Risk
What is hire safe?
The first step to improving safety in the workplace is to hire employees who have a good safety track record.(pg 12-2)
What is Depreciation?
Depreciation is the process of devaluing a fixed asset as a result of aging, wear and tear, or obsolescence. (pg 14-11)
What is the unit price method of estimating?
This method of estimating bundles all cost factors such as labor, materials, equipment, and subcontractors to come up with a single price for the entire task. (pg 7-7)
What does the Pre-license Education requirement consist of for contractors applying for their initial licensure?
A designated employee or member of responsible management must successfully complete an 8-hour business class approved by the Board for Contractors fulfills requirement for licensure. (pg 3-4)
If a company has $500,000 in income and Cost of Goods Sold is $200,000 what is their Gross Profit?
$500,000 - $200,000 = $300,000 (pg 14-5)
What is a Maintenance Bond?
A maintenance bond guarantees that for a stated period, typically for one year, no defective workmanship or material will appear in the completed project. (pg 4-7)
What is the due date for giving out tax form W-2 to employees?
January 31? (pg 15-4 or 15-6)
Even with written permission, employees cannot be required to forfeit wages for what 3 things?
Shortages, errors, or damages. (pg 11-9)
What is the net worth requirement for a Class B contractor?
The net worth requirement for Class B is $15,000 or more. (pg 3-3)
If a company has a Gross Profit of $300,000 and Expenses of $100,000 what is their Net Income?
$300,000 - $100,000 = $200,000 (14-5)
What is OSHA's regulations regarding lead exposure?
No more than 50 micrograms per cubic meter of air averaged over an 8 hour day. (pg 12-13)
What two elements are usually stated on the cover of a business plan?
Contact information and confidentiality statement. (pg 1-2)
What is one main weaknesses of a bar chart?
The inability to show the interdependencies of the activities. (pg 9-4)
What is an Offer?
An offer specifically outlines the obligations of the contract, including the work to be done and compensation for the work.(pg 8-2)
If a company has a Net Income of $200,000 and their Revenue is $500,000 what is the Profit Margin?
$200,000 / $500,000 = 0.4 (pg 14-8)
What is a mechanic's lien agent?
A mechanic's lien agent is defined as a person designated in writing by the owner of real estate or a person authorized to act on behalf of the owner, to receive the "Notice to the Mechanic's Lien Agent." (pg 16-2)
How do you register a Stock Corporation in Virginia?
To register a stock corporation in Virginia, you must file Articles of Incorporation (form SCC 619) with the Virginia Corporation Commission. (pg 2-3)
What factors determine the duration of a task when creating an estimate?
The duration of each task depends on the size of the project, labor hours estimated, and length of time dedicated to the task each day. (pg 9-1)
What is Negotiation?
Negotiation is the dialogue entered into for the purpose of resolving disputes or producing an agreed upon course of action. (pg 8-2)
If a company has a Net Profit of $200,000 and Total Assets of $300,000 what is their Return on Total Assets?
$200,000 / $300,000 = 0.67 (pg 14-8)
What is All-Risk Builders Risk Insurance?
All Risk Builders risk insurance typically covers machinery, equipment, materials, supplies, and fixtures that are part of the structure or will become part of the structure. (pg 4-3)
What is the first step in the Accounting process?
Bookkeeping? (pg 14-1)
How do you construct an Estimating Framework?
Define the phases of the project and list each task and materials needed for each phase. (pg 7-3)
What is the Virginia Code that makes it unlawful to materially misrepresent facts in a contractor license application?
Virginia Code 54.1-111(6)? (pg 3-5)
If a company has Total Debt of $250,000 and Total Assets of $300,000 what is the Debt Ratio?
$250,000 / $300,000 = 0.83 (pg 14-7)