Business Test 3

Question 1

Good accounting records are necessary for

Answer 1

Effective management
obtaining financing
maintaining financial statements

Question 2

Which agency issues an employers ID number

Answer 2

Employment development department

Question 3

A contract for the construction of a single-family dwelling must be signed by

Answer 3

The owner and contractor

Question 4

Who is not eligible to receive benefits from a contractors license

Answer 4

A subcontractor involved in an accident on the job

Question 5

What bond that guarantees the completion of the job and the payments of subcontractors and suppliers

Answer 5

Contract bond

Question 6

If an employer a cruise more than $500 in federal withholding and Social Security taxes text deposits must be made

Answer 6

Monthly

Question 7

An unconditional waiver and release means

Answer 7

The subcontractor cannot ask anything more of the homeowner

Question 8

If you get a quote from a material supplier the quote is

Answer 8

Firm but may not include all materials

Question 9

accounts receivable include

Answer 9

Services rendered and payments due

Question 10

What should be done with the contractors copy of IRS form W-2

Answer 10

File copy in contractors office

Question 11

If you get a quote from a material supplier the quote is

Answer 11

Firm but may not include all materials

Question 12

What color paint marks excavation areas

Answer 12

White

Question 13

State disability income taxes are reported and paid

Answer 13

Quarterly

Question 14

What is the best way to see if contractors license

Answer 14

Call the CSL B

Question 15

Where would a contractor get a security bond

Answer 15

Insurance agent

Question 16

Two types of contracts a contractor would most likely see

Answer 16

Construction or permits

Question 17

Who’s best qualified to submit plans and specifications

Answer 17

Architect

Question 18

The easiest cost for a contractor to control

Answer 18

Subcontractor cost

Question 19

Typical pretension especially on large jobs would be

Answer 19

10%

Question 20

Customer wants to accept a bid but does not have enough money the contractor should

Answer 20

Stick to the bid even if it means losing the job job

Question 21

The most important thing to include one advertising for construction work is

Answer 21

Contractors license number

Question 22

Which state agency does employer send unemployment insurance tax to

Answer 22

Edd

Question 23

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

Answer 23

Two times a month or weekly

Question 24

And owner objects to materials being used and complains to worker. Contractor should

Answer 24

Stop the work and arrange a meeting

Question 25

The job will last at least six months but could be longer to all the people interviewing

Answer 25

Job is temporary

Question 26

Employee quits he needs to be paid within

Answer 26

Three days

Question 27

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

Answer 27

When there's a change in marital status

Question 28

If an employee violates a safety rules and another employee is injured who is responsible

Answer 28

Employer

Question 29

Contractor bidding a job discovers the specs are correct he should

Answer 29

Refrain from submitting the bid

Question 30

Contractor needs to keep change orders on file

Answer 30

By law

Question 31

One of the most important items to consider when bidding is

Answer 31

Profit

Question 32

Employer must keep FUTA records and federal payroll taxes for how many years

Answer 32

4

Question 33

Worker's Comp. covers on juries or illness that:

Answer 33

Are job-related

Question 34

The best way of preventing disputes about change orders

Answer 34

Include the change order procedure in the original contract

Question 35

The type of bond that guarantees job completion

Answer 35

Performance bond

Question 36

If a client continues to request change orders you should

Answer 36

Change administrative fees do not proceed until client has signed each order

Question 37

When does the prime contractor pay subcontractor

Answer 37

when subcontractor is done with their part of the work and it has been inspected

Question 38

How deep must us asbestos be buried within 24 hours of delivery at the disposal sites

Answer 38

6 inches

Question 39

The best Way to determine if more material must be ordered is to

Answer 39

Walk the job

Question 40

The type of sales person required to be registered as a home-improvement salesman

Answer 40

Sales person working the phone

Question 41

Without reducing risk the best way to decrease insurance costs is

Answer 41

Compare premiums and coverages each year

Question 42

Contractor pays for materials delivered when

Answer 42

COD

Question 43

The relationship between prime contractor and subcontractor

Answer 43

Contractual

Question 44

By itself what is not an acceptable form of documentation for filling out an I-9

Answer 44

Social Security card

Question 45

After employee is terminated company should maintain their timecard for how long

Answer 45

One year

Question 46

The fact about fixed expense

Answer 46

Overhead is considered a fixed expense

Question 47

Health and safety order must

Answer 47

Be posted in a conspicuous place at the job site

Question 48

When a contract includes a complete agreement clause

Answer 48

Contractor and owner are bound by the exact words of contract

Question 49

If a contractor provides retention of 5% of $135,000 what formula would calculate how much the owner can withhold

Answer 49

.05% times price

Question 50

Aging report is

Answer 50

Way of keeping track of overhead accounts

Question 51

Dosh Can stop working a job for how many hours

Answer 51

96

Question 52

What would not be required. To be written in a home-improvement contract

Answer 52

Name of the project

Question 53

If a contractor changes my business name or address the registrar must be notified within

Answer 53

90 days

Question 54

Stop notice on the public works project is used to

Answer 54

Withhold from prime contractor and subcontractor who files. Stop lien

Question 55

Contractors California personal income tax return should be sent to which office

Answer 55

Franchise tax board

Question 56

The best way to make sure your bond and insurance are up-to-date

Answer 56

Review your policies before each bed is prepared

Question 57

A fact about schedule of payments in an original bid

Answer 57

You do not have to include schedule of payments in the original bid

Question 58

Who is best prepared to submit a financial statement to a bank or obtain a loan

Answer 58

Accountant

Question 59

What must be done when changing as built plans

Answer 59

Have the customer engineer and architect approve the change

Question 60

What is the most common reason a license is suspended

Answer 60

Lapse of the contractors Bond

Question 61

State disability and income taxes are reported and paid how often

Answer 61

Quarterly