Business Five

Question 1

When there are wide fluctuations in working capital what is the contractors best resource for paying bills on time

Answer 1

Line of credit

Question 2

You must report FICA and withheld income tax every

Answer 2

Three months

Question 3

What payroll taxes do not have a limit

Answer 3

FIT federal income tax

Question 4

If a subcontractor wants to substitute material on the job who should approve it

Answer 4

Architect

Question 5

If your sub orders materials And it doesn’t arrive in time what is not considered a valid excuse

Answer 5

Delay by suppliers because of high seasonal demands

Question 6

You apply for contractors Bond and Are refused. To whom you complain if you believe you are unfairly denied

Answer 6

The insurance commissioner

Question 7

Who is responsible for keeping records of changes on a job

Answer 7

The general contractor

Question 8

If a contractor discovers a serious code violation on an approved set of plans: work must

Answer 8

Work must stop until the contractor reports violation and has the plans corrected

Question 9

What is the most accurate method of accounting

Answer 9

Accruel

Question 10

What should you have with you while walking the job

Answer 10

Punch list

Question 11

If an individual files for a contractors license The entity is

Answer 11

Sole proprietor

Question 12

How long should contractor retain records for employees exposed to hazardous materials

Answer 12

30 years

Question 13

Why wouldn’t you want to request a conditional waiver of lean rights for work on a residential property

Answer 13

So the sub won’t lean the owners property

Question 14

Current liabilities are generally of what duration

Answer 14

12 months

Question 15

If you are bidding on a job that are similar to a job you completed six months ago and you’re planning to use the same materials what should you bid for the materials

Answer 15

Rework the entire bid.

Prices for material may change even in a short amount of time

Question 16

If an employee has a child support order how much should be withheld from the employees paycheck

Answer 16

50%

The government allows for 50% of employees disposable income to be withheld. The actual amount is determined by the courts.

Question 17

What is a legal remedy for nonpayment of funds owed to a contractor on a private job

Answer 17

Perfect the lien

Question 18

Whicis classified as a job-related direct cost

Answer 18

Performance bond

A direct cost is any expense that only exists because of a specific job.

Question 19

How often must perform 941 be submitted

Answer 19

Quarterly

Form 941 is the employers quarterly federal tax return

Question 20

Overtime laws are. ? Laws

Answer 20

Federal

Question 21

Under what circumstances must you informed in employee of exposure to a hazardous substance

Answer 21

In all cases

Question 22

What should you do if employee has a small accident but says he is not injured

Answer 22

Do not make the report

If the employee does not miss work and does not require medical attention than the accident does not need to be reported

Question 23

What should you do if employee is exposed to a toxic substance

Answer 23

Tell them.

Employers must inform employees when they are exposed to toxic substance

Question 24

How much start up capital is needed to start a new contracting business

Answer 24

$2500

Question 25

When can a material supplier file a mechanics lien

Answer 25

After the goods have been installed

Question 26

When you take an employee with you to City Hall to get a building permit what should we bring besides your license

Answer 26

Worker's Comp. certificate

Question 27

Does the three-day cancellation. Apply if a homeowner comes to your office and signs a contract for work

Answer 27

No. It is only for home solicitation sales. It's designed to protect people from high pressure sales tactics.

Question 28

When working on a public works contract what information must be sent to the agency if you have an employee

Answer 28

Certification of Worker's Compensation insurance

Question 29

How often should timecard to be filled out

Answer 29

Daily

Question 30

Who is responsible for paying SDI

Answer 30

The employee

Question 31

What is the deadline for submitting your employees W-2 for the previous year

Answer 31

February 28

Question 32

Who must apply for federal tax ID number

Answer 32

All types of businesses Who have employees. So proprietor who has no employees and does not file any excise or pension plan tax returns does not need an EIN

Question 33

Who is required to fill out form I-9

Answer 33

Everyone.

