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Landscape law, contracts & estimates > Vocabulary | Midterm > Flashcards

Vocabulary | Midterm Flashcards

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1
Q

Prime Contractor

A

A contractor who enters into a contract with the property owner, his/her agent or another contractor

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2
Q

Subcontractor

A

A contractor who gets into a contract with another contractor

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3
Q

Contract

A

An agreement, written or verbal, between two or more persons, which consists of a promise or series of promises

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4
Q

Mechanics Lien

A

Informs the home owner about the rights and responsibilities of a contractor

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5
Q

Home Improvement Contract

A

Agreement between a contractor and owner or tenant for the purpose of home improvement work

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6
Q

Small Claims Court

A

Dispute resolution where the amount must be under $10,000 unless you are an LLC or a Corporation

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7
Q

Arbitration

A

A dispute resolution that must be agreed to by both parties. The decision made is legally binding

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8
Q

Persons

A

human beings or business enterprises

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9
Q

Mechanic

A

any person who is skilled in the practical use of tools

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10
Q

Lien

A

binding legal claim placed on property

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11
Q

Mechanics Lien

A

one particular kind of lien placed on real (as opposed to personal) property - primarily on the structure and secondarily on the land on which the structure is located

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12
Q

Claimant

A

the person making the claim (the person filing the lien)

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13
Q

Conditional waiver and release

A

Use if you are paid in full and do not have money in hand - becomes effective when the check clears

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14
Q

Unconditional Waiver and Release

A

Use only if you have money in hand and are paid in full

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15
Q

Notice of Non-Responsibility

A

Written statement signed and verified by the owner or owners agent informing potential claimants that the work was not authorized by the owner and the owner will not be responsible for the payment

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16
Q

Notice of Completion

A

an official declaration that work on a project is finished

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17
Q

Notice of Cessation

A

Official declaration that work has stopped

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18
Q

Lis Pendens

A

Dispute pending

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19
Q

Perfecting the Lien

A

A claimant who is still not paid after recording a mechanics lien must then go to court and file a lawsuit

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20
Q

Strike

A

employees refuse to work until an acceptable agreement is reached

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21
Q

Lockout

A

employer prohibits the employees from entering the workplace until an agreement is reached

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22
Q

Collective bargaining

A

an agreement between a union and an employer

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23
Q

FIT

A

Federal Income Tax - employer is responsible for withholding and payment

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24
Q

FUTA

A

Federal Unemployment Tax - employer is responsible to pay

25
Q

FICA

A

Social Security - employer is responsible for withholding and payment

26
Q

EDD

A

Employment Development Department - employer is required to file quarterly state tax returns with them

27
Q

SUI

A

State Unemployment Insurance

28
Q

State Board of Equalization

A

Quarterly sales and use tax to be filed with them

29
Q

Cal OSHA

A

The CA Occupational Safety and Health Act

30
Q

Division of Occupational Safety & Health

A

enforces Cal?OSHA regulations

31
Q

Occupational Safety and Health Standards Board

A

adopts, amends and repeals safety standards

32
Q

Occupational Safety and Health Appeals Board

A

conducts hearings for violations by DOSH

33
Q

Cal/OSHA Consultation

A

free on site consultation services to employees and employers

34
Q

SDS

A

Safety Data Sheets - the employer must make them available to all employees who may come into contact with hazardous materials

35
Q

Balance Sheet

A

A statement which shows a business’ financial position at a particular point in time

36
Q

Financial Management

A

knowledge of how to properly manage finances

37
Q

Owner’s equity

A

Total assets minus total liabilities

38
Q

Retainage

A

money held by the owner or agency until the entire job is complete and the period for filing mechanics liens and stop notices has expired

39
Q

Solvency

A

Ability to turn assets into cash

40
Q

Income Statement

A

used to summarize the operations of a business over a period of time

41
Q

Accounts Payable

A

money owed by the company

42
Q

Accounts Receivable

A

money owed to the company

43
Q

Assets

A

Anything that has value to a company either immediately or in the future

44
Q

Liabilities

A

Anything that detracts value from a company such as debt

45
Q

Cash Flow

A

a company’s ability to pay current liabilities such as payroll and material services

46
Q

Direct Costs

A

costs directly associated with a particular job such as labor and materials

47
Q

Inventory

A

assets that can be converted into cash relatively quickly. Typically includes material used for installation or maintenance jobs

48
Q

Overhead expenses

A

fixed costs that a business occurs on a regular basis regardless of the monthly income being produced

49
Q

Profit

A

money used for operating capital of a business to pay off debt, expand, pay bonuses, etc

50
Q

Budget

A

projects what revenue will be generated and what expenses will be incurred over a specific period of time

51
Q

Capital Budget

A

developed to allocate money for purchases of assets, such as vehicles, and equipment

52
Q

Cash Flow Budget

A

project cash balances over a specific period

53
Q

Depreciation

A

a tax allowance for the decreased value of equipment and vehicles

54
Q

Gross Margin

A

is the amount of money that is left after direct costs are paid

55
Q

Net Profit

A

the amount of money that remains from revenues when all costs (direct, indirect, and overhead) have been paid and before taxes are paid

56
Q

Operating Budget

A

developed for the overall company and further delineated into division budgets

57
Q

Working Capital

A

to support the operational expenses associated with the projected growth in revenue

58
Q

Forecasting

A

a process that determines the working capital, asset, and personnel needs for projected revenues

59
Q

Strategic plan

A

specify goals and strategies to ache them within a specific period of time, generally 3 - 5 years

Landscape law, contracts & estimates (6 decks)

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