Level Four (#1) Business Principles Trade Terms Test

What a contractor pays the insurance company to ensure that the project is covered is called:

Money that is owed to a business but has not been paid is called:

Money owed by a business, or a legal responsibility, is called:

An itemized list of materials for purchase or rent is called:

The value of the business if all debts are paid is called:

A legal agreement between a contractor and a client for work to be done is called:

A financial guarantee that work will be completed according to the terms of a contract is called:

An expense for an activity or an item related directly to a project is called:

Tasks in the critical path management process that could significant delay is not completed on time are called:

An expense for an activity or an item that supports the administrative or overhead activities of a business