CONTRACTORS LICENSE IN ARIZONA QUESTIONS
WITH 100% VERIFIED ANSWERS
what is all risk builders insurance - ✔✔it covers property owners n builders for
buildings under construction. typically covers machinery equipment , materials supplies
and fixtures
what is property insurance - ✔✔typically it covers your business n personal property
when damaged theft or loss..
what is works comp - ✔✔it protects employees when they get injured at work
what is design and build - ✔✔the owner contracts one company to complete the
process from start to finish
what is company overhead - ✔✔its the cost of doing business . in other words keeping
it running. like office rent, taxes, phone, accounting fees
who are exempt from maintaining osha records - ✔✔employers with 10 or fewer employees
what happens when 1 of the parties involved fails to perform in accordance with any of
the terms and condition of the contract - ✔✔they go into a breach of contract
the registrar may impose civil penalties of not to exceed how much per violation - ✔✔not to
exceed over 500 dollars
, every person making an application for a license shall pay an assessment of not more than how
much - ✔✔600 dollars
any person who is or was at the time of omission named on the license is not eligible to receive
a new license until when ?? - ✔✔until the fund is paid in full
if any amount is paid from the fund settlement of a claim arising the license will automatically
be suspended by operation of law until when?? - ✔✔until the amount paid from the fund
is repaid in full plus interest of 10% a year
the liability of the fund shall not exceed how much money - ✔✔200,000 dollars
what is the equation for the balance sheet - ✔✔assets= liabilities+owners equity
performance bond - ✔✔guarantees that the contractor will complete a contract within
its time frame and conditions
what is the equation for the working capital - ✔✔current assets -currents liabilities
=working capital
how long is the register of a trade name effective for - ✔✔5 years
how many days do you have to answer a complaint?
what happens if you don't reply - ✔✔you have 10 days to reply.
if you don't reply your license will be suspended or revoked
how long are az license valid for - ✔✔2 years
WITH 100% VERIFIED ANSWERS
what is all risk builders insurance - ✔✔it covers property owners n builders for
buildings under construction. typically covers machinery equipment , materials supplies
and fixtures
what is property insurance - ✔✔typically it covers your business n personal property
when damaged theft or loss..
what is works comp - ✔✔it protects employees when they get injured at work
what is design and build - ✔✔the owner contracts one company to complete the
process from start to finish
what is company overhead - ✔✔its the cost of doing business . in other words keeping
it running. like office rent, taxes, phone, accounting fees
who are exempt from maintaining osha records - ✔✔employers with 10 or fewer employees
what happens when 1 of the parties involved fails to perform in accordance with any of
the terms and condition of the contract - ✔✔they go into a breach of contract
the registrar may impose civil penalties of not to exceed how much per violation - ✔✔not to
exceed over 500 dollars
, every person making an application for a license shall pay an assessment of not more than how
much - ✔✔600 dollars
any person who is or was at the time of omission named on the license is not eligible to receive
a new license until when ?? - ✔✔until the fund is paid in full
if any amount is paid from the fund settlement of a claim arising the license will automatically
be suspended by operation of law until when?? - ✔✔until the amount paid from the fund
is repaid in full plus interest of 10% a year
the liability of the fund shall not exceed how much money - ✔✔200,000 dollars
what is the equation for the balance sheet - ✔✔assets= liabilities+owners equity
performance bond - ✔✔guarantees that the contractor will complete a contract within
its time frame and conditions
what is the equation for the working capital - ✔✔current assets -currents liabilities
=working capital
how long is the register of a trade name effective for - ✔✔5 years
how many days do you have to answer a complaint?
what happens if you don't reply - ✔✔you have 10 days to reply.
if you don't reply your license will be suspended or revoked
how long are az license valid for - ✔✔2 years
