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Virgina test > The General Part > Flashcards

The General Part Flashcards

1
Q
  1. The typical result of bidding too low is.

A. A lower break even point
B. insufficient cushion for excess cost.
C. Better inventory
control.
D. Fewer estimated errors.

A

B. insufficient cushion for excess cost.

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2
Q

2.(01:28:12) Weakness of bar charts for scheduling is that they do not.

A. Factor in material costs.
B. Factor in labor costs
C. Show the interdependency of activities to each other
D. Show the work done by subcontractors.

A

C. Show the interdependency of activities to each other

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3
Q
  1. The time of a project component can be delayed without delaying the completion of the overall project is known as.

A. Free time
B. Control time
C. Critical part time
D. Float time

A

D. Float time

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4
Q
  1. Following are required elements of a contract, except.

A. Negotiation
B. Consideration
C. Acceptance
D. Offer.

A

A. Negotiation

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5
Q
  1. A contract has been finalized and construction has begun on a project that is to be completed in 90 days. There is no full time in the schedule. After the first 30 days, the zoning inspector stops the project because approval of an easement has not been completed. The contractor requires a change order for additional time and money. What should happen in this case?

A. The contractor should be given the time extension without the additional cost
B. The contractors request should be rejected by the owner.
C. The owner should approve the request.
D. The local zoning jurisdiction will be responsible for paying the additional cost associated with the delay.

A
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6
Q
  1. Contractor performing work for on a single-family residence. Must notify the mechanical lien agent within how many days of its providing labor or materials.
A

30 days

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7
Q
  1. The income statement includes all of the following line items except.

A. General and administrative expenses.
B. Interest income
C. Direct cost
D. Inventory

A

D. Inventory

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8
Q
  1. The following are types of common construction contracts exist.

A. Fixed price.
B. Unit price.
C. Cost plus
D. Additional price.

A

D. Additional price.

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9
Q
  1. If an owner exceeds the amount of the allowance.

A. The contractor may choose less expensive
items.
B. A change order will be written to help with additional costs.
C. The owner may
request that the overage be arbitrated.
D. The owner must pay off rich and cash within 30 days.

A

B. A change order will be written to help with additional costs.

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10
Q
  1. On a construction job providing safety training for employees is the responsibility of
A

A. The employer or contractor.

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11
Q
  1. To obtain the most accurate estimate of the number of hours required to perform a specific activity. The contractor should consult the previous

A. Budgets and labor tables.
B. Job calls, records and labor tables.
C. Payroll records and overtime restrictions.
D. Past projects, schedules and state labor laws.

A

D. Past projects, schedules and state labor laws.

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12
Q
  1. The design build contracting method requires that an

A. Architect prepares the plans and the owner contracts with a general contractor to build the project.
B. The construction firm draws up the plans and bills the project.
C. A contractor supplies the requirements for the project included financing.
D. Multiple prime contractors are. Employed by the construction project.

A

B. The construction firm draws up the plans and bills the project.

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13
Q
  1. Best source for estimating waste or loss of materials at the job site is.

A. Racehorse Flowcharts and charts.
B. Schedule charts
C. Historical statistical data on several projects
D. As built drawings. From similar projects.

A

C. Historical statistical data on several projects

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14
Q
  1. Who is responsible for providing safe working condition for employees?

A. Project owners,
B. Supervisors.
C. Employers,
D. OSHA.

A

C. Employers

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15
Q
  1. The single prime contracting method required that.

A. An Architect prepares the plans and the owner’s contracts with the general contractor to build the project.
B. The construction firm designed and built the project.
C. The contractor supplies all the requirements for the project, including financing.
D. Multiple prime contractors are employed for the construction project.

A

A. An Architect prepares the plans and the owner’s contracts with the general contractor to build the project.

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16
Q
  1. The Clean Water Act prohibits the discharge of any pollutant into navigable water.

A. Before a waiver has been allowed by the Department of the Interior.
B. Unless a permit has been issued by the National Pollutant Discharge Elimination System (NPDES).
C. Unless the contractor receives authorization under the Resource Conservation and Recovery Act (RCRA).
D. Under all conditions

A

D. Under all conditions

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17
Q
  1. Irs form 941 is used for reporting:

A. Federal unemployment tax paid into.
B. Quarterly federal tax deposits paid into.
C. Alien alien workers company.
D. Income.

