Va Contractors: General (Class A Or B) Study Guide Graded A+

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... {Ans: cost plus contract}Medical records of work-related injuries to long-term employees MUST be kept for a MINIMUM of what duration after the employee leaves employment? {Ans: 30 years}What MUST be included in an estimate for a job? {Ans: Materials, labor, equipment, and overhead costs}Which of the following is considered a source document in an accounting system? {Ans: time cards}A contractor should do all of the following when estimating a project EXCEPT... {Ans: assume ideal conditions}An owner hires a construction manager for a project. Which of the following is TRUE with regard to subcontractors? {Ans: The subcontractors are prime contractors}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? {Ans: the taxes must be held in a separate account and not used for anything else}What type of material at a construction site may be considered hazardous waste? {Ans: cleaning supplies}What is included in a company's balance