Exam (elaborations)
Louisiana Contractor-s Exam - Business and Law (1)
- Course
- NC Commercial Contractor
- Institution
- NC Commercial Contractor
Louisiana Contractor-s Exam - Business and Law (1)
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Louisiana Contractor's Exam - Business and LawWhat occurs when bids are revealed to create more competition? - ANS-Bid Shopping
What benefits does an S corporation have? - ANS-prevent double taxation
How many weeks are employees entitled to under the Family Medical Leave Act - ANS-12
weeks
Federal Unemployment tax must be paid after an employee works ____ weeks - ANS-20 weeks
What is the debt ratio? - ANS-liabilities/assets
A contractor's license is needed when the residential project is valued over ___ - ANS-$50,000
When is a contract considered accepted? - ANS-when signed
What is the most accurate method of estimate? - ANS-Quantity take off method
Projects worth how much require bonds under the Miller Act? - ANS-$100.000
assets/liability is which ratio? - ANS-Liquidity
Types of surety bonds - ANS-Bid bond
performance bond
payment bond
promise to complete the project for the bid price and provide a performance and payment bond.
- ANS-Bid Bond
promise that the project will be finished w/in the promised time and w/in spec. -
ANS-performance bond
Promise that the employees, subcontractors and suppliers will be paid - ANS-payment bond
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