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Contractor-s Exam Part 1 questions with answers
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Contractor-s Exam Part 1 questions with answers
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Contractor's Exam Part 1 questions withanswers
FOB |freight |prepaid |requires |__________ |to |pay |for |shipping |charges. |
A. |Contractor |
B. |Buyer |
C. |Seller |
D. |Subcontractor |- |ANSWERS✔✔ |Seller |(See |section |14, |p. |12)
According |to |the |State |of |South |Carolina, |which |of |the |following |can |be |classified |as |an |
entity? |A. |Sole |proprietorship |B. |Partnership |C. |Limited |liability |company |D. |All |of |the |above |
are |recognized |as |an |entity |- |ANSWERS✔✔ |D. |All |of |the |above
See |Appendix |E |for |definition
Which |of |the |following |is |not |a |member |of |the |supervisory? |A. |Foreman |B. |materials |
expediter |C. |Owner's |representative |D. |Project |manager |- |ANSWERS✔✔ |D. |Project |Manager. |
See |section |9, |pg. |7
__________ |scheduling |consists |of |dates, |delivery |dates, |payment |schedule |and |vacations. |It |
is |a |simplified |method. |A. |Calendar |B. |Bar |chart |C. |Gantt |D. |None |of |the |above |- |
ANSWERS✔✔ |A |9-3
When |working |in |dwelling |that |was |built |prior |to |1978, |the |employer |is |to |provide |each |
occupant |with |a |pamphlet |____________titled. |A. |Protect |your |family |from |lead |in |your |
home |B. |Protect |your |loved |ones |from |lead |in |your |home |C. |Protect |your |family |and |your |
friends |from |lead |in |your |home |D. |Pamphlets |are |not |required |- |ANSWERS✔✔ |A |12-15
The |Sales |and |Use |tax |in |South |Carolina |is_________? |A. |4 |B. |6 |C. |6.5 |D. |7 |- |ANSWERS✔✔ |B |
15-7
,Who |pays |into |a |worker's |unemployment |compensation? |A. |Property |owner |B. |Building |
contractor |C. |Employer |D. |Employee |- |ANSWERS✔✔ |C |11-13
A |lump |sum |contract |on |a |project |has |a |total |contact |price |of |$260,000. |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 |which |should |be |___________________ |. |A. |
More |than |$80,000 |B. |Less |than |$50,000 |C. |Between |$50,001 |and |$60,000 |D. |Between |$60,001 |
and |$70,000 |- |ANSWERS✔✔ |A |260000 |x |.35
Which |of |the |following |is |NOT |a |key |characteristic |of |a |sole |proprietorship? |A. |You |own |the |
assets |of |the |company |B. |Business |expenses |and |personal |income |are |not |separated |C. |You |
bear |personal |liability |D. |Your |net |income |is |reported |as |ordinary |income |- |ANSWERS✔✔ |B |
2-1
What |is |the |quick |ratio |(or |acid |test |ratio) |for |a |company |that |has |current |assets |of |$28,000, |
inventory |of |$4,000, |and |current |liabilities |of |$6,000? |A. |4/1 |B. |1/4 |C. |7/1 |D. |1/7 |- |
ANSWERS✔✔ |A |14-7
Quick |ratio |= |Current |assets |- |Inventory |/ |Current |liabilities |($28,000 |- |$4,000) |/ |$6,000 |= |
$24,000 |/ |$6,000 |= |4 |/ |1
An |EAP |is |required |to |be |in |writing |for |________employees |or |more. |A. |2 |B. |8 |C. |10 |D. |11 |- |
ANSWERS✔✔ |D |12-3
Who |pays |into |FUTA? |A. |Property |owner |B. |Building |contractor |C. |Employer |D. |Employee |- |
ANSWERS✔✔ |C |15-4, |15-5
The |Notice |and |Opportunity |to |Cure |Nonresidential |Construction |Defects |Act |requires |
claimants |to |serve |a |notice |of |claim |on |the |contractor, |subcontractor, |supplier, |or |design |
professional |___________ |days |prior |to |filing |a |court |action. |A. |90 |B. |100 |C. |60 |D. |30 |- |
ANSWERS✔✔ |A |3-8
, What |is |the |purpose |of |just-in-time |deliveries? |A. |Profit |low |and |vandalism |high |B. |Profit |low |
and |low |risk |of |vandalism |C. |Profit |high |and |vandalism |high |D. |Profit |high |and |low |risk |of |
vandalism |- |ANSWERS✔✔ |D |9-9
Ethics |has |to |do |with |all |but |which |of |the |following? |A. |Showing |up |to |the |job |on |time |B. |Do |
what |you |say |you |are |going |to |do |C. |Doing |the |right |thing |D. |Lying |to |the |customer |- |
ANSWERS✔✔ |D |5-2
Which |of |the |following |is |not |a |reward |for |owning |an |enterprise? |A. |Flexibility |of |time |B. |
making |decisions |C. |Being |your |own |boss |D. |managing |cash |flow |- |ANSWERS✔✔ |D |1-2
Which |of |the |following |is |not |covered |under |the |ADA? |A. |AIDS |B. |Drug |addition |C. |Alcohol |
addiction |D. |Paper |cut |- |ANSWERS✔✔ |D |11-7
If |the |primary |qualifying |party |for |a |fire |sprinkler |license |is |terminated, |how |long |until |the |
board |needs |to |be |notified? |A. |15 |days |B. |12 |days |C. |20 |days |D. |17 |days |- |ANSWERS✔✔ |A |
Appendix |E, |40-10-40 |(D)
A |job |is |estimated |to |cost |$1 |million. |However, |two |companies |have |a |cap |of |$500,000. |They |
can |legally |do |this |job |if |they |___________. |A. |Dissolve |B. |Become |venture |capitalist |C. |Joint |
venture |D. |It |is |an |illegal |activity |- |ANSWERS✔✔ |C |2-6
The |standard |markup |in |the |construction |industry |is? |A. |10% |B. |15% |C. |18% |D. |11% |- |
ANSWERS✔✔ |B |7-7
Which |is |not |an |advantage |of |a |partnership? |A. |Formation |is |easily |done |B. |Multiple |decision |
makers |C. |Direct |profit |rewards |D. |Larger |management |base |- |ANSWERS✔✔ |B |2-2
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