Work Work Work
A first-aid kit is checked before it is sent to the job, and then checked ________. Every week, bi-weekly, Monthly, Quarterly
What is Every week
Which of the following would be classified as a long-term debt? Current annuity of long-term debt, Mortgage on company office building, Accounts payable, Accumulated depreciation
What id Mortgage on company office Building
The required quality of a project is described in the: Budget, Specifications, Plans, General conditions
What is Specifications
What is a benefit of good inventory control? Better for safety, Better preparation for increase in business, Reduced time and expense in handling materials, Ability to ship faster to offsite storage
What is Reduced time and expense in handling materials
An employer must maintain records about work-related injuries for ________ year(s). 3, 5, 1, 7
What is 5 Years
Which of the following financial statements indicate the financial condition of a company at a given point in time? Income statement, Cash flow statement, Balance sheet, Funds flow statement
What is Balance sheet
What is another name for owner’s equity? Operating capital, Liquid assets, Net worth, Liability
What is Net Worth
Current assets are assets that can be converted into cash within ________. 1 year, 6 months, 1 month, 2 years
What is 1 Year
Periodic payments made by the owner to the contractor over a long project are called: Progress payments, Acceleration payments, Performance payments, Provisional payments
What is Progress Payments
Which of the following statements is NOT true regarding a bar chart method of scheduling? Shows the start and finish times for each task, Does not show how tasks relate to each other, Most common scheduling system found on the job site, None of the above (all are true)
What is None of the above all true
In the event a subcontractor does not carry workers’ compensation insurance on his employees, who is responsible for providing the insurance? Owner, General contractor, State government, No on
What is the General Contractor
Which of the following statements defines networking capital? The amount the current assets exceeds the current liabilities, The amount listed as an item overhead expense, The difference between the direct cost and the cost of sales, Current liabilities less overhead expense
What is The amount the current assets exceeds the current liabilities
A form of business organization that has a tax structure similar to a partnership but is organized as a corporation: Limited partnership, Subchapter S corporation, General partnership, Nonprofit organization
What is Subchapter S corporation
What accounting method records income when cash is received? Accrual basis, Cash basis, Single entry, Double entry
What is Cash Basis
When a clause in a contract calls for liquidation damages, it is referring to: A payment per day for finishing after contract deadline, A payment due to flooding, An expedient payment for improper work, None of the above
What is A payment per day for finishing after contract deadline
truck that is due to be paid off within a year would be considered a(n):
Current liability, Long-term liability, Asset, Other
What is Current Liability
If two companies enter into a project as a joint venture, if one company does not have a contractor’s license, what must occur? Company with license will manage, A license in the name of the joint venture shall be obtained, This is permitted as long as at least one firm has a license, Other
What is A license in the name of the joint venture shall be obtained
Regarding contracts, which of the following statements is NOT true? Words prevail over numbers., General clauses prevail over special clauses., When properly documented, handwritten agreements prevail over typed provisions., A contract deemed ambiguous is interpreted against the party that provided it.
What is General clauses prevail over special clauses.
What portion of the workers’ compensation insurance premium can an employer charge to an employee? A maximum of 2% of the employee’s weekly gross earnings No deduction is allowed, Up to 50% of the premium, A flat fee of $25 per week
What is No deduction is allowed
Which of the following statements is true about partnerships? Each partner may cause the other to be jointly liable for any action incurred during normal business., Each partner is personally liable for his individual actions only., Each partner may sell his share of the partnership without the consent of the other partners., A general partner may discharge himself from all liability by declaring himself to be a limited partner
What is Each partner may cause the other to be jointly liable for any action incurred during normal business
A bid bond provides ________.
assurance that the bonding company is liable for all bid discrepancies, assurance to the owner or government agency that the contractor will honor the bid submitted by entering into a contract in accordance with the terms of the bid, a guarantee to the owner that the project will be completed , a guarantee of both job completion and payment of all labor and materials
What is assurance to the owner or government agency that the contractor will honor the bid submitted by entering into a contract in accordance with the terms of the bid
Based on an accrual basis of accounting, earnings that have not been received will be displayed as ________. current assets, fixed assets, current liabilities, owner’s equities
What is Current Assets
Which of the following work-related injuries does NOT require the employer to report to OSHA? A broken wrist, An X-ray, Cancer as a result of long-term exposure to work-related chemicals, A sprain that removed an employee from work for 2 days
What is Cancer as a result of long-term exposure to work-related chemicals
If an employee is employed by a corporation and takes the licensing examination for the corporation, who will own the license when it is issued? The employee, The stockholders, The president of the corporation, The corporation itself
What is The stockholders
Which of the following acts requires payment of prevailing wage rates and fringe benefits on federally assisted construction? Davis-Bacon Act, Walsh-Healey Public Contracts Act, Wage Garnishment Law, Fair Labor Standards Act
What is Davis-Bacon act