MHIC NASCLA CONTRACTORS EXAM
REVIEW EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST 2024 – 2025
ALREADY GRADED A+
The costs of materials can fluctuate, and it is important to be current in your
estimate of material costs. Be sure to get several bids from each supplier. Add
contingency costs for waste. - ANSWERS-Materials
Large equipment required to complete a project, for example a loader needed
for moving stockpiled dirt for removal, is considered a direct cost. These costs
will differ depending on whether or not you own or rent the equipment. If you
own, calculate the unit cost of the equipment by determining the actual value
(depreciation from original price), operation and maintenance costs, taxes and
fees, labor and insurance. If the equipment is rented, factor in the rental rate,
delivery fees, labor, fuel etc. Finally, the option of subcontracting the work is
available, and this cost would appear under subcontractor fees. - ANSWERS-
Equipment Cost.
,Contingencies are added to allow for unanticipated problems. Adding
contingency costs to the estimate from the start allows more flexibility to
absorb these additional expenses without going over budget. - ANSWERS-
Contingencies
These are costs (soft costs) that are associated with the project, but are not
labor and materials. Examples of project overhead are: utilities, temporary
storage and office costs, security, dumpsters and sanitation. Determine project
overhead by adding all your project costs from the previous year, and then
divide that number by your revenues to arrive at your overhead percentage. -
ANSWERS-Project Overhead
This is the cost of running the business itself. Permanent office costs, taxes,
telephones, legal/accounting fees, and administration costs are all considered
company overhead. Company overhead is calculated by a percentage of annual
gross revenue. Annual company overhead, divided by annual gross revenues,
provides the percentage amount to add to each bid to cover company overhead.
So, for example, if your company overhead is 2%, you know to add that amount
to every bid. - ANSWERS-Annual Company Overhead
No - ANSWERS-When interviewing a person for employment, is it legal to ask
them about their mental health history?
True - ANSWERS-Employers are required to report a new employee or rehired
employee to the State Directory of New Hires.
, I-9 - ANSWERS-What Federal form are employers required to complete within 3
days of their hire for the U.S. Customs and Immigrations Service?
Can - ANSWERS-A county or municipality in Maryland _______________
regulate the character, performance and quality of home improvement.
7 - ANSWERS-How many members are there in the Maryland Home
Improvement Commission?
3 - ANSWERS-Of the 7 members on the Commission, how many are experienced
in home improvement?
4 Years - ANSWERS-What is the term of a member on the Commission?
Associated Answers
5 years - ANSWERS-How long must a person be a citizen and member of
Maryland before they can be appointed to the Commission?
True - ANSWERS-It is illegal for a member of the Commission to receive any
compensation from a person regulated by the Commission.
12 times a year - ANSWERS-How often does the Commission hold meetings at a
minimum?
REVIEW EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST 2024 – 2025
ALREADY GRADED A+
The costs of materials can fluctuate, and it is important to be current in your
estimate of material costs. Be sure to get several bids from each supplier. Add
contingency costs for waste. - ANSWERS-Materials
Large equipment required to complete a project, for example a loader needed
for moving stockpiled dirt for removal, is considered a direct cost. These costs
will differ depending on whether or not you own or rent the equipment. If you
own, calculate the unit cost of the equipment by determining the actual value
(depreciation from original price), operation and maintenance costs, taxes and
fees, labor and insurance. If the equipment is rented, factor in the rental rate,
delivery fees, labor, fuel etc. Finally, the option of subcontracting the work is
available, and this cost would appear under subcontractor fees. - ANSWERS-
Equipment Cost.
,Contingencies are added to allow for unanticipated problems. Adding
contingency costs to the estimate from the start allows more flexibility to
absorb these additional expenses without going over budget. - ANSWERS-
Contingencies
These are costs (soft costs) that are associated with the project, but are not
labor and materials. Examples of project overhead are: utilities, temporary
storage and office costs, security, dumpsters and sanitation. Determine project
overhead by adding all your project costs from the previous year, and then
divide that number by your revenues to arrive at your overhead percentage. -
ANSWERS-Project Overhead
This is the cost of running the business itself. Permanent office costs, taxes,
telephones, legal/accounting fees, and administration costs are all considered
company overhead. Company overhead is calculated by a percentage of annual
gross revenue. Annual company overhead, divided by annual gross revenues,
provides the percentage amount to add to each bid to cover company overhead.
So, for example, if your company overhead is 2%, you know to add that amount
to every bid. - ANSWERS-Annual Company Overhead
No - ANSWERS-When interviewing a person for employment, is it legal to ask
them about their mental health history?
True - ANSWERS-Employers are required to report a new employee or rehired
employee to the State Directory of New Hires.
, I-9 - ANSWERS-What Federal form are employers required to complete within 3
days of their hire for the U.S. Customs and Immigrations Service?
Can - ANSWERS-A county or municipality in Maryland _______________
regulate the character, performance and quality of home improvement.
7 - ANSWERS-How many members are there in the Maryland Home
Improvement Commission?
3 - ANSWERS-Of the 7 members on the Commission, how many are experienced
in home improvement?
4 Years - ANSWERS-What is the term of a member on the Commission?
Associated Answers
5 years - ANSWERS-How long must a person be a citizen and member of
Maryland before they can be appointed to the Commission?
True - ANSWERS-It is illegal for a member of the Commission to receive any
compensation from a person regulated by the Commission.
12 times a year - ANSWERS-How often does the Commission hold meetings at a
minimum?
