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FLORIDA BUILDING CONTRACTOR
BUSINESS/FINANCE STUDY EXAM 2 | ALL
QUESTIONS AND CORRECT ANSWERS | GRADED A+ |
LATEST EXAM | VERIFIED ANSWERS | JUST RELEASED
1. Depreciation is taken on which of the company's assets? - (ANSWER)Fixed
assets
2. Special warranty in construction contracts usually applies to the work of a(n): -
(ANSWER)Subcontractor
3. If a contractor decides to increase the contract price, the contractor: -
(ANSWER)The owner must agree to a written and signed change order
4. If a subcontractor signs an unconditional waiver and release, this would imply
that a: - (ANSWER)Subcontractor cannot ask anything more of the owner
5. Contractor must renew a contractor bond: - (ANSWER)30 days before it expires
6. What should a contractor do if after starting a home improvement project the
contractor discovers that the details and specifications do NOT correctly show the
existing construction? - (ANSWER)Stop the job and inform the owner or his agent
7. Keeping good accounting records is important for: - (ANSWER)Maintaining
financial statements, obtaining financing and effective management
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8. Who can claim a lien on a property? - (ANSWER)Contractors, laborers, material
suppliers, subs, and professionals (architects, interior designers, landscape
architects, Engineers, etc. )
9. The plans and specifications of a home improvement project usually describe: -
(ANSWER)Layout sizes
10. The number of years that an employer must keep records of FUTA and other
federal taxes is: - (ANSWER)4 years
11. What is the term for a detailed compilation of the quantity of each elemental
work item? - (ANSWER)takeoff
12. Which company is easiest to set up? - (ANSWER)Sole proprietorship
13. If a contractor is offering a job that might last 6 months or longer what should
the contractor state when interviewing for the job? - (ANSWER)The job is
temporary
14. Before beginning work, an employer or contractor must inquire whether
asbestos is present in any building constructed prior to: - (ANSWER)1978
15. Which basic term(s) of accounting does a contractor need to understand? -
(ANSWER)Losses/Gains, cash basis of accounting, net worth
FLORIDA BUILDING CONTRACTOR
BUSINESS/FINANCE STUDY EXAM 2 | ALL
QUESTIONS AND CORRECT ANSWERS | GRADED A+ |
LATEST EXAM | VERIFIED ANSWERS | JUST RELEASED
1. Depreciation is taken on which of the company's assets? - (ANSWER)Fixed
assets
2. Special warranty in construction contracts usually applies to the work of a(n): -
(ANSWER)Subcontractor
3. If a contractor decides to increase the contract price, the contractor: -
(ANSWER)The owner must agree to a written and signed change order
4. If a subcontractor signs an unconditional waiver and release, this would imply
that a: - (ANSWER)Subcontractor cannot ask anything more of the owner
5. Contractor must renew a contractor bond: - (ANSWER)30 days before it expires
6. What should a contractor do if after starting a home improvement project the
contractor discovers that the details and specifications do NOT correctly show the
existing construction? - (ANSWER)Stop the job and inform the owner or his agent
7. Keeping good accounting records is important for: - (ANSWER)Maintaining
financial statements, obtaining financing and effective management
, 2
8. Who can claim a lien on a property? - (ANSWER)Contractors, laborers, material
suppliers, subs, and professionals (architects, interior designers, landscape
architects, Engineers, etc. )
9. The plans and specifications of a home improvement project usually describe: -
(ANSWER)Layout sizes
10. The number of years that an employer must keep records of FUTA and other
federal taxes is: - (ANSWER)4 years
11. What is the term for a detailed compilation of the quantity of each elemental
work item? - (ANSWER)takeoff
12. Which company is easiest to set up? - (ANSWER)Sole proprietorship
13. If a contractor is offering a job that might last 6 months or longer what should
the contractor state when interviewing for the job? - (ANSWER)The job is
temporary
14. Before beginning work, an employer or contractor must inquire whether
asbestos is present in any building constructed prior to: - (ANSWER)1978
15. Which basic term(s) of accounting does a contractor need to understand? -
(ANSWER)Losses/Gains, cash basis of accounting, net worth
