Exam (elaborations)
Business and Finance Exam 1 Questions and Answers 2024
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Business and Finance Exam 1
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Business and Finance Exam 1Workers' Compensation insurance must be provided for all, EXCEPT: - answer
domestic worker
A registered contractor may apply for "grandfathering" as a certified contractor after
_____ years of experience. - answer5
When making a business plan to start up a business, it is imperative to know who and
where the _______ are. - answerCompetitors
Having received the list of subcontractors, the architect immediately objects to the use
of plumber X's company. The general contractor promptly proposes using plumbing Y's
company at a higher cost of $5,000. What is the general contractor entitled to? -
answer$5,000 plus a proved time extension
If one of your workers is found to be an employee and not an independent contractor,
which of the following may the IRS determine you are liable to pay? - answerFICA and
income tax
When looking at a business plan and deciding on what type of organization to form, a
partnership has which of the following disadvantages? - answerfringe benefits are not
usually tax deductible
Assistance in identifying sources of available business financing could be obtained from
the: - answerSmall Business Administration
When evaluating an offered job, it is necessary to be able to calculate all costs,
including ________, to determine if it will be profitable. - answerMan-hours
A builder hires a plumbing contractor to perform the plumbing work on a new residential
building. The plumbing contractor completes the work, but does not receive payment
from the builder. The plumbing contractor records a claim of lien in the public records.
How much time after the claim of lien was recorded does he have to commence an
action to enforce the construction lien? - answerwithin 1 year
According to Florida Reemployment Assistance Program Law, reports MUST be
submitted: - answerquarterly
What undesirable trait would be revealed when checking into an applicant's past? -
answerchronic insurance risk
, What entity issues or underwrites bonds? - answerSurety
A tool purchase is a variable overhead expense unless it is: - answerexpensive enough
to be treated as an asset.
When is it profitable to pay accounts payable early? - answerwhen there is a worthwhile
discount for early payment
A system for scheduling use of equipment would NOT need to include entries for: -
answerdepreciation expense
Based on the architect's evaluation of the contractor's Application for Payment, the ____
will review and certify the amount due. - answerArchitect
The Public Whistle Blowers Act (Sec. 112.3187 FL ST .) covers: - answeremployees of
contractors on government jobs.
When furnishing a separate performance and separate payment bond, a surety could
conceivably pay ______ the amount of both. - answerthe cumulative
The best way to meet your company's short-term goals is through - answerbudgeting
Safety in the workplace is typically governed by OSHA. Other than for compliance
purposes, why is it important for a business to implement a safety policy? - answerto
reduce the high cost of job site accident
A contractor is responsible for reporting all equipment, tools, and construction
machinery owned to the county in which the company is located. The filing of a tangible
property tax is through the County ___ Office. - answerTax Collector's
A contractor encountered different conditions on a certain portion of a project than were
shown on the original contract documents. In order to keep the job on schedule, and
overcome the unknown conditions, the contractor purchased an additional $5,000 in
materials and supplied an additional $10,000 in labor. The contractor uses 18% of cost
for overhead and profit. At the end of the project (3 months later), the contractor made a
claim for the extra costs plus overhead and profit related to the differing conditions. If
AIA- 01 was part of the contract documents, what is the least amount the contractor will
be entitled to for this extra work? - answer$0
According to Contractors Manual, project supplementary general conditions include all
the following except: - answermasonry work
Knowledge of quantities, cost, and deliveries of materials can best be achieved by: -
answeruse of purchase orders
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