Contractors Business Law Exam: 100% Verified Questions & Answers; Updated A+ Score Solution

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If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? (Ans- quarterly How many employees does it take for the Fair Labor Act to be applied? (Ans- 1 What accounting me... thod records income when the service occurs and expense when they are incurred? (Ans- Accrual Method What do the General Conditions of a contract do? (Ans- Outline roles of the owner, architect, and engineer. You are purchasing an insurance policy with a monthly premium of $300. If you implement a safety program you can save 10% on the cost of the policy. The safety program costs $400 to start and $15 a month to maintain it. What would be the net difference in cost over three year period with a safety program? (Ans- Net saving of $140 Written construction contract change order should include a description of the modification to be made, any change in contract time and (Ans- The change in the contract dollar amount Which of the following is a written agreement between the owner and contractor to change the contract? (Ans- change order What term identifies money withheld from progress payments to the contractor and paid after the completion of the project? (Ans- Retainage When is final payment due? (Ans- Final inspection, acceptance by owner and submittal of proper documentation must occur After hiring a disabled person, which of the following can't you do, according to the American with Disabilities Act? (Ans- Require a medical examination of just the person you suspect is disabled. The percentage of completion method of accounting does what (Ans- recognizes profit as it is earned Workers are on a job site where noise is very loud. Who is supposed to supply the workers with ear protection? (Ans- contractor (employer) Where can you get accurate information about tax deposit schedules? (Ans- IRS Publication Circular E [Show More]

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