Michigan Builders Business/Law/Accounting Questions and Answers

Michigan Builders Business/Law/Accounting Questions and Answers Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within ______ of employment. - Answer️️ 3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? - Answer️️ Sole Proprietorship A ______is a joint co-owner partnership established to specifically increase bonding and bidding capacities and profits. - Answer️️ General Proprietorship Provisions of the Americans with Disabilities (ADA) Law apply to employers having _____ employees. - Answer️️ 15 or more What Federal Act requires those working on federal and federally funded construction projects to be paid a minimum prevailing wage for their trade? - Answer️️ Davis Bacon Which of the following are fringe benefits that supplement an employee's hourly wage? - Answer️️ Paid vacation, sick leave, 401k plan company vehicle To avoid being held liable, the contractor must file a _______ once the lien payment is received. - Answer️️ Lien release What is the Michigan Act 230? - Answer️️ It creates the Commission and regulates code and inspections in the State. What unit is issued a Certificate of Acceptability and will not be inspected at the site? - Answer️️ Manufactured home What is the purpose of the subcontractor completing a Sworn Statement? - Answer️️ To get paid by the contractor What is the purpose of a Partial Unconditional Waiver? - Answer️️ To prove that partial payment to subs or suppliers has been received. The subcontractor has ______ to file a lien against the property for non-payment from the contractor. - Answer️️ 90 days What is the penalty to contractors or subcontractors for intentionally trying to defraud employees or a customer? - Answer️️ A fine of no more than $5,