Contractors Business/Law Exam with Correct Answers 2024

Contractors Business/Law Exam with Correct Answers 2024 If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? - Answer -quarterly How many employees does it take for the Fair Labor Act to be applied? - Answer -1 What accounting method records income when the service occurs and expense when they are incurred? - Answer -Accrual Method What do the General Conditions of a contract do? - Answer -Outline roles of the owner, architect, and engineer. You are purchasing an insurance policy with a monthly premium of $300. If you implement a safety program you can save 10% on the cost of the policy. The safety program costs $400 to start and $15 a month to maintain it. What would be the net difference in cost over three year period with a safety program? - Answer -Net saving of $140 Written construction contract change order should include a description of the modification to be made, any change in contract time and - Answer -The change in the contract dollar amount Which of the following is a written agreement between the owner and contractor to change the contract? - Answer -change order What term identifies money withheld from progress payments to the contractor and paid after the completion of the project? - Answer -Retainage When is final payment due? - Answer -Final inspection, acceptance by owner and submittal of proper documentation must occur After hiring a disabled person, which of the following can't you do, according to the American with Disabilities Act? - Answer -Require a medical examination of just the person you suspect is disabled. The percentage of completion method of accounting does what - Answer -recognizes profit as it is earned Workers are on a job site where noise is very loud. Who is supposed to supply the workers with ear protection? - Answer -contractor (employer)