Business And Law 1

Question 1

To determine the number of hours required for different phases of a project and for making sure the job is on schedule use

Answer 1

Critical path method

Question 2

Who pays Fica

Answer 2

50% employer 50% employee

Question 3

Who pays FUTA

Answer 3

Employer

Question 4

Employer must give employee a completed W-2 by

Answer 4

January 31

Question 5

The qualifying RME for construction firm must work at least

Answer 5

32 hrs a week

80% of work week

Question 6

When balancing accounts receivable what would have no effect

Answer 6

Posting to the wrong account

Question 7

What represents company’s financial position on a specific date

Answer 7

Balance sheet

Question 8

What happens after employees taxable wages exceed $7000

Answer 8

The employer does not pay FUTA

Question 9

The first document usually delivered in the home-improvement contract is

Answer 9

Notice to owner

Question 10

If required safety devices are missing from a tool the employee should

Answer 10

Notify the contractor

Question 11

It is not legal to ask a potential employee about arrest records when

Answer 11

They did not lead to a conviction

Question 12

The immigration Reform and control act requires employees to complete form _
To verify their employment eligibility

Answer 12

W-4

Question 13

According to the business and professions code how much can the contractor except as a down payment

Answer 13

$1000 or 10% whichever is less

Question 14

Who is responsible for checking the site before the building inspector arrives

Answer 14

Contractor

Question 15

Who would be responsible if a contractor completes a project and later discovers there was a building code violation

Answer 15

Contractor and architect

Question 16

It’s a subcontractor does not have Workmans comp on the subcontractors employee gets hurt who is held responsible

Answer 16

The prime contractor

Question 17

But short-term loan would not be obtained for

Answer 17

Office rent

Question 18

Insurance policy that covers a high degree of exposure to risk his

Answer 18

Umbrella policy

Question 19

Lumber yards and suppliers offer a discount to contractors of what percent if they pay their bills on time

Answer 19

1 to 2%

Question 20

It’s a newly hired employee does not have a Social Security number which should be done

Answer 20

They need to apply for one by completing SS – 5 application

Question 21

What is the most likely reason to lose bid

Answer 21

Vague specifications

Question 22

After you have read the plans and specs the next important step in writing a bid

Answer 22

Walk the job

Question 23

Once the budget is finalized

Answer 23

The contractor should try to stay within the budget

Question 24

To ensure and error-free bid

Answer 24

Doublecheck the bid before submitting it to the client

Question 25

The federal employer ID number is issued by

Answer 25

IRS

Question 26

How often are FICA taxes reported and pay

Answer 26

Quarterly

Question 27

? May not be deducted from employees check

Answer 27

Worker's Comp. insurance premiums

Question 28

When should you let your attorney see your construction contract

Answer 28

After the contract is prepared but before you sign it

Question 29

If a homeowner cancels a contract how does the contractor have to pick up unused materials that were delivered

Answer 29

Within 20 days after cancellation

Question 30

Contractor supervisors are required to conduct toolbox or tailgate safety meeting how often

Answer 30

Once every 10 working days

Question 31

Gosh must investigate the complaint charging a serious violation of health or safety standards within

Answer 31

Three days

Question 32

When is an employer allowed to see their own personal file

Answer 32

Whenever they want

Question 33

A hard labor may not be younger than

Answer 33

16 years old

Question 34

When an owner signs a receipt for a stop notice that usually means the owner

Answer 34

Recognizes that A lien could be placed on funds

Question 35

The strictest measure of liquidity

Answer 35

Quick ratio

Question 36

Business records must be kept for how many years after completion of a construction project

Answer 36

Five

Question 37

The construction or altercation of a building or any structure requires a contractors license if the project costs

Answer 37

$500 or more

Question 38

When should a contractor renew the contractors license bond

Answer 38

30 days before it expires

Question 39

If you are listed as a partner on the license and I have been actively engaged for the past five out of seven years you can

Answer 39

Apply for license with the waiver of the exam

Question 40

On a time and materials job you should

Answer 40

Add profit and overhead to laborers and materials

Question 41

What does a cost management system do

Answer 41

Helps analyze the cost of labor and materials

Question 42

What summarizes revenues cost of sales, and operating expenses over a period of time

Answer 42

Income statement

Question 43

A subcontractor who does not serve a preliminary notice

Answer 43

Loses stop notice and mechanics lien rights

Question 44

Who can legally issue a lie detector test

Answer 44

Federal state or local agencies

Question 45

If your supplier goes on strike you should

Answer 45

Contact the owner immediately

Question 46

Contractor should ask if this asBestos is present in a house built before

Answer 46

1978

Question 47

If you unearth human remains or artifacts

Answer 47

Stop work immediately at that site and nearby ones

Question 48

Allowing your license to be used by an unlicensed contractor can result in disciplinary actions

Answer 48

.

Question 49

Entering into a contract with another unlicensed contractor is not okay

Answer 49

.

Question 50

If you're planning to drill or day on the job site notify who before starting

Answer 50

Regional underground service alert notification Center

Question 51

The best way to choose insurance is to consider

Answer 51

Cost and coverage

Question 52

Who must sign a joint control addendum to a home-improvement contract

Answer 52

The owner the contractor and the joint control officer

Question 53

Employee remittance state income tax and state disability taxes withheld from an employee wages to what agency

Answer 53

Employment development Department

Question 54

Who do you report and pay sales tax

Answer 54

The board of equalization

Question 55

If a contractor forgets to renew his license on time expired license may be renewed any time with them? After it's expiration date without reapplying

Answer 55

Five years

Question 56

Employer must report every work related illness or injury to their workers compensation carrier within

Answer 56

Five days of the incident

Question 57

Employer that has? Or more full-time or part-time employees must keep written health and safety records for how many years

Answer 57

11 five

Question 58

The CS LB has a stab list a mandatory arbitration program of verified complaints in which damages are

Answer 58

$7500 or less

Question 59

Direct cost would be

Answer 59

Payroll tax

Question 60

What a subcontractor does work on a public works contract the public agency considers the subcontractor

Answer 60

An employee of the prime contractor

Question 61

Where is the notice of right to cancel found on the contract

Answer 61

Near the customer signature

Question 62

If you purchase materials from the county that has additional sales tax added

Answer 62

You must pay the additional sales tax in the county it was purchased

Question 63

Subcontractor is responsible for supplying his own safety goggles

Answer 63

.

Question 64

If a contractor hires strikebreakers to replace employees on strike the penalty is

Answer 64

$1000 maximum fine and or 90 days in jail Max

Question 65

If an employer pays an employee in cash

Answer 65

They must provide a wage deduction statement semi monthly or at the time of each payment

Question 66

To in activate your license

Answer 66

Write to the CS LB

Question 67

How many times can you take the contractors exam before your application is voided

Answer 67

As many times as necessary within 18 months

Question 68

If a contractor changes the designs and the owner says it's lost value the owner can take him to court and win

Answer 68

The cost of repairs and the loss of market value

Question 69

It's a general contractor gets bids from subcontractors and one is really low

Answer 69

You can tell that subcontractor about a possible error but cannot disclose the other amounts of the beds

Question 70

If a customer wants to cancel the contract within three days they do not have to use the original contract they can

Answer 70

Send a written letter by mail

Question 71

If you do not name a subcontractor you plan on using

Answer 71

You will do that part of the work yourself

Question 72

The homeowner may not give the sales person bonus Who me a sales person accept a bonus from

Answer 72

Sales person they only except a bonus from the contractor or subcontractor

Question 73

A reason and owner would require an unconditional lien release from a subcontractor

Answer 73

The owners property covered by the lease may not be leined

Question 74

It's an employee violates a safety rule and another employee is injured who is responsible

Answer 74

Employer

Question 75

A contractor bidding a job discovers the specifications are not correct he should

Answer 75

Refrain from submitting a bid

Question 76

Where do you get permits for working in hazardous areas

Answer 76

OSHA

Question 77

You have completed 60% of the job the owner has not been paying you filed a mechanics lien what's the next step

Answer 77

Continue working on the job The job must be completed before you can file a mechanics lien

Question 78

The most important thing to include when advertising for construction work

Answer 78

Contractors license number

Question 79

The typical retention especially on large jobs would be

Answer 79

10% of the first draw

Question 80

In owner objects to materials being used and complains to a worker you should

Answer 80

Have the work stopped until an on-site meeting can be scheduled with the owner

Question 81

The easiest cost for a contractor to control

Answer 81

Subcontractor costs

Question 82

When would employee be required to complete a new W-4

Answer 82

If their marital status changes

Question 83

If a job will last at least six months but could be longer tell the people interviewing

Answer 83

It's a temporary position

Question 84

If an employee quits he must be paid within

Answer 84

72 hours

Question 85

Who is responsible for selecting materials when refilling a first aid kit for job site

Answer 85

Dr.

Question 86

Where would a contractor get a security bond

Answer 86

Insurance agent

Question 87

Two types of contracts a contractor would most likely see

Answer 87

Construction and permits

Question 88

Which state agency does the employer send unemployment insurance tax

Answer 88

EDD

Question 89

Who is best qualified to submit the plans and specifications

Answer 89

Architect

Question 90

What is the best way to see if the contractors license

Answer 90

Call CSlb

Question 91

A contractor needs to keep change orders on file

Answer 91

By law

Question 92

If there is no collective-bargaining agreement employees has to pay

Answer 92

2x a month | Weekly