Maryland home improvement Questions With Correct Answers.

Home Improvement - Answer-addition or alteration, conversion or replacement of a building or part of a building Contractor - Answer-A person who performs or offers a home improvement Subcontractor - Answer-A person who performs all or part of a home improvement BUT does not enter an agreement with homeowner Sales Person - Answer-A person who sells home improvement contract Home Improvement contract - Answer-An agreement between a homeowner and a contractor to perform a home improvement. Has to be in writing and be signed by both parties Owner - Answer-An owner, Owner's agent, tenant or an authorized person A license - Answer-Contractor or salesperson, issued by home improvement commission Years of experience has to be - Answer-2 years General liability insurance - Answer-coverage that can protect you from a variety of claims, at least $50,000 Home Improvement Guaranty Fund - Answer-The fund compensates homeowner for actual loss cause by the act or omission of a licensed contractor Actual Loss - Answer-Homeowner may recover up to $20,000 per contract maximum amount can be awarded of a contractor is $100,000 Federal income tax - Answer-based on information the employee provided on the W-4 formIncome Statement - Answer-Sometimes called the profit and loss statement, is a summary of the company's revenues and expenses over a given period of time Project manager - Answer-Person who plans and coordinates construction projects to meet the overall goals of the project and serve as the main contact with the owner Superintendent - Answer-Is the onsite supervisor responsible for daily operations Fair Labor Standards Act - Answer-Prescribes standards for the basic minimum wage and overtime pay Federal minimum wage - Answer-$7.25 per hour Workweek - Answer-A period of 168 hours during seven consecutive 24-hour periods