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TN Contractor's License Law
Business and Law exam
34
Other
Professional
04/29/2007

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Cards

Term
I-9 form must be filled out within ___ days.
Definition
3 days
Term
I-9 form must be retained for how long?
Definition
3 years
Term
"If a partnership dissolves, what happens to the contractors license of the partnership?"
Definition
It dissolves and the partners must re license for future ventures
Term
What is the main tax benefit of an S Corp?
Definition
No double taxation.
Term
"A partnership with 2 partners dissolves with $ 30,000 in debt. How much is each partner liable for?"
Definition
"$30,000 "
Term
"In a joint venture, which of the joint venture partners must be licensed?"
Definition
both
Term
What is the dollar amount a project must be at least to make it mandatory to have a contractorÕs license?
Definition
"$25,000 "
Term
How many employees must you have to have workerÕs comp?
Definition
1
Term
What does CGL stand for?
Definition
comprehensive general liability
Term
CGL only covers whom?
Definition
3rd party
Term
Worker's comp is paid what percent by employee?
Definition
0%
Term
When does worker's comp pay?
Definition
when there is an injury
Term
Which is more accurate for estimating: published labor rates or company historical data?
Definition
published labor rates
Term
Computer technology can provide what key benefit for estimating?
Definition
databases for unit cost items
Term
Cash accounting has this weakness?
Definition
does not match revenues to expenses
Term
what part of a contract has negotiation?
Definition
there is no negotiation in a contract
Term
What is the financial term for breach of contract?
Definition
damages
Term
Homeowners prefer what type of contract?
Definition
lump sum
Term
Can you ask a new employee if they work weekends?
Definition
yes
Term
what is the minimum wage in TN?
Definition
$5.15
Term
Overtime is after how many hours and at what rate?
Definition
40hours at 1.5 times
Term
what is FLSA?
Definition
fair labor standards act
Term
Does ADA cover HIV?
Definition
"yes, and epilepsy but not broke bones"
Term
You must have an emergeny action plan when you havehow many employees?
Definition
11 or more.
Term
How many years do you have to keep OSHA records?
Definition
5 years
Term
If there is a fatality or 3 people hospitalised you must notify OSHA by when?
Definition
8 hours
Term
what is 2/10 net 30?
Definition
2% discount if paid in 10 days
Term
Who do you get an EIN from?
Definition
IRS
Term
GC's have how long to file a lien?
Definition
1 year
Term
How long do subs have to file a lien?
Definition
90 days
Term
"If owner files a notification of completion, liens must be filed by when?"
Definition
30 days
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