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law n bus 2 wrong answers

Terms in this set (18)

A subcontractor signs an Unconditional Waiver and Release upon final payment. This means that the:
subcontractor has waived any lien, stop payment notice, or payment bond rights.
In most construction contracts, the retention may be held for up to _____ days as a guarantee that the prime pays the subcontractors and suppliers.
60 days
What is the best way to monitor labor costs?
Figure the hours from detailed time cards.
An income statement shows:
revenues and expenses over an extended period of time
What is the best way to determine if your company is profitable?
Examine the income and expense statement.
Suppose you include depreciation on your income statement your first year in business, but you do not include it in the second year. How will this affect your net income being reported?
Your net income will be greater than it should be in the second year.
What is the best way to ensure that your license bond remains in effect after its expiration date (i.e., what is the best way to avoid a period of suspension)?
Make sure the effective date of the new bond is the same as the cancellation date of the old bond.
A contractor is required to report a construction-related civil court judgement to CSLB within ____________.
90 days
Disabled access laws went into effect in _____ for public buildings and in _____ for private buildings.
1968...1970
An employer accrues $2,400 in federal withholding, Social Security, and Medicare taxes during a quarter. Which of the following statements about payments of the tax liability is correct?
The taxes may be reported and paid quarterly based on a calendar year.
A homeowner enters into a $10,000 home improvement contract with a contractor that includes a $1,000 retention. The homeowner has already made progress payments totaling $9,000, and gives the contractor a final check for $1,000 that was paid by the bank. Which of the following statements about releases is correct?
A unconditional release for the $9,000 paid and an unconditional release for the final payment of $1,000.
Which funds does the stop notice block?
from the owner to the prime contractor
_____, although usually the largest single item in a bid, can be fairly accurately determined.
Materials
Which financial ratio measures liquidity?
current ratio
acid-test ratio (quick ratio)
both of the above
neither of the above
Both of the Above
If an employee suffers an injury on the job that requires only minor first aid, an insured contractor:
is not required to file a report.
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