A

B. Quarterly federal tax deposits paid into.

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18
Q
  1. All of the following are possible causes of going over budget on a project, except.

A. Mismanagement
B. Theft
C. Bad estimating
D. Accrual accounting.

A

D. Accrual accounting.

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19
Q
  1. What should a contractor use to keep track of estimated costs as the project progresses?

A. Supplier’s invoices
B. Bank statements
C. Budget
D. Progress reports.

A

A. Supplier’s invoices

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20
Q
  1. Which of the following is an advantage of S Corporation form of business?

A. Avoidance of double taxation.
B. Less personal liability for corporate debts than a corporation.
C. Limited state and federal regulation
D. Ease of record keeping.

A

A. Avoidance of double taxation.

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21
Q
  1. What type of bond protects the owner from faulty workmanship that shows up after the completion of the project?

A. Bid bonds
B. Performance bonds
C. Payment bonds
D. Maintenance bonds.

A

D. Maintenance bonds.

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22
Q
  1. What percentage of workers compensation premiums for an employee can be deducted from the employee’s pay?

A. 0%
B. 1.45%.
C. 5%
D. 6.20

A

A. 0%

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23
Q
  1. A benefit of a cost control system is.

A. Better scheduling.
B. Improve resolution of contract disputes.
C. More accurate estimating.
D. Safer job sites.

A

C. More accurate estimating.

24
Q
  1. Which of the following is a true statement about how contractors may utilize payroll taxes?

A. They can be used for operating expenses until payment and schedule.

B. They can only be used for paying withholding taxes to the government.

C. They can temporarily be used for employment and employee benefits.

D. They can only be used for an emergency financial situation within the company.

A

B. They can only be used for paying withholding taxes to the government.

25
Q
  1. The last day for a contract memorandum of Lien is how many days from the last day of the month that the labor and material was furnished?

A. 30
B. 91
C. 60
D. 120

A

B. 91

26
Q
  1. if the contractors FUTA tax liability is more than 500. The employer must deposit the taxes with the federal government no later than.

A. End of the month
B. End of the quarter
C. March 31
D. June 30 or End of the year

A

B. End of the quarter

27
Q
  1. An advantage of keeping inventory levels as low as possible is.

A. Decreased transportation time
B. Minimizing working capital needs
C. Reducing labor costs
D. Increasing blow time.

A

B. Minimizing working capital needs

28
Q
  1. Changes to project requirements made after a contract has been signed should.

A. be paid for in advance.
B. Include additional compensation.
C. Be documented by written agreement signed by both parties.
D. Include a request for an extension of time.

A

C. Be documented by written agreement signed by both parties.

29
Q
  1. Which of the following is included in Project Overhead?

A. Advertising costs.
B. Equipment rental.
C. Material delivery charges.
D. Temporary job site office.

A

D. Temporary job site office.

30
Q
  1. A partnership is required to

A. Designate a managing partner
B. Update partnership insurance.
C. Obtain a federal tax. Identification number.
D. Pay state and federal corporate tax.

A

C. Obtain a federal tax. Identification number.

31
Q
  1. The most accurate information for estimating the number of hours required to perform a task comes from.

A. Manufacturers Specifications.
B. Superintendent’s daily reports.
C. Bios and specifications
D. Job calls records.

A

A. Manufacturers Specifications.

32
Q
  1. A manufacturer’s specification publication for a type of work is incorporated by reference into the contract. Specific issues. This type of work is also recovered by the local code. The best solution would be for the contractor to.

A. Perform the work in advance for local code requirements only
B. Perform the work in accordance with the specifications only.
C. Perform the work in accordance with both the local code and the specification.
D. Request a change order.

A

C. Perform the work in accordance with both the local code and the specification.

33
Q
  1. The contractor’s property insurance covers damage to.

A. Only the project owner’s property.
B. The property of the contractor and his employees.
C. Only the contractor’s property.
D. The project owner’s property and the contractor property.

