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67 Cards in this Set
- Front
- Back
Most accurate method of estimating is the _____ |
Quantity Take Off Method |
|
Elements of a Business Plan (7) |
- Cover Page - Executive Summary - Company Summary - Products/Services - Market Analysis - Marketing Strategy - Financial Plan |
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Contractor's license is required for all work above $_______ |
$30,000 |
|
License must be displayed |
At place of work, all of the time |
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How many days do you have to notify the board of a change of address |
30 days |
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When do licenses expire |
December 31 |
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Reciprocity |
NC, SC, TN agreement about letting some exams be waived |
|
What type of insurance is not covered by Contractor's General Liability |
Auto |
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Who pays for Worker's Compensation |
Employer |
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How many employees must you have before you are required to have Workman's Comp |
3 |
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Performance Bond |
Guarantees contractor will complete work within the time frame |
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Payment Bond |
Guarantees subcontracors will be paid for their work |
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Maintenance Bond |
Guarantees for a stated period (typically 1 year) that there will be no defective work |
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Completion Bond |
Guarantees completion for |
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Fidelity Bond |
Covers business owners from loss due to dishonest acts of employees |
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Lien Bond |
Guarantees that liens cannot be placed against the owner's property bu contractors for payment of services |
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The Miller Act requires all Federal projects exceeding $_______ must be bonded |
$100,000 |
|
Items considered to make up Bid Documents (4) |
- Invitation to Bid - Bid Instructions - Bid Forms - Supplements |
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Required Contract Elements (4) |
- Offer & Acceptance
- Consideration - Competent Parties - Legal Purpose |
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Material Breach |
A serious violation of the contract, likely will result in litigation |
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Force Majeure |
"Act of God" |
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Idemnification |
Absolves indemnified party from any payment for losses incurred by a third party |
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Cost Plus Contract |
Contractor is reimbursed for actual cost of labor and materials and is paid a markup fee for overhead and profit |
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Changes to Plans before contract is awarded |
Addenda |
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Changes to Plans after contract is awarded |
Modifications |
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True or False: In a legal judgement, written agreements always take precedence over oral agreements |
TRUE |
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Main weakness of Bar & Calendar Scheduling |
Don't show the interdependencies of other activities |
|
Prohibited Hiring Questions |
- Age - Disabilities - Pregnancy Status - Marital Status - Children - Religious Affiliation - Sexual Orientation - Ethnic Background |
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You are required to report all new hires ____ days from the date of hire |
20 |
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Employers are required to obtain an employment certificate for minors under the age of _____ |
18 |
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When school is in session a minor 14 or 15 yrs old cannot begin work before ____ AM, or work later than ____ PM or work more than ____ hrs. per day or ____ hrs. per week |
- 7 AM - 7 PM - 3 HRs per day - 18 HRs per week |
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When school is not in session a minor 14 or 15 yrs old cannot begin work before ____ AM, or work later than ____ PM or work more than ____ hrs. per day or ____ hrs. per week |
- 7 AM - 9 PM - 8 HRs per day - 40 HRs per week |
|
When school is in session the next day a 16 or 17 yr old cannot begin work before ___ AM or past ___ PM. Exceptions if written permission from parents and principal |
- 5 AM - 11 PM |
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Minors under the age of 16 must be given at least a ____ min. break every ____ consecutive hours of work |
- 30 minute - 5 hours |
|
Minimum Wage |
$7.25 |
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FSLA Violation can result in a fine up to $____ |
$10,000 |
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Employers who willfully or repeatedly violate the min. wage or overtime pay requirements are subject to a civil money penalty up to ____ per violation |
$1,100 |
|
I-9 Form must be completed within ___ days of hire |
3 |
|
How long must an employer keep an I-9 Form |
3 years after hire or for 1 year after employment ends, whichever comes first |
|
ADA only required when an employer has ___ employees |
15 or more |
|
Employers pay ____% of State and Federal Unemployment |
100% |
|
A formal emergency action plan is not required unless and employer has over ____ employees |
10 |
|
How long should OSHA records be retained
|
5 years
|
|
Employers are not required to keep OSHA injury records unless they have more than ____ employees |
10 |
|
Lead paint was used before |
1978 |
|
Assets = _____ + ______ |
Owner's Equity + Liabilities |
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Income Statement is also known as |
Profit & Loss Statement |
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Liquidity Ratio |
Current Assets/Current Liabilities
|
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Quick Ratio (Acid Test) |
(Current Assets - Inventory) / Current Liabilities |
|
Activity Ratio |
Revenues / Days in Business Per Year |
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Debt Ratio |
Total Debt / Total Assets |
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Profitability Ratio |
Net Income / Revenues |
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Cash Method Accounting |
Report Income in the year you receive it and deduct expenses in the year you paid them |
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Accrual Method |
Recognize income when services occur, not when you collect the money |
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Circular "E" |
Comprehensive reference providing thorough instructions on calculation, withholding, and depositing employee taxes
|
|
Federal Unemployment Tax Form |
940 |
|
Penalties for Fed. Unemployment Tax can range from ___ - ___ % |
2 - 100%
|
|
What form is used to report payments to subcontractors |
1099 |
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A claim of lien must be filed within |
120 days |
|
A lawsuit to foreclose on a lien must be filed within |
180 days |
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After a lapse of ____ no renewal shall be effected |
4 years |
|
How many hours do you have to withdraw a bid |
72 Hours |
|
Nearly all public contracts are ____ (type) |
Lump Sum |
|
A superintendents bonus is considered a ____ |
Indirect cost |
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All Employees must file a ___ Form with their employers |
W4 |
|
How soon must the board be notified when a qualifier leaves a company |
Immediately |
|
How many days do you have to replace a qualifier |
90 days |