Michigan's residential builder practice exam with 100% correct answers already graded A+

Federal unemployment tax All of the following are calculated based on the employees earnings. The employee pays a portion of each except for ________ which is paid entirely by the employer. This system requires more recordkeeping What is a disadvantage of using the accrual method of accounting? 500 If a contractor is FUTA liability exceeds ______ , then FUTA taxes are deposited quarterly. 2 The Good Contractor Co. needs to find there working capital ratio. Their current assets are $30,000 and their current liabilities are $15,000. What is the working capital ratio? Cash Flow Statement The _______ summarizes the cash inflows and outflows from operating, investing, and financing activities during a special time. Monthly At a minimum, deposit of taxes withheld must be made on a ______ basis. Match the inflow and outflow of cash in place both in the same tax period. When it comes to comparing short-term and long-term income with the timeframe when costs and expenses were incurred it would be best to Total sales - cost of goods sold / total sales What is the formula for finding the gross profit for sales ratio? Keep separate ledgers for short term and long term accounts receivable Jasmine the contractor is having a busy year for work. She has three long-term projects going on at once and there have been at least 10 short term project completed throughout the year. Jasmine does her own bookkeeping in the best practice would be for her do you want? Balance sheet, income statement The _______ shows the business's financial condition during a specific period of time, while the _______ shows activity over time. To ensure that the cabinet and its contents remain securely fastened to the wall Why should blocking be used in the installation of cabinetry? Housewrap is the traditional method for protecting sheathing Which of these is NOT an element of housewrap? 25 Notches in a loadbearing wall cannot exceed _____ percent of width. On center spacing The maximum spacing allowed between various sizes of joists and rafters is called what? Molding What term usually refers to narrow length of wood with a shaped profile? 7-10 What is the girder span constructed of three 2x10s for an exterior bearing wall supporting a floor and ceiling with a snow load of 50 PSF in a building 28 feet wide? 25 Diagonal bracing is necessary for the lateral strength of a wall. In all exterior walls bracing should be placed at both ends and at ______-foot intervals A span table To which of the following references would you prefer to determine how many joists or rafters you would need? Concrete blocks _________ do not require the formwork of solid concrete foundation walls, but do you need reinforcement from rebar or pilasters. Aggregate The biggest percentage of concrete mix is due to: 25 When performing a slump test, the concrete should be poured into the slump cone and three layers, each of which is "riddled in" with _____ strokes of a tamping rod. The water-cement ratio The chief factor controlling the strength of concrete is ________. 8" When pouring a monolithic slab, the minimum height for the top of the slab should be how many inches above the ground? Fine aggregate The sand added to send that mixture is known as The appearance of fine cracks that appear in a regular patterns over the concrete surface "Crazing " is _________________ Water expanders Which of these is NOT one of the more common admixtures? Bullfloat A _________ is a wide flat metal or wood pad that is pushed back and forth over concrete to make it an even surface. foundation walls Examples of concrete flatwork include all of the following except: Read and understand the entire contract What action is essential before signing a contract? The engineers signature A change order should include all of these EXCEPT Up to seven years A good rule of thumb for the length of time a contractor should maintain a complete in legible copy of all documents relating to the contract is as follows Immaterial A contractor failed to completely clean the job site and some of the equipment is damaged. The contract does not specify that the contractor must ensure the site is clean each day. What kind of breach could this be considered? Addenda What are changes to the project/contract