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Business & Finance Feedback Exam #3 Questions and Answers Accurate
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Business & Finance Feedback Exam #3
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Business & Finance Feedback Exam #3Given the following:
• The architect of a construction project approved a shop drawing submitted and
approved by the project's prime contractor but prepared by a subcontractor.
• After the architect's approval, a deviation was discovered in the shop drawings when
compared with the project plans and specifications.
The responsibility to correct the deviation lies with the __________.
A. Owner
B. Subcontractor
C. Prime contractor
D. Architect - answerC AIA Document A201, 2017 3.12.8
Which of the following overhead expenses are not considered job costs when creating
an estimate?
A. Cost of advertising
B. Materials needed for that job
C. Purchases of small tools
D. Rental of equipment to be used only for that job - answerA Contractor's Manual 3-76
If the subcontractor defaults or neglects to carry out the work in accordance with this
agreement and fails after receiving written notice from the contractor to commence and
continue correction of such default or neglect with diligence and promptness, the
contractor may, after giving __________ days from the receipt by the subcontractor of
any additional written notice, and without prejudice to any other remedy he may have,
make good such deficiencies and may reduce the cost from the money owing to
subcontractor.
A. 2
B. 3
C. 5
D. 7 - answerC AIA Docume401, 2017 3.5
For federal tax purposes, which of the following is not considered an employee?
A. Agent/Driver delivering food
B. Real Estate agent
C. Traveling sales selling hotel supplies for one company
D. Part-time worker - answerB Florida Contractors Manual 6-7
A contractor submits the following amounts to the bonding company for a determination
of the maximum dollar amount of uncompleted work in progress.
The bonding company uses the "10 times the net quick ratio formula" to determine an
allowable program of __________.
, Current Assets - $100,000
Accounts Receivable - $30,000
Real Estate Loans to officers - $25,000
Current Liabilities - $60,000
A. $950,000
B. $700,000
C. $215,000
D. $2,150,000 - answerB Florida Contractors Manual 4-17
$100,000 + $30,000 = $130,000
$130,000 - $60,000 = $70,000 $70,000 net quick x 10 = $700,000
A secretary is hired on a salary basis of $425 per week for a work schedule of Monday
through Friday 8 am to 3 pm with 1/2-hour lunch daily. In week #2 she works 45 hours.
Her gross pay for week #2 is __________.
A. $425.00
B. $621.30
C. $451.57
D. $506.75 - answerB Florida Contractors Manual 5-22
425 ÷ 32.5 = $13.08 / hr.
40 x 13.08 = 523.20
5 x 13.08 x 1.5 = 98.10
$621.30
Or
.5 = $13.08 per hour
$13.08 x 45 hours = $588.60
$13.08 x 1/2 x 5 overtime hours = $32.07
Total Compensation = $588.60 + $32.07 = $621.30
Failure to file state unemployment tax reports timely will result in a penalty charge of
__________ per report per 30-day period.
A. $25
B. $10
C. $15
D. $20 - answerA Florida Contractors Manual 2021: 5-53, 5-291
2017: 5-53, 5-294
Which of the following is a current asset?
A. Accounts payable
B. Accounts receivable
C. Construction equipment
D. Furniture - answerB Builder's Guide to Accounting 252 or 327
Which of the following is the correct priority for liens claimed under a direct contract?
A. Liens of the contractor, liens of all persons other than the contractor, liens of all
laborers.
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