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TN Business Law Exam | Questions & 100% Correct Answers (Verified) | Latest Update | GradeA+
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Total direct costs for a project are $45,000. Your overhead expenses are 12%. You expect to make $9,500 in profit on this job. What should your total bid price be? Correct Answer: $45,000/.88+$9,500=$60,636 Total direct costs/(1-overhead expenses) + profit expected= total bid price What is the penalty if someone lies in a Notice to Lien about the amount due? Correct Answer: No recovery may be allowed. What is required of the Prime Contractor when submitting a bid? Correct Answer: Make sure all the instructions in the bid package are followed. Cost control estimating Correct Answer: Tracks costs to prevent overruns When might an inactive license holder bid on a job? Correct Answer: Neve
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