VA Contractors: General (Class A or B) Exam Questions & Answers(Graded A)

An agreement that calls for a contractor to be paid actual costs for labor and materials plus a fixed fee for the contractor's overhead and profit is called a... - ANSWER-cost plus contract Equipment needs for a project are BEST estimated by... - ANSWER-Calculating the number of hours or days it is needed What type of insurance is needed for a partnership to insure that the business does NOT go out of business if one partner dies? - ANSWER-Key man An owner hires a construction manager for a project. Which of the following is TRUE with regard to subcontractors? - ANSWER-The subcontractors are prime contractors What protects a contractor from risk? - ANSWER-Insurance An ADVANTAGE of a Critical Path Method (CPM) schedule is it... - ANSWER-Identifies activities that MUST be completed before other activities can occur What may be covered by an allowance in a contract? - ANSWER-Light fixture costs Which of the following is considered ethical behavior? - ANSWER-Failing to disclose one subcontractor's bid to another Compensation paid to independent contractors is reported on Form... - ANSWER-1099 The BEST business practice for special-ordered materials is to... - ANSWER-put the order requirements in writing A contract refers to an insurance agreement that the contractor is REQUIRED to have. This is considered... - ANSWER-Part of the contract Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM of how many years? - ANSWER-30 years AT LEAST how often should employees watch for possible hazards at the job site? - ANSWER-constantly