $57,000

Answer 29

27.9

Question 30

A contractor is doing cost plus contract for $100,000.00. He is to get 40% over the direct costs. If he can do the job for under $100,00.00 , he gets 10% of the savings. He will also get $500.00 a day if he finishes the job early. If his direct cost equal $60,000.00 and he finishes 5 days early, how much does the contracter get paid?

Answer 30

$85,000-$90,000