VA Contractors: General (Class A or B) PLUS Advanced (Class A) questions and correct verif, Exams of Construction management

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VA Contractors: General (Class A or B) PLUS Advanced

(Class A) questions and correct verified answers

Which of the following estimating methods is typically used by the architect rather than the contractor? --- correct answer --- Conceptual estimate

An agreement that calls for a contractor to be paid actual costs for labor and materials plus a fixed fee for the contractor's overhead and profit is called a... --- correct answer --- cost plus contract

Equipment needs for a project are BEST estimated by... --- correct answer --- Calculating the number of hours or days it is needed

What type of insurance is needed for a partnership to insure that the business does NOT go out of business if one partner dies? --- correct answer --- Key man

An owner hires a construction manager for a project. Which of the following is TRUE with regard to subcontractors? --- correct answer --- The subcontractors are prime contractors

What protects a contractor from risk? --- correct answer --- Insurance

An ADVANTAGE of a Critical Path Method (CPM) schedule is it... --- correct answer --- Identifies activities that MUST be completed before other activities can occur

What may be covered by an allowance in a contract? --- correct answer --- Light fixture costs

Which of the following is considered ethical behavior? --- correct answer --- Failing to disclose one subcontractor's bid to another

Compensation paid to independent contractors is reported on Form... --- correct answer --- 1099

The BEST business practice for special-ordered materials is to... --- correct answer --- put the order requirements in writing

A contract refers to an insurance agreement that the contractor is REQUIRED to have. This is considered... --- correct answer --- Part of the contract

Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM of how many years? --- correct answer --- 30 years

AT LEAST how often should employees watch for possible hazards at the job site? --- correct answer --- constantly

An employee can request to receive advance earned income credit on Form... --- correct answer --- W-

A contractor uses funds paid by a project owner to purchase materials to start a different project. The laborers for the original project do NOT get paid by the contractor. Under the lien law, this is considered... --- correct answer --- Intent to defraud by the contractor

What should be added to wage rates to ensure accuracy in estimating labor for a project? --- correct answer --- Labor burden

What MUST be included in an estimate for a job? --- correct answer --- Materials, labor, equipment, and overhead costs

The 3 PRIMARY elements of a contract are... --- correct answer --- offer, acceptance, and consideration

At LEAST how often MUST an employee report information on the number of employees and the number of new hires in order to meet the

requirements of the Child Support Enforcement Act? --- correct answer --- every 2 months

Costs that relate to construction activity but are NOT easily identifiable for a specific project are considered... --- correct answer --- Project overhead

A reason for using a lower than usual profit markup for a specific project could be to... --- correct answer --- cover company overhead costs

Time card records MUST be kept a MINIMUM of... --- correct answer --- 4 years

A contractor is about to sign an agreement with a representative of a corporation. The contractor should... --- correct answer --- verify that the representative has the authority to bind the corporation

Which of the following statements about a sole proprietorship is TRUE? --- correct answer --- The business, or any part of it, can be sold, altered, or exchanged at will

The PRIMARY difference between a project manager and a project superintendent is that the project manager... --- correct answer --- does not directly supervise day-to-day field activities

A company's net worth is equal to... --- correct answer --- owner's equity

What is included in a company's balance sheet? --- correct answer --- Assets, liabilities, and owner's equity

Who MUST follow the Fair Labor Standards Act? --- correct answer --- All employees with at least 1 employee

Medical records of work-related injuries to long-term employees MUST be kept for a MINIMUM of what duration after the employee leaves employment? --- correct answer --- 30 years

All of the following are advantages of good scheduling EXCEPT... --- correct answer --- reduced training costs

A contractor should do all of the following when estimating a project EXCEPT... --- correct answer --- assume ideal conditions

A bid does NOT specify how long it remains open or in effect is considered to be open for... --- correct answer --- a reasonable amount of time

What does a comprehensive general liability insurance policy protect a company against? --- correct answer --- an accident at the job site that damages the neighbor's house

A contractor plans to use materials or methods other than those standard in the industry. The contractor should... --- correct answer --- specifically state this in the agreement

The two basic laws of construction estimating are... --- correct answer --- low estimates decrease profits and high estimates decrease volume

Approximately how many materials are currently on the EPA hazardous materials list? --- correct answer --- 500

An important factor in ensuring that a schedule is followed is to... --- correct answer --- make sure the superintendent agrees with it

Where does the information for a company's financial statement come from? --- correct answer --- summary of accounts in the general ledger

Which of the following is a TRUE statement about estimating? --- correct answer --- both overestimating and underestimating costs could have disastrous consequences

An employer who withholds more than $1,000 per month from employees for state taxes MUST pay those taxes at LEAST... --- correct answer --- two times per week

The prime contractor is one who... --- correct answer --- is responsible for the overall construction of the project

What type of material at a construction site may be considered hazardous waste? --- correct answer --- cleaning supplies

Which of the following is considered a source document in an accounting system? --- correct answer --- time cards

What can be used to collect information on labor, materials, equipment, and overhead costs used during the performance of a job? --- correct answer --- a job cost system

What MUST be done with the taxes withheld by an employer between the time that they are withheld and the time that they are sent to the IRS? --- correct answer --- the taxes must be held in a separate account and not used for anything else

All of the following are considered general conditions that could affect costs directly associated with a specific project EXCEPT... --- correct answer --- profit margins

Generally, who is responsible for ensuring that a project meets all zoning requirements? --- correct answer --- project owner

What type of business organization allows people to share financial resources? --- correct answer --- Partnership

Losses from the sale of a company asset are considered... --- correct answer --- other expenses

What can be determined by summing the project activities into an overall schedule? --- correct answer --- The total resource demand for a project at any given time.