Michigan Builders practice exam with 100% correct answers already graded A+

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 match the inflow and outflow of cash and place both in the same tax period. What is the disadvantage of using the accrual method of accounting? this system requires more recordkeeping The ________ summarizes the cash inflows and outflows from operating, investing, and financing activities during a specific time. cash flow statement What is the formula for finding the gross profit to sales ratio? total sales - cost of goods sold ÷ total sale The function of the balance sheet is to __________? Show the financial condition of the business on a specific date What tax is deducted (withheld) solely from employees wages? Income Tax If a contractor's FUTA liability exceeds __________, then FUTA taxes are deposited quarterly 500 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 projects completed throughout the year. Jasmine does her own bookkeeping, and the best practice would be for her to do what? keep separate ledgers for short-term and long-term accounts receivable All of the following are calculated based on the employee's earnings. The employee pays a portion of each except for ______ which is paid entirely by the employer. Federal Unemployment Tax A document which shows the financial position of a company for the year, also called a profit and loss statement, is known as a Income Statement An assembly of panels that forms a cabinet's basic shape is known as a Carcase Notches in a load-bearing wall cannot exceed ____ percent of width. 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. 25 According to the Michigan Barrier-Free ramp guidelines, there must be a minimum of _____ inches of clear space across the wheelchair ramp 36 What is the girder span constructed of three 2x10's for an exterior bearing wall supporting a floor and ceiling with a snow load of 50 psf in a building 28 feet wide? 7-10 A straight run of stairs is called a Flight Joists should be _____________ under each load bearing wall that is parallel to the joists Doubled Which of these should you NOT use to form slab edges for a monolithic slab precast concrete what is the minimum size and location of rebar in a footing supporting a monolithic slab? 2 4 And Within The Middle Third Of The Depth When performing a slump test, the concrete should be poured into the slump cone in three layers, each of which is "rodded in" with _________ strokes of a tamping rod 25 What is the first step in finishing a concrete slab? screeding Which of these is NOT one of the more common admixtures? water expanders When pouring a monolithic slab, the minimum height for the top of the slab should be how many inches above the ground? 8" ________ can save time when compared to pouring concrete into a project-specific form and waiting for it to cure post pads In a sidewalk or walkway, ______________ is a gap between portions of concrete that is filled with flexible material. An Expansion Joint A contract is what kind of agreement between two or more persons? Binding Which party usually obtains a construction loan for a project? the buyer When changes or modifications occur during a project, a/an _________ must be issued and signed by the owner and contractor. change order Which contract document(s) MUST be signed by both the owner and the contractor The Standard Form of Agreement When is a party in breach of a contract? When there is a failure to fully and properly perform a duty and no legal excuse sufficient What action is essential before signing a contract? Read and understand the entire contract If a contract is made with someone while under the influence of alcohol, that contract is________. Unenforceable A good rule of thumb for the length of time a contractor should maintain a complete and legible copy of all documents relating to the contract is as follows Up to seven years