Michigan Builders Exam (AYPO)
The use of above-deck thermal insulation is permitted as long as - CORRECT
ANSWER-the insulation is covered with an approved roof covering
How can a type of insulation's R-value increase? - CORRECT ANSWER-using it in
layers
Some _______ is manufactured with ceramic fiber incorporated as a fire redardant. -
CORRECT ANSWER-fiberboard
Insulation made from material that expands as it is installed is known as ________ -
CORRECT ANSWER-Spray-Foam Insulation
Pre-cut insulation within a membrane is usually referred to as __________. -
CORRECT ANSWER-blanket insulation
The difference between faced batts and unfaced batts is - CORRECT ANSWER-faced
batts have paper on one side and unfaced do not
What is foam-in-place insulation used for? - CORRECT ANSWER-spraying into small
areas to control air leaks
Subcontractors wishing to protect their rights to a construction lien in the event of non-
payment shall provide a "Notice of Furnishing" to the property owner, lessee or
designee within ________ days of the first delivery of goods or services. - CORRECT
ANSWER-20
Additions to property insurance, called ______, provide extra coverage for unforeseen
issues. - CORRECT ANSWER-riders
Builders rarely need to be concerned about _______ insurance. - CORRECT
ANSWER-title
When it comes to comparing short-term and long-term income with the timeframe when
costs and expenses were incurred, it would be best to... - CORRECT ANSWER-match
the inflow and outflow of cash and place both in the same tax period.
This concept is known as the matching principle in accounting. It states that a company
should report an expense in its income statement in the period in which the related
revenues are earned. This principle enhances the accuracy of a company's financial
statements.
, The Good Contractor Co. needs to find their working capital ratio. Their current assets
are $30,000, and their current liabilities are $15,000. What is the working capital ratio? -
CORRECT ANSWER-2
Working capital ratio, also known as the current ratio, measures a company's ability to
pay off its current liabilities (due in a year or less) with its current assets. It is calculated
as current assets divided by current liabilities. In this case, the working capital ratio
would be $30,000/$15,000 = 2.
The amount remaining after deducting direct and indirect costs from revenues is known
as... - CORRECT ANSWER-Net Profit.
Net Profit, also referred to as net income or net earnings, is a measure of the
profitability of a venture after accounting for all costs. It's the revenue remaining after all
operating expenses, interest, taxes and preferred stock dividends (but not common
stock dividends) have been deducted from a company's total revenue.
Jasmine the contractor is having a busy year for work. She has three long-term projects
going on at once, and there have been at least 10 short-term projects completed
throughout the year. Jasmine does her own bookkeeping, and the best practice would
be for her to do what? - CORRECT ANSWER-keep separate ledgers for short-term and
long-term accounts receivable.
This allows Jasmine to better manage the different projects and maintain accurate
financial records. It helps to avoid confusion and provides a clearer picture of the
financial status of each project.
A document which shows the financial position of a company for the year, also called a
profit and loss statement, is known as a... - CORRECT ANSWER-Income Statement.
An income statement, also known as a profit and loss statement, is a financial
statement that shows a company's revenues, costs, and expenses during a particular
period. It provides information about a company's ability to generate profit by increasing
revenue, reducing costs, or both
At a minimum, deposits of taxes withheld must be made on a __________ basis. -
CORRECT ANSWER-Monthly
All of the following are calculated based on the employee's earnings. The employee
pays a portion of each except for ______ which is paid entirely by the employer. -
CORRECT ANSWER-Federal Unemployment Tax.
The Federal Unemployment Tax Act (FUTA) tax is paid entirely by the employer. It is
not deducted from the employee's wages. This tax, together with state unemployment
tax systems, funds unemployment compensation to workers who lose their jobs.
The use of above-deck thermal insulation is permitted as long as - CORRECT
ANSWER-the insulation is covered with an approved roof covering
How can a type of insulation's R-value increase? - CORRECT ANSWER-using it in
layers
Some _______ is manufactured with ceramic fiber incorporated as a fire redardant. -
CORRECT ANSWER-fiberboard
Insulation made from material that expands as it is installed is known as ________ -
CORRECT ANSWER-Spray-Foam Insulation
Pre-cut insulation within a membrane is usually referred to as __________. -
CORRECT ANSWER-blanket insulation
The difference between faced batts and unfaced batts is - CORRECT ANSWER-faced
batts have paper on one side and unfaced do not
What is foam-in-place insulation used for? - CORRECT ANSWER-spraying into small
areas to control air leaks
Subcontractors wishing to protect their rights to a construction lien in the event of non-
payment shall provide a "Notice of Furnishing" to the property owner, lessee or
designee within ________ days of the first delivery of goods or services. - CORRECT
ANSWER-20
Additions to property insurance, called ______, provide extra coverage for unforeseen
issues. - CORRECT ANSWER-riders
Builders rarely need to be concerned about _______ insurance. - CORRECT
ANSWER-title
When it comes to comparing short-term and long-term income with the timeframe when
costs and expenses were incurred, it would be best to... - CORRECT ANSWER-match
the inflow and outflow of cash and place both in the same tax period.
This concept is known as the matching principle in accounting. It states that a company
should report an expense in its income statement in the period in which the related
revenues are earned. This principle enhances the accuracy of a company's financial
statements.
, The Good Contractor Co. needs to find their working capital ratio. Their current assets
are $30,000, and their current liabilities are $15,000. What is the working capital ratio? -
CORRECT ANSWER-2
Working capital ratio, also known as the current ratio, measures a company's ability to
pay off its current liabilities (due in a year or less) with its current assets. It is calculated
as current assets divided by current liabilities. In this case, the working capital ratio
would be $30,000/$15,000 = 2.
The amount remaining after deducting direct and indirect costs from revenues is known
as... - CORRECT ANSWER-Net Profit.
Net Profit, also referred to as net income or net earnings, is a measure of the
profitability of a venture after accounting for all costs. It's the revenue remaining after all
operating expenses, interest, taxes and preferred stock dividends (but not common
stock dividends) have been deducted from a company's total revenue.
Jasmine the contractor is having a busy year for work. She has three long-term projects
going on at once, and there have been at least 10 short-term projects completed
throughout the year. Jasmine does her own bookkeeping, and the best practice would
be for her to do what? - CORRECT ANSWER-keep separate ledgers for short-term and
long-term accounts receivable.
This allows Jasmine to better manage the different projects and maintain accurate
financial records. It helps to avoid confusion and provides a clearer picture of the
financial status of each project.
A document which shows the financial position of a company for the year, also called a
profit and loss statement, is known as a... - CORRECT ANSWER-Income Statement.
An income statement, also known as a profit and loss statement, is a financial
statement that shows a company's revenues, costs, and expenses during a particular
period. It provides information about a company's ability to generate profit by increasing
revenue, reducing costs, or both
At a minimum, deposits of taxes withheld must be made on a __________ basis. -
CORRECT ANSWER-Monthly
All of the following are calculated based on the employee's earnings. The employee
pays a portion of each except for ______ which is paid entirely by the employer. -
CORRECT ANSWER-Federal Unemployment Tax.
The Federal Unemployment Tax Act (FUTA) tax is paid entirely by the employer. It is
not deducted from the employee's wages. This tax, together with state unemployment
tax systems, funds unemployment compensation to workers who lose their jobs.
