VA Contractors: General (Class A or B) Questions and Answers Already Graded A

VA Contractors: General (Class A or B) Questions and Answers Already Graded A Which of the following estimating methods is typically used by the architect rather than the contractor? Conceptual estimate 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... cost plus contract Equipment needs for a project are BEST estimated by... 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? Key man An owner hires a construction manager for a project. Which of the following is TRUE with regard to subcontractors? The subcontractors are prime contractors What protects a contractor from risk? Insurance An ADVANTAGE of a Critical Path Method (CPM) schedule is it... Identifies activities that MUST be completed before other activities can occur What may be covered by an allowance in a contract? Light fixture costs Which of the following is considered ethical behavior? Failing to disclose one subcontractor's bid to another Compensation paid to independent contractors is reported on Form... 1099 The BEST business practice for special-ordered materials is to... put the order requirements in writing A contract refers to an insurance agreement that the contractor is REQUIRED to have. This is considered... Part of the contract Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM of how many years? 30 years AT LEAST how often should employees watch for possible hazards at the job site? constantly An employee can request to receive advance earned income credit on Form... W-5 A contractor uses funds paid by a project owner to purchase materials to start a different project. The laborers for the original project do NOT get paid by the contractor. Under the lien law, this is considered... Intent to defraud by the contractor What should be added to wage rates to ensure accuracy in estimating labor for a project? Labor burden What MUST be included in an estimate for a job? Materials, labor, equipment, and overhead costs The 3 PRIMARY elements of a contract are... offer, acceptance, and consideration At LEAST how often MUST an employee report information on the number of employees and the number of new hires in order to meet the requirements of the Child Support Enforcement Act? every 2 months Costs that relate to construction activity but are NOT easily identifiable for a specific project are considered... Project overhead A reason for using a lower than usual profit markup for a specific project could be to... cover company overhead costs Time card records MUST be kept a MINIMUM of... 4 years A contractor is about to sign an agreement with a representative of a corporation. The contractor should... verify that the representative has the authority to bind the corporation Which of the following statements about a sole proprietorship is TRUE? The business, or any part of it, can be sold, altered, or exchanged at will The PRIMARY difference between a project manager and a project superintendent is that the project manager... does not directly supervise day-to-day field activities A company's net worth is equal to... owner's equity What is included in a company's balance sheet?