Retainage - Study guides, Class notes & Summaries

regulates the building profession, including the work and licensing - Answer department of licensing and regulatory affairs Why is a builder's license required to perform residential work and not for commercial building? - Answer There is more fraud in residential building. What does a builder's license qualify the licensed builder to do? - Answer Build all of the home except for mechanical features. How long does the contractor have to complete both sections of the licensing ex...

Practice Exam for CEE 4100 Test 2 Questions and Answers Actual Cost of Work Performed (ACWP) - CORRECT ANSWER-Actual work hours or dollars to date represent what has been paid Banks Evaluation - CORRECT ANSWER-Contractors = high risk, so loan only thru inventories and partially complete with high interest rate Bid estimate - CORRECT ANSWER-Contractor prepares estimate of job's cost with markup for profit Budgeted Cost at Completion (BCAC) - CORRECT ANSWER-original project estimate Budgeted...

VA Contractors: General VA Advanced (Class A) Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass A lump sum contract on a project has a total contract price of $160,000. Retainage has been held back at 10%. The contractor has received progress payments for 75% of the project. The contractor submits a request for final payment for the new completed project. The final payment amount should be for... - More than $50,000 What is the total value of current assets for an accrual bas...

NASCLA PSI EXAM PRACTICE QUESTIONS WITH VERIFIED SOLUTIONS FOB freight prepaid requires __________ to pay for shipping charges Seller 14-12 Which of the following is not a member of the supervisory team? Project manager 9-7 __________ scheduling consists of dates, delivery dates, payment schedule and vacations. It is a simplified method. Calendar 9-3 When working in dwelling that was built prior to 1978, the employer is to provide each occupant with a pamphlet title _________? ...

FOB freight prepaid requires __________ to pay for shipping charges Answer - Seller 14-12 Which of the following is not a member of the supervisory team? Answer - Project manager 9-7 __________ scheduling consists of dates, delivery dates, payment schedule and vacations. It is a simplified method. Answer - Calendar 9-3 When working in dwelling that was built prior to 1978, the employer is to provide each occupant with a pamphlet title _________? Answer - Protect your family from lead in...

A business must meet the requirement of the Fair Labor Standards Act when there are more than how many employees? correct answers 1 What is the primary purpose of ventilating unconditioned spaces? correct answers to control moisture Oxygen cylinders shall be stored where? correct answers separate from fuel gas cylinders by a minimum of 20' Which of the following is included in a company's general overhead costs? correct answers the company's administrative expenses What size diame...

NCIDQ IDFX Exam Questions with 100% correct Answers Latest Update 2024/2025 (100% Verified) When does the designer transfer all warranties and manuals? - correct answer when the designer is the seller of the goods when goods are shipped FOB destination, who has the title to them while in transit? - correct answer the seller when goods are shipped FOB factory, who has the title to them while in transit? - correct answer the buyer (transfer when goods leave the manufacturer/seller) what is i...

Which of the following is considered ethical behavior? correct answersFailing to disclose one subcontractor's bid to another. Which of the following is a TRUE statement about estimating? correct answersBoth overestimating and underestimating costs could have disastrous consequences. "Over Under Disastrous" For 1 month a company bills out $38,000 in completed work, and receives $22,000 in payments plus $8,000 from the previous month's billings. They pay their total bill of $26,000 to s...

FOB freight prepaid requires _________ to pay for shipping charges. CORRECT ANSWER Seller (Chapter 14, page 11) Which of the following is not a member of the supervisory team? Foreman, Materials expediter, Owner's representative, Project manager CORRECT ANSWER Project Manager (Chapter 9, page 7) ________ scheduling consists of dates, delivery dates, payment schedule and vacations. It is a simplified method. CORRECT ANSWER Calendar (Chapter 9, page 2) When working in dwelling that was b...

VA Contractors: VA Advanced (Class A) Exam Question And Answers A lump sum contract on a project has a total contract price of $160,000. Retainage has been held back at 10%. The contractor has received progress payments for 75% of the project. The contractor submits a request for final payment for the new completed project. The final payment amount should be for... - ANS More than $50,000 What is the total value of current assets for an accrual basis company that has the following? Ch...