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67 Cards in this Set

  • Front
  • Back

Most accurate method of estimating is the _____

Quantity Take Off Method

Elements of a Business Plan (7)

- Cover Page

- Executive Summary

- Company Summary

- Products/Services

- Market Analysis

- Marketing Strategy

- Financial Plan

Contractor's license is required for all work above $_______


License must be displayed

At place of work, all of the time

How many days do you have to notify the board of a change of address

30 days

When do licenses expire

December 31


NC, SC, TN agreement about letting some exams be waived

What type of insurance is not covered by Contractor's General Liability


Who pays for Worker's Compensation


How many employees must you have before you are required to have Workman's Comp


Performance Bond

Guarantees contractor will complete work within the time frame

Payment Bond

Guarantees subcontracors will be paid for their work

Maintenance Bond

Guarantees for a stated period (typically 1 year) that there will be no defective work

Completion Bond

Guarantees completion for

Fidelity Bond

Covers business owners from loss due to dishonest acts of employees

Lien Bond

Guarantees that liens cannot be placed against the owner's property bu contractors for payment of services

The Miller Act requires all Federal projects exceeding $_______ must be bonded


Items considered to make up Bid Documents (4)

- Invitation to Bid

- Bid Instructions

- Bid Forms

- Supplements

Required Contract Elements (4)

- Offer & Acceptance

- Consideration

- Competent Parties

- Legal Purpose

Material Breach

A serious violation of the contract, likely will result in litigation

Force Majeure

"Act of God"


Absolves indemnified party from any payment for losses incurred by a third party

Cost Plus Contract

Contractor is reimbursed for actual cost of labor and materials and is paid a markup fee for overhead and profit

Changes to Plans before contract is awarded


Changes to Plans after contract is awarded


True or False: In a legal judgement, written agreements always take precedence over oral agreements


Main weakness of Bar & Calendar Scheduling

Don't show the interdependencies of other activities

Prohibited Hiring Questions

- Age

- Disabilities

- Pregnancy Status

- Marital Status

- Children

- Religious Affiliation

- Sexual Orientation

- Ethnic Background

You are required to report all new hires ____ days from the date of hire


Employers are required to obtain an employment certificate for minors under the age of _____


When school is in session a minor 14 or 15 yrs old cannot begin work before ____ AM, or work later than ____ PM or work more than ____ hrs. per day or ____ hrs. per week

- 7 AM

- 7 PM

- 3 HRs per day

- 18 HRs per week

When school is not in session a minor 14 or 15 yrs old cannot begin work before ____ AM, or work later than ____ PM or work more than ____ hrs. per day or ____ hrs. per week

- 7 AM

- 9 PM

- 8 HRs per day

- 40 HRs per week

When school is in session the next day a 16 or 17 yr old cannot begin work before ___ AM or past ___ PM. Exceptions if written permission from parents and principal

- 5 AM

- 11 PM

Minors under the age of 16 must be given at least a ____ min. break every ____ consecutive hours of work

- 30 minute

- 5 hours

Minimum Wage


FSLA Violation can result in a fine up to $____


Employers who willfully or repeatedly violate the min. wage or overtime pay requirements are subject to a civil money penalty up to ____ per violation


I-9 Form must be completed within ___ days of hire


How long must an employer keep an I-9 Form

3 years after hire or for 1 year after employment ends, whichever comes first

ADA only required when an employer has ___ employees

15 or more

Employers pay ____% of State and Federal Unemployment


A formal emergency action plan is not required unless and employer has over ____ employees


How long should OSHA records be retained

5 years

Employers are not required to keep OSHA injury records unless they have more than ____ employees


Lead paint was used before


Assets = _____ + ______

Owner's Equity + Liabilities

Income Statement is also known as

Profit & Loss Statement

Liquidity Ratio

Current Assets/Current Liabilities

Quick Ratio (Acid Test)

(Current Assets - Inventory) / Current Liabilities

Activity Ratio

Revenues / Days in Business Per Year

Debt Ratio

Total Debt / Total Assets

Profitability Ratio

Net Income / Revenues

Cash Method Accounting

Report Income in the year you receive it and deduct expenses in the year you paid them

Accrual Method

Recognize income when services occur, not when you collect the money

Circular "E"

Comprehensive reference providing thorough instructions on calculation, withholding, and depositing employee taxes

Federal Unemployment Tax Form


Penalties for Fed. Unemployment Tax can range from ___ - ___ %

2 - 100%

What form is used to report payments to subcontractors


A claim of lien must be filed within

120 days

A lawsuit to foreclose on a lien must be filed within

180 days

After a lapse of ____ no renewal shall be effected

4 years

How many hours do you have to withdraw a bid

72 Hours

Nearly all public contracts are ____ (type)

Lump Sum

A superintendents bonus is considered a ____

Indirect cost

All Employees must file a ___ Form with their employers


How soon must the board be notified when a qualifier leaves a company


How many days do you have to replace a qualifier

90 days