What is retainage Study guides, Class notes & Summaries

If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? - Answer quarterly How many employees does it take for the Fair Labor Act to be applied? - Answer 1 What accounting method records income when the service occurs and expense when they are incurred? - Answer Accrual Method What do the General Conditions of a contract do? - Answer Outline roles of the owner, architect, and engineer. You are purchasing an insurance policy with a monthly premium of $...

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...

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...

Nascla Practice Test 1 Exam With 100% Correct Answers 2024. FOB freight prepaid requires _________ to pay for shipping charges. 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 Project Manager (Chapter 9, page 7) ________ scheduling consists of dates, delivery dates, payment schedule and vacations. It is a simplified method. Calendar (Chapter 9, page 2) When working in dwel...

FOB freight prepaid requires __________ to pay for shipping charges CORRECT ANSWER Seller 14-12 Which of the following is not a member of the supervisory team? CORRECT ANSWER Project manager 9-7 __________ scheduling consists of dates, delivery dates, payment schedule and vacations. It is a simplified method. CORRECT 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 _________? CORRECT ANSWER Protect ...

VA Contractors Question and answers already passed 2024 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... - correct answer More than $50,000 What is the total value of current assets for an accrual basis company that has the following? Chec...

If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? (Ans- quarterly How many employees does it take for the Fair Labor Act to be applied? (Ans- 1 What accounting method records income when the service occurs and expense when they are incurred? (Ans- Accrual Method What do the General Conditions of a contract do? (Ans- Outline roles of the owner, architect, and engineer. You are purchasing an insurance policy with a monthly premium of $300. If you implement...

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 - 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 _________? - Protect your family from lead in your home 12-14 You have...

The owner requests changes which will cost the contractor $2,500 in labor and materials and $700 in overhead costs. With the change, the contractor would be relieved of $1,000 in labor costs and $280 in overhead costs from the original contract. The original bid included profit of 10% of all costs. The contractor wants to make a profit of 10% of all costs on the changes. The amount of the change order should included a request of an additional. A. $1820 B. $2,112 C. $3,200 D. $3,520 B. $2...