What is retainage Study guides, Class notes & Summaries

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? Checking account cash balance is $4,800; materials inventory for ...

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... - ANSWER-More than $50,000 What is the total value of current assets for an accrual basis company that has the following? Checking account cash balance is $4,800; materials inventory for work-i...

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 basis company that has the following? Checking account cash balance is $4,800; materials inventory for work-in-pro...

VA Contractors: VA Advanced (Class A) Exam Questions 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 followin...

CMIT Exam (200 multiple choice) Questions with Verified Answers A CM's role and responsibilities are governed solely by the Owner/CM Agreement. True False - CORRECT ANSWER True There are two basic forms of CM, agency and at-risk. Each form provides for the basic services of construction management practice. However, there are some key differences. Which of the following do not apply to both CM forms? A) Both forms provide advice to the owner on constructibility, budget and the schedule....

AIC Exam Questions And Answers (Verified And Updated) 1. A project schedule has been updated. The activity placement of spread footing concrete was originally scheduled to begin as early as day 10. The activity duration is 4 days. The actual start day was day 12. The original schedule had calculated total float of 7 days for this activity. The recalculated total float for the activity, when updated, would be... A. 2 days B. 5 days C. 6 days D. 9 days B. 5 Days 2. The purpose of retain...

AIC Study Guide Final Exam Questions & Answers 2024/2025 1. A project schedule has been updated. The activity placement of spread footing concrete was originally scheduled to begin as early as day 10. The activity duration is 4 days. The actual start day was day 12. The original schedule had calculated total float of 7 days for this activity. The recalculated total float for the activity, when updated, would be - ANSWERS5 Days 2. The purpose of retainage is to encourage the general contr...

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...

1. 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 2. What is the total value of current assets for an accrual basis company that has the following? Checking account cash balance is $4,800; materials inventory for work-i...

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...