Retainage - Study guides, Class notes & Summaries

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 You have _____...

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....

Loan Document 3. Investor Document 4. Benchmarking Tool 2. Select two standard components of a business plan: answer- 1. Marking Strategy 2. Executive Strategy 3. is the biggest drawback of a sole proprietorship.: answer- Unlimited Personal Liability 4. If you are a sole proprietor and complete work under a name that is not your NASCLA Test 1 Exam Questions and Answers | Latest Update 2024/2025 | Graded A+ 2 / 8 own, you would be required to file a with local or state government.: - ...

Contractors Business/Law Exam Questions And Answers 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...

A. Holdover rent B. Unpaid Rent C. Background Check fee D. Eviction fees - correct answer All of the following expenses can be deducted from the security deposit of a resident EXCEPT. Who should complete a rental application? - correct answer A. Prospective resident B. Property Manager C. Minor occupant D. Leasing Agent Which reason BEST describe why it is important for an apartment manager to paraphrase a resident's remarks during a conversation? - correct answer It helps to avoi...

NASCLA Business, Law, and Project Management 13th Edition - Test 1 Exam Questions with Correct Answers FOB freight prepaid requires _____ to pay for shipping charges. A. Contractor B. Buyer C. Seller D. Subcontractor - answerC. Seller 13-11 _____ is NOT a member of the supervisory team. A. A Foreman B. A Material expediter C. The Owner's representative D. A Project manager - answerD. A Project Manager 8-7 With _____ scheduling, you can link project tasks to specific dates such as...

A lump sum contract on a project has a total contract price of $200,000. Retainage has been held back at 10%. The contractor has received progress payments of 90% of the project. The contractor submits a request for the final payment for the now completed project. The final payment amount should be for A. less than 25,000$ b. between 25,000$ & 35,000$ c. between 35,000$ & 40,000$ d. more than 40,000$ Ans: c. between 35,000$ & 40,000$ A contractor agrees to unit price contract to Prod...

VA Contractors: General VA Advanced (Class A) Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass 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 bas...

Practice Exam for CEE 4100 Test 2 Questions and Answers Actual Cost of Work Performed (ACWP) - CORRECT ANSWER-Actual work hours or dollars to date represent what has been paid Banks Evaluation - CORRECT ANSWER-Contractors = high risk, so loan only thru inventories and partially complete with high interest rate Bid estimate - CORRECT ANSWER-Contractor prepares estimate of job's cost with markup for profit Budgeted Cost at Completion (BCAC) - CORRECT ANSWER-original project estimate Budgeted...