Best method for keeping inventory low - ANSWER plan material delivery as close to use
as possible
A contractor files a 5000 dollar lien against owner. Owner offers 2000 to contractor. Contrac-
tor declines offer and goes to court. Who is responsible for attorney fees? - ANSWER con-
tractor
Liens must be filed within - ANSWER 90 days since last supplying material or labor
It cost 50 dollars to produce product A, 150 dollars to produce product B, and 375 dollars to
produce product C. We must produce 27 of product A, 56 of B, and 78 of C. We want a 30%
mark up. What is the total cost? - ANSWER 50,700 (27 x 50 = 1350) (56 x 150 = 8400) (78
X 375 = 29,250)
(1350 + 8400 + 29250 = 39000 X .30 = 11,700 + 39000 = 50,700
Before a contractor signs to indemnity( security or protection against a loss or other financial
burden), what should he do - ANSWER review his liability insurance policy
Unemployment insurance contributions are paid on what amount of employees wages - AN-
SWER first $7000
of annual wages
Before Bidding - ANSWER make sure you can be competitive with other bidders
When does cash basis of accounting method record income - - ANSWER when cash is re-
ceived
1
, Most accurate method for estimating labor - ANSWER published labor tables
importance of cash flow schedule - ANSWER shows working capital needs any given time
during project
Job can be done by two people in 40 hours. How many days will it take if there are 5 people
doing the job - ANSWER 2 days
Most important reason for always preparing proper contract - ANSWER to avoid disputes
What is best method to control solvents and chemicals - ANSWER keep in 1 location
Employer must provide W-2i form no later than - ANSWER Jan. 31
When must the contractor be aware of drainage problems - ANSWER at the start of the
project and throughout construction
Builders may limit liens by subcontractors and suppliers by - ANSWER filing a surety bond
How many hours of paid vacation does federal law require - ANSWER 0
What is working capital - ANSWER difference between current assets and current liabili-
ties
Theft is best controlled by - ANSWER keeping inventory levels low
Maximum penalty for willfully violating OSHA regulations is - ANSWER 70,000
2
as possible
A contractor files a 5000 dollar lien against owner. Owner offers 2000 to contractor. Contrac-
tor declines offer and goes to court. Who is responsible for attorney fees? - ANSWER con-
tractor
Liens must be filed within - ANSWER 90 days since last supplying material or labor
It cost 50 dollars to produce product A, 150 dollars to produce product B, and 375 dollars to
produce product C. We must produce 27 of product A, 56 of B, and 78 of C. We want a 30%
mark up. What is the total cost? - ANSWER 50,700 (27 x 50 = 1350) (56 x 150 = 8400) (78
X 375 = 29,250)
(1350 + 8400 + 29250 = 39000 X .30 = 11,700 + 39000 = 50,700
Before a contractor signs to indemnity( security or protection against a loss or other financial
burden), what should he do - ANSWER review his liability insurance policy
Unemployment insurance contributions are paid on what amount of employees wages - AN-
SWER first $7000
of annual wages
Before Bidding - ANSWER make sure you can be competitive with other bidders
When does cash basis of accounting method record income - - ANSWER when cash is re-
ceived
1
, Most accurate method for estimating labor - ANSWER published labor tables
importance of cash flow schedule - ANSWER shows working capital needs any given time
during project
Job can be done by two people in 40 hours. How many days will it take if there are 5 people
doing the job - ANSWER 2 days
Most important reason for always preparing proper contract - ANSWER to avoid disputes
What is best method to control solvents and chemicals - ANSWER keep in 1 location
Employer must provide W-2i form no later than - ANSWER Jan. 31
When must the contractor be aware of drainage problems - ANSWER at the start of the
project and throughout construction
Builders may limit liens by subcontractors and suppliers by - ANSWER filing a surety bond
How many hours of paid vacation does federal law require - ANSWER 0
What is working capital - ANSWER difference between current assets and current liabili-
ties
Theft is best controlled by - ANSWER keeping inventory levels low
Maximum penalty for willfully violating OSHA regulations is - ANSWER 70,000
2