A

D. The project owner’s property and the contractor property.

34
Q
  1. Gross profit and Less expenses equals.
A

A. Net Profit

35
Q
  1. For the purpose of the Fair Labor Standards Act, a labor would be classified as a

A. A skilled employee
B. unskilled employee.
C. A non-exempt employee
D. exempt employee

A

C. A non-exempt employee

36
Q
  1. A business must meet the requirements of the Fair Labor Standards Act if it employs one minimum number of employees.

A. One employee

A
37
Q
  1. The term lead abatement means

A. Lead paint surface has been sanded or scraped.
B. Lead paint hazard has been removed permanently.
C. Lead paint products may be used in new dwellings.
D. Lead paint surface has been sealed with protective coating.

A

B. Lead paint hazard has been removed permanently.

38
Q
  1. The equation applicable to a balance sheet is.

A. Assets equal liabilities minus owner’s equity.
B. Assets equal liabilities plus owner’s equity.
C. Assets plus owner’s equity equals liabilities.
D. Assets plus liabilities equals owner’s equity.

A

B. Assets equal liabilities plus owner’s equity.

39
Q
  1. Capacity and relation to binding contracts means that the Contracting Parties must meet all the following requirements except.

A. Every the legal age.
B. Have authority to be a legal representative.
C. Have proven financial worth.
D. Be mentally competent.

A

C. Have proven financial worth.

40
Q
  1. Which accounting method records income only when the income is received.

A. Completed contract
B. Percentage of completion
C. Accrual
D. Cash

A

D. Cash

41
Q
  1. Retainage refers to

A. The amount not yet paid to a subcontractor by the prime contractor.
B. The value of work rejected by the owner
C. The amount remaining to be billed on the project
High percentage of progress payments withheld by the owner.
D. A high percentage of progress payments withheld by the owner.

A

D. A high percentage of progress payments withheld by the owner.

42
Q
  1. General rule of law for interpreting an ambiguous provision of a contract is that it is.

A. Interpreted against the party who wrote it
B. Non-binding
C. Interpreted against an owner.
D. Interpreted against the contractor

A

A. Interpreted against the party who wrote it

43
Q
  1. The annual 940 return for reporting federal unemployment taxes FUTA. is due by

A. January 31st.
B. March 15th.
C. April 15th.

A

A. January 31st.

44
Q
  1. What is the maximum penalty for a willful violation of an OSHA safety requirement?

A. 10,000
B. 15,000
C. 50,000
D. 70,000

A

D. 70,000

45
Q
  1. Which estimated method uses a formal formula based on the square footage of project?
A

B. Square foot method

46
Q
  1. A type of insurance that protects the company in the event of the death of the president of the company, is called.

A. The continuation insurance
B. Presidential loss insurance
C. Key man insurance
D. Head of company insurance.

A

C. Key man insurance

47
Q
  1. All the following are elements of an income statement except

A. Taxes
B. Cash
C. Depreciation
D. Insurance.

A

B. Cash

48
Q
  1. Who has the responsibility to consult OSHA standards and to determine what safety equipment is required?

A. Designated safety representative
B. Insurance agent.
C. Employer
D. superintendent.

A

C. Employer

49
Q
  1. Liquidated damages are contractual clauses that call for:
A
50
Q
  1. For ease, estimated labor costs should be grouped by:

A. Type of material
B. Amount of materials
C. Type of activity
D. Equipment requirements

A

C. Type of activity

51
Q
  1. One method used to calculate depreciation is:
    A. Double calculation.
    B. Straight line.
    C. Regression.
    D. Percentage.
A

B. Straight line.

52
Q
  1. Which of the following is the most reliable estimating method for building construction?

A. Conceptual.
B. Quantity Take off
C. Unit price
D. Square foot

A

B. Quantity Take off

53
Q
  1. Changes to the plans and specifications made before bids are due are
A

Addenda/ Change Order

54
Q
  1. All of the following are components of project management except
A
55
Q
  1. Which estimating method approximates construction costs based on information for similar projects?

A. Conceptual estimate
B. Unit price estimate
C. Quantity survey Material take off method
D. Square foot method

A

A. Conceptual estimate

Virgina test (3 decks)

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