Question 1 (3 points) Match the following: Cash in bank 1. Current Asset Company tools 2. Long Term Asset Truck loan payable in next 12 months 3. Current Liability Bank loan payable in 1 to 3 4. Long Term Liability years 5. Equity Retained earnings Question 2 (3 points) What is the formula for Current Ratio? Total Liabilities divided by Net Worth Current Assets minus Current Liabilities Current Assets divided by Current Liabilities O Current Liabilities divided by Current AssetsQuestion 3 (3 points) What is the formula for Debt-to-Worth Ratio? Current Assets minus Current Liabilities Current Liabilities divided by Current Assets Current Assets divided by Current Liabilities Total Liabilities divided by Net Worth Question 4 (3 points) Match the options below: Insurance in excess to general liability insurance coverage 1. Comprehensive General Liability Covers the work against theft, vandalism, and fire 2. Builder's Risk Design errors & omissions 3. Professional Liability Insurance 4. Umbrella or Excess Insurance v Covers others' property damage & bodily injury resulting from negligenceQuestion 5 {3 points) List 2 reasons you might want to join a Trade Association: Question 6 {3 points) Thinking about when to buy. lease or rent equipment, which of the following usually make most sense to LEASE {select all that are true): Select 2 correct answeds} C] A tool used every clay C] A copy machine that you need for one year in a johsite office [3 A complicated piece of equipment that usually requires a lot of maintenance and adjustment [3 A unique and expensive tool that you only plan to use once and do not want to buy yourself Question 7 (3 points) Retainage is calculated on which amount (select one): O Whichever amount the Owner decides The total amount of the project contract The original amount of the project bid O The total amount of all the project change orders Question 8 (3 points) Select 3 cons of managing employees as compared to managing subcontractors: Select 3 correct answer(s) Liability Workers' compensation Lack of control over schedule Lack of control over quality Hire/fire responsibilitiesQuestion 9 {3 points) List three methods used to retaining good employees: Question 10 (3 points} What are the top 4 causes for fatalities in construction? Select 4 correct answer{s} [:J Struck by C] Crane operation C] Electrocution C] Caught in-between Question 11 (3 points} Select the two examples of cash flow enhancers: Select 2 correct answeds} C Delay of debt collection C Trading materials for labor C Up front deposit C Taking less jobs C Negotiate payment for materials Question 12 (3 points} Which of the following is the definition of front end loading? 0 A contractor shifts costs that will probably be incurred earlyr in a job to a line item that will be paid later in the job. 0 A contractor shifts costs that will probably not be incurred until later in a job to a line item that will be paid earlier in the job. 0 A contractor shifts work that will probably be billed early in a job to a schedule activity that will be billed later in the job. 0 A contractor shifts work that will probably not be billed until later in a job to a schedule activity that will be billed earlier in the job. Question 13 (3 points) Give 4 examples of why businesses fail: A/ Question 14 (3 points) Identify the following as either general conditions or overhead: Legal expenses Dumpsters Equipment rental 1. General Conditions Office utilities 2. Overhead Portable toilets Office cleaning serviceQuestion 15 (3 points} Select the correct definition for Actual Cash Value: 0 The replacement cost of an asset minus depreciation, not the total cost of asset replacement. 0 The replacement cost of an asset, not including depreciation O The insurance industryr term referring to the total cost of replacing the asset. Question 16 {3 points} A performance bond guarantees all payments that are due to subcontractors and others from the principal- Beneficiaries of these bonds are the subcontractors and suppliers. Question 1? (3 points} Bid shopping is not illegal. but it is unethical. Question 18 (3 points) What Does SUTA stand for? State Unified trade association Standard Uninsured tax act OState Unemployment tax act O Start-Up Tax Account Question 19 (3 points) Select two examples as to why job costing is important: Select 2 correct answer(s) Reportable to the IRS Ability to set goals & measure performance Historical data for future bids Allows for insurance backingQuestion 19 (3 points} Select two examples as to why job costing is important: Select 2 correct answerls} [:] Reportable to the IRS C] Ability to set goals & measure performance [:] Historical data for future bids C] Allows for insurance backing Question 20 (3 points} What is Subrogation