Who did you pay
Each of the following is regulated by the Fair Labor Standards Act EXCEPT: Vacation, Time and a half for hours over 40, Minimum wage, Compliance with child labor laws
What is Vacation
Which of the following would be considered project overhead? Yellow page advertising, Secretary’s salary, Electric bill for the office, Electric bill for project office
What is Electric bill for project office
Which of the following is a disadvantage of setting up a general partnership? Single taxation, Easy setup, Unlimited personal liability, The inability to pool financial resources
What is unlimited personal liability
Employee records regarding pay shall be kept for at least _____ year(s). 1, 2, 3, 4
What is 3 years
Which of the following is the proper formula for determining ASSETS? Liabilities + Owner’s equity, Liabilities - Owner’s equity, Owner’s equity - Liabilities, Assets - Liabilities
What is Liabilities + Owner’s equity
What amount does an employer pay for Social Security and Medicare? 6.2%, 1.45%, 7.65%, 5.4% on the first $7,000
What is 7.65%
Yellow Duck Plumbing Company has 21 employees. According to OSHA, this company must keep a record for _______ years after each recorded accident for each one of its employees while on the job site. 3, 4, 5, 6
What is 5
What form of business organization offers contractors the most protection against personal liability? Corporation, Partnership, Joint venture, Sole proprietorship
What is a Corporation
What is the latest date an employer can file the Federal Unemployment Tax Return (Form 940)? (Assume no time extensions are taken and the balance due is greater than $100.00.) December 1st, December 31st, January 1st, January 31st
What isa January 31st
Which of the following components make a change order complete? The change to be made, the charge, and the effect on time, The owner’s/contractor’s address and the change order number, The legal description and the contractor’s license number, The contractor’s license number, the change order number, and the architect’s signature
What is The change to be made, the charge, and the effect on time
Two brothers are planning to start a plumbing contracting company together. The oldest brother will be the financial backer primarily and wants no day-to-day involvement in the operations. What type of business should the brothers form? General partnership, Proprietorship, Limited partnership, Corporation
What is Limited Partnership
What entity continues to exist beyond the death of one of the principals? Corporation, Partnership, Sole proprietorship, Limited partnership
What is Corporation
Given: A carpenter drops a hammer from a roof and injures a curious bystander. Which type of insurance would cover the victim’s medical costs? Builder’s risk, Named-peril risk, Liability, Risk management
What is Liability
The purpose of the journal is to _______. post transactions on a weekly basis, post transactions on a daily basis, ensure proper job costing, balance the checkbook
What is Post Transaction on a daily basis
The primary purpose of a written contract is to: Define rights and obligations of each party, Standardize all requirements of work performance, Condense construction requirements, Standardize some requirements of work performance
What is Define rights and obligations of each party
The best source for projecting future project and company overhead percentage rates is: Historical data, Bid documents, Unit pricing, Job cost records
What is Historical Data
Employers are not allowed to deduct _______ from employee’s wages. Social Security, Medicare, Federal Unemployment Tax (FUTA), Federal Income Tax
What is Federal Unemployment Tax (FUTA)
The simplest form of business ownership is: Corporation, Partnership, Limited partnership, Sole proprietorship
What is Sole proprietorship
Typically, the only party with whom the subcontractors and their employees have a contractual relationship with is the: Owner’s representative, Architect, Owner, Contractor
What is Contractor
The term used in scheduling that makes reference to the TIME a project can be delayed without extending the project completion: Float time, Lag time, Critical task, Noncritical task
What is Float time
Which of the following insurance types is most widely used for construction projects? Building operations, Liability, All-risk builder's risk, Catastrophe
What is All-Risk Builder's risk
Which of the following is a disadvantage of setting up a general partnership? Single taxation, Easy setup, Unlimited personal liability, The inability to pool financial resources
What is A delay in the work
What form is used to report Federal Unemployment taxes (FUTA)? W-3, 940, W-2, 1099
What is 940
A large plumbing contractor maintains a central office and has crews working at several projects. Which of the following is considered a company overhead cost? Superintendent salary, Temporary barricades, Site cleanup, Advertising
What is Advertising
Which of the following terms is used to describe withholding a percentage of a progress payment pending completion to a certain point for the purpose of covering defects or faulty installation? Retainage, Withholding, Holdback, None of the above
What is Retainage