MICHIGAN BUILDERS – QUESTIONS AND ANSWERS
When it comes to comparing short-term and long-term income with the
timeframe when costs and expenses were incurred, it would be best to
Correct Ans - match the inflow and outflow of cash and place both in the
same tax period.
What is the disadvantage of using the accrual method of accounting?
Correct Ans - this system requires more recordkeeping
The ________ summarizes the cash inflows and outflows from operating,
investing, and financing activities during a specific time. Correct Ans -
cash flow statement
What is the formula for finding the gross profit to sales ratio? Correct Ans
- total sales - cost of goods sold ÷ total sale
The function of the balance sheet is to __________? Correct Ans - Show
the financial condition of the business on a specific date
What tax is deducted (withheld) solely from employees wages? Correct
Ans - Income Tax
If a contractor's FUTA liability exceeds __________, then FUTA taxes are
deposited quarterly Correct Ans - 500
Jasmine the contractor is having a busy year for work. She has three long-term
projects going on at once, and there have been at least 10 short-term projects
completed throughout the year. Jasmine does her own bookkeeping, and the
best practice would be for her to do what? Correct Ans - keep separate
ledgers for short-term and long-term accounts receivable
All of the following are calculated based on the employee's earnings. The
employee pays a portion of each except for ______ which is paid entirely by the
employer. Correct Ans - Federal Unemployment Tax
A document which shows the financial position of a company for the year, also
called a profit and loss statement, is known as a Correct Ans - Income
Statement
,An assembly of panels that forms a cabinet's basic shape is known as a
Correct Ans - Carcase
Notches in a load-bearing wall cannot exceed ____ percent of width.
Correct Ans - 25
Diagonal bracing is necessary for the lateral strength of a wall. In all exterior
walls, bracing should be placed at both ends and at _________ -foot intervals.
Correct Ans - 25
According to the Michigan Barrier-Free ramp guidelines, there must be a
minimum of _____ inches of clear space across the wheelchair ramp
Correct Ans - 36
What is the girder span constructed of three 2x10's for an exterior bearing
wall supporting a floor and ceiling with a snow load of 50 psf in a building 28
feet wide? Correct Ans - 7-10
A straight run of stairs is called a Correct Ans - Flight
Joists should be _____________ under each load bearing wall that is parallel to the
joists Correct Ans - Doubled
Which of these should you NOT use to form slab edges for a monolithic slab
Correct Ans - precast concrete
what is the minimum size and location of rebar in a footing supporting a
monolithic slab? Correct Ans - 2 \4 And Within The Middle Third Of
The Depth
When performing a slump test, the concrete should be poured into the slump
cone in three layers, each of which is "rodded in" with _________ strokes of a
tamping rod Correct Ans - 25
What is the first step in finishing a concrete slab? Correct Ans -
screeding
, Which of these is NOT one of the more common admixtures? Correct Ans
- water expanders
When pouring a monolithic slab, the minimum height for the top of the slab
should be how many inches above the ground? Correct Ans - 8"
________ can save time when compared to pouring concrete into a project-
specific form and waiting for it to cure Correct Ans - post pads
In a sidewalk or walkway, ______________ is a gap between portions of concrete
that is filled with flexible material. Correct Ans - An Expansion Joint
A contract is what kind of agreement between two or more persons?
Correct Ans - Binding
Which party usually obtains a construction loan for a project? Correct Ans
- the buyer
When changes or modifications occur during a project, a/an _________ must be
issued and signed by the owner and contractor. Correct Ans - change
order
Which contract document(s) MUST be signed by both the owner and the
contractor Correct Ans - The Standard Form of Agreement
When is a party in breach of a contract? Correct Ans - When there is a
failure to fully and properly perform a duty and no legal excuse sufficient
What action is essential before signing a contract? Correct Ans - Read
and understand the entire contract
If a contract is made with someone while under the influence of alcohol, that
contract is________. Correct Ans - Unenforceable
A good rule of thumb for the length of time a contractor should maintain a
complete and legible copy of all documents relating to the contract is as
follows Correct Ans - Up to seven years
When it comes to comparing short-term and long-term income with the
timeframe when costs and expenses were incurred, it would be best to
Correct Ans - match the inflow and outflow of cash and place both in the
same tax period.
What is the disadvantage of using the accrual method of accounting?
Correct Ans - this system requires more recordkeeping
The ________ summarizes the cash inflows and outflows from operating,
investing, and financing activities during a specific time. Correct Ans -
cash flow statement
What is the formula for finding the gross profit to sales ratio? Correct Ans
- total sales - cost of goods sold ÷ total sale
The function of the balance sheet is to __________? Correct Ans - Show
the financial condition of the business on a specific date
What tax is deducted (withheld) solely from employees wages? Correct
Ans - Income Tax
If a contractor's FUTA liability exceeds __________, then FUTA taxes are
deposited quarterly Correct Ans - 500
Jasmine the contractor is having a busy year for work. She has three long-term
projects going on at once, and there have been at least 10 short-term projects
completed throughout the year. Jasmine does her own bookkeeping, and the
best practice would be for her to do what? Correct Ans - keep separate
ledgers for short-term and long-term accounts receivable
All of the following are calculated based on the employee's earnings. The
employee pays a portion of each except for ______ which is paid entirely by the
employer. Correct Ans - Federal Unemployment Tax
A document which shows the financial position of a company for the year, also
called a profit and loss statement, is known as a Correct Ans - Income
Statement
,An assembly of panels that forms a cabinet's basic shape is known as a
Correct Ans - Carcase
Notches in a load-bearing wall cannot exceed ____ percent of width.
Correct Ans - 25
Diagonal bracing is necessary for the lateral strength of a wall. In all exterior
walls, bracing should be placed at both ends and at _________ -foot intervals.
Correct Ans - 25
According to the Michigan Barrier-Free ramp guidelines, there must be a
minimum of _____ inches of clear space across the wheelchair ramp
Correct Ans - 36
What is the girder span constructed of three 2x10's for an exterior bearing
wall supporting a floor and ceiling with a snow load of 50 psf in a building 28
feet wide? Correct Ans - 7-10
A straight run of stairs is called a Correct Ans - Flight
Joists should be _____________ under each load bearing wall that is parallel to the
joists Correct Ans - Doubled
Which of these should you NOT use to form slab edges for a monolithic slab
Correct Ans - precast concrete
what is the minimum size and location of rebar in a footing supporting a
monolithic slab? Correct Ans - 2 \4 And Within The Middle Third Of
The Depth
When performing a slump test, the concrete should be poured into the slump
cone in three layers, each of which is "rodded in" with _________ strokes of a
tamping rod Correct Ans - 25
What is the first step in finishing a concrete slab? Correct Ans -
screeding
, Which of these is NOT one of the more common admixtures? Correct Ans
- water expanders
When pouring a monolithic slab, the minimum height for the top of the slab
should be how many inches above the ground? Correct Ans - 8"
________ can save time when compared to pouring concrete into a project-
specific form and waiting for it to cure Correct Ans - post pads
In a sidewalk or walkway, ______________ is a gap between portions of concrete
that is filled with flexible material. Correct Ans - An Expansion Joint
A contract is what kind of agreement between two or more persons?
Correct Ans - Binding
Which party usually obtains a construction loan for a project? Correct Ans
- the buyer
When changes or modifications occur during a project, a/an _________ must be
issued and signed by the owner and contractor. Correct Ans - change
order
Which contract document(s) MUST be signed by both the owner and the
contractor Correct Ans - The Standard Form of Agreement
When is a party in breach of a contract? Correct Ans - When there is a
failure to fully and properly perform a duty and no legal excuse sufficient
What action is essential before signing a contract? Correct Ans - Read
and understand the entire contract
If a contract is made with someone while under the influence of alcohol, that
contract is________. Correct Ans - Unenforceable
A good rule of thumb for the length of time a contractor should maintain a
complete and legible copy of all documents relating to the contract is as
follows Correct Ans - Up to seven years
