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Construction Business and Law Manual
Terms in this set (33)
Quick Ratio (Acid Test Ratio)
(Current Assets - Inventory) / Current Liabilities
(total sales - total expenses) / total sales
under federal law accurate payroll and deduction info is mandatory and large fines could be charged for failure to properly file or pay the following withholdings.
Income tax , social security and unemployment tax.
what is the best definition of stakeholder?
anyone who can be affected by the contractors organization
what can the contractors board not do as a disciplinary action
increase liability insurance to cover future claims
a contract will do what to disputes?
percentage of progress retained until proget complete is defined as?
Comprehensive general liability insurance (CGL) does not cover ?
payments of bodily injury to employees
record for federal employment taxes must be kept for a minimum of blank years and be available for IRS review
in Nevada record of wages must be maintained for a BLANK period after the information has been recorded
a lien must be filed within how many days from completion or last delivery of material?
all nevada employers must report new hires and rehires to the employment security division within how many days of hire or rehire??
if the notice of completion is recorded by the owner, the time for filing the notice of lien is shortened to how many days after filing the notice of completion??
the owner may file a notice of completion after a cessation of work of how many days??
examples of risks that a contractor may encounter
employee tasks, equipment storage and handling , financial reporting reliability.
BLANK make up a large amount of the total costs for a project and are also one of the most difficult areas to estimate accurately?
which contract covers the costs to the owner for the whole project from commencement to completion?
fixed price or lump-sum contract
represents the difference between the money received by the contractor for work performed and the expenses for overhead and subcontractors?
what shows the profit return on assets ?
Return on investment ratio
what is a common advantage of a sole proprietor?
it can be sold when ever owner decides
what is the best definition of a stakeholder ?
anyone who can be affected by the actions of the contractors organization
which is one example of an item NOT considered in the company's evaluation of risk?
calculation of wages for labor used during the contract
to reduce your risks in construction as a general contractor you should require the subcontractor to BLANK and pay for any legal defense in the event of an accident involving the sub-contractors work
idemnify you, hold you harmless and provide you legal defense
#4 when considering an applicant for license the NV state contractors board will not consider
more than 3 yrs training from an accredited trade school or university by the applicant
#15 who is exempt from nevada licensing requirements
those who furnish materials or supplies without fabricating them to the project
#46 if a notice of completion is recorded by the owner the time for filing the notice of lien is shortened to _____ days after filing the notice of completion.
#118 why does a general contractor require certificates of insurance from their Sub-contractors ?
to protect the owner of the project, to protect himself from lawsuits arising out of a sub- contractors negligence ,
to keep his insurance premiums lower
#127 often a contractors business will NOT fail from ?
problem associated with the construction
#114 two licensees each have a $500,000 monentary limit they joined together to do a job in the amount of 1,000,000. the licensees ?
may bid and contract on the project if the licensees have applied for a new JOINT VENTURE LICENSE and such has been issued.
#115 what is one of the things affected by the ADA? (Americans with Disability Act)
#116 property insurance covers what in case of a fire?
business and personal property of the owner
#119 according to the miller act first tier claimants may file suit no sooner than ______ days after labor and or materials were furnished and no later than (1) year?
#123 the primary weakness of a bar chart (gantt) is what?
does not show dependency of activities to each other
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