Michigan Builders Business/Law/Accounting Questions and Answers Already Passed

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Michigan Builders Business/Law/Accounting Questions and Answers Already Passed Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within _... _____ of employment. ✔✔3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? ✔✔Sole Proprietorship A ______is a joint co-owner partnership established to specifically increase bonding and bidding capacities and profits. ✔✔General Proprietorship Provisions of the Americans with Disabilities (ADA) Law apply to employers having _____ employees. ✔✔15 or more What Federal Act requires those working on federal and federally funded construction projects to be paid a minimum prevailing wage for their trade? ✔✔Davis Bacon Which of the following are fringe benefits that supplement an employee's hourly wage? ✔✔Paid vacation, sick leave, 401k plan company vehicle To avoid being held liable, the contractor must file a _______ once the lien payment is received. ✔✔Lien release What is the Michigan Act 230? ✔✔It creates the Commission and regulates code and inspections in the State. What unit is issued a Certificate of Acceptability and will not be inspected at the site? ✔✔Manufactured home What is the purpose of the subcontractor completing a Sworn Statement? ✔✔To get paid by the contractor What is the purpose of a Partial Unconditional Waiver? ✔✔To prove that partial payment to subs or suppliers has been received. The subcontractor has ______ to file a lien against the property for non-payment from the contractor. ✔✔90 days What is the penalty to contractors or subcontractors for intentionally trying to defraud employees or a customer? ✔✔A fine of no more than $5,000 and/or 3 yrs in prison In accordance with the Michigan Construction Lien Act, the homeowner has _____ to provide signed copies of the Commencement Agreement to the all parties that request it. ✔✔10 days The contractor provides a blank Notice of Furnishing to whomever requests the Commencement Agreement. It must be completed and returned to the contractor every ________. ✔✔20 days if they are a supplier; 30 days if they are a laborer If a builder is required to be licensed, the penalty for working without a license ____. ✔✔is a fine no less that $5,000 or greater than $25,000 Upon final order of license suspension or revocation, the licensee has _____ in which to surrender their license to the Department. ✔✔10 days Failing to renew one's license before the deadline will result in a _____. ✔✔$20 late fee How long does the homeowner/business have to file a complaint after the project is completed? ✔✔18 months What aids and protects the contractor from accusations of project abandonment without a good legal excuse? ✔✔The arbitration clause To avoid being fined, the contractor must notify the Department within _____ of relocating their business or changing the business' name. ✔✔10 days Definitively, a _______ is a person that constructs, replaces, impro [Show More]

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