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Contractors Business/Law Exam/124 Q’s and A’s
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Contractors Business/Law Exam/124 Q’s andA’s
If an employer's Federal Payroll Tax liability is $1000 how may they pay
taxes? - -quarterly
-How many employees does it take for the Fair Labor Act to be applied? - -1
-What accounting method records income when the service occurs and
expense when they are incurred? - -Accrual Method
-What do the General Conditions of a contract do? - -Outline roles of the
owner, architect, and engineer.
-You are purchasing an insurance policy with a monthly premium of $300. If
you implement a safety program you can save 10% on the cost of the policy.
The safety program costs $400 to start and $15 a month to maintain it. What
would be the net difference in cost over three year period with a safety
program? - -Net saving of $140
-Written construction contract change order should include a description of
the modification to be made, any change in contract time and - -The change
in the contract dollar amount
-Which of the following is a written agreement between the owner and
contractor to change the contract? - -change order
-What term identifies money withheld from progress payments to the
contractor and paid after the completion of the project? - -Retainage
-When is final payment due? - -Final inspection, acceptance by owner and
submittal of proper documentation must occur
-After hiring a disabled person, which of the following can't you do,
according to the American with Disabilities Act? - -Require a medical
examination of just the person you suspect is disabled.
-The percentage of completion method of accounting does what - -
recognizes profit as it is earned
-Workers are on a job site where noise is very loud. Who is supposed to
supply the workers with ear protection? - -contractor (employer)
-Where can you get accurate information about tax deposit schedules? - -
IRS Publication Circular E
, -Which of the following statements correctly describes the cash method of
accounting? - -Income / expenses are recorded at the time they are received
/ paid
-What type of workplace insurance provides all the benefits required by law
for employees' who are killed or injured as a result of their employment - -
Workers Compensation
-If an employee is covered by Workers Compensation in the state of Utah
and is doing a job in Colorado and gets injured, are they covered by Utah
Workers Compensation? - -Yes, the Utah fund would cover the employee but
the employer should look into getting coverage in state of Colorado also.
-After the division receives an application for licensure, how many days does
the division have to decide whether to issue a license to that applicant? - -5
days# NASLCA 2nd edition pg E-34 58-55-403
-With a Residential Small Commercial license (R100) how many units can
build for multi family units? - -a four plex
-What will happen to the contractor if he fails to notify the Division of
Professional and Occupational Licensing of a disassociation. - -The license
will be suspended.
-The company's work site exposes the employees working there to
hazardous materials. Who is responsible for making sure each person coming
to the site wears the correct protective equipment? - -Employer
-Which of the following SHOULD be included for the schedule of progress
payments - -date or stage when each payment is due
-An employer must submit a completed I-9 form for all employees within
how may days of hire date? - -3 days
-Of the following who has the responsibility for material delivery and storage
of materials - -expediter
-The total time given for the construction of a job is 6 months. The framing
is given 2 months to complete. The framing will only take 1 month to
complete. What is the amount of float time that is available for the framing? -
-1 month
-In which of the contracts does the contractor agree to complete the project
for a predetermined, specific price? - -Lump sum
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