Question 34

When can a contractor have an owner sign a waiver from building standards in order to cut costs

Answer 34

Never

Question 35

Which of the following is considered a direct cost

Answer 35

Field superintendent A direct cost is an expense that can be billed to a specific job such as materials subcontracts and permits.

Question 36

What does an employee handbook typically include

Answer 36

Working hours and other company policies

Question 37

How much is aBestos Can be removed without notification

Answer 37

100 ft.²

Question 38

If an OSHA inspector is denied access to inspect the property

Answer 38

He will come back with an inspection warrant

Question 39

When should ear protection be worn

Answer 39

90 dB

Question 40

The most accurate way to bid a job

Answer 40

Make a detailed survey of equipment and material needed for the job

Question 41

The contractor forgot to add something to the job when he was betting: the contractor will

Answer 41

Absorb the cost

Question 42

What insurance policy would protect against a claim if a customer comes to the contractors office and falls down

Answer 42

CGLI Comprehensive general liability insurance Protects against claims for bodily injury to people who are not employees of the insured contractor

Question 43

What will happen if you are awarded the bid on a public works project and you pay less than the prevailing wage

Answer 43

You will be required to pay the employees the extra money. You may also have to pay a fine

Question 44

What should you do if you find out that the journey man on your crew are being paid 50% less than others on a public works project

Answer 44

Check to prevailing wage with the division of labor statistics and research

Question 45

How long should you keep accounting records

Answer 45

Five years

Question 46

What venue do you forfeit discovery

Answer 46

Arbitration If arbitration is not the answer list choose small claims court

Question 47

Besides Worker's Comp. what type of insurance is required for public works job

Answer 47

Liability insurance A $1 million policy that covers bodily injury and property damage is generally considered the minimum

Question 48

To licensed contractors want to work on the $300,000 project can they work together on the same project without obtaining a joint ventured license

Answer 48

No

Question 49

How do you pay a journeyman workers on the publics worke job

Answer 49

Prevailing wage

Question 50

What 2 liens are most effective when used together.

Answer 50

Stop notice and mechanics lien

Question 51

Where is the best place to get jobs

Answer 51

Referrals

Question 52

Who determines the pay rates for a prevailing wage job

Answer 52

DIR Department of industrial relations

Question 53

When can a contractor from another state work in California

Answer 53

When he or she has a California contractors license

Question 54

Who controls water run off in the coastal area

Answer 54

Water resources control Board

Question 55

What sort of notes are you looking for when you get a set of as built plans

Answer 55

Changes

Question 56

Who do you contact to obtain a permit for building in a coastal area

Answer 56

Coastal commission and building department

Question 57

When can the small claims court dismissed the case in the clients favor

Answer 57

When the contractor doesn't have a license

Question 58

If a client has a dispute with the contractor for $25,000 in damages where is the dispute likely to be heard

Answer 58

CSL B voluntary arbitration program

Question 59

Which of the following information as an employer allowed to reveal about an employee

Answer 59

Employees name

Question 60

Which of the following is not a description of lead-based paint deterioration

Answer 60

Smudge. Smudges a little spot of dirt on the surface which can be washed off.

Question 61

What are you required to do to discourage sexual harassment in the workplace

Answer 61

Post signs

Question 62

How long does the client have to submit a claim for service or repair of a defect on fit and finish items after our remodel

Answer 62

One year

Question 63

When is our protection required

Answer 63

When you think it is unsafe

Question 64

what is operating capital

Answer 64

Assets minus liabilities

Question 65

Who is primarily responsible for safety at the job site

Answer 65

Employer and employee

Question 66

What happens to the business if a contractor with a sole ownership dies

Answer 66

The business will be terminated

Question 67

What does a legend represent in the blueprint

Answer 67

The symbols

Question 68

Who do you contact first to get a DBA if you plan on doing business as a sole proprietor her but don't want to use your legal name

Answer 68

County government

Question 69

A contractor weighing 270 pounds is working at the job site what type of letter would be correct to use

Answer 69

An extra heavy duty ladder

Question 70

A business day is any day except Sundays and holidays. Saturday's are a business that

Answer 70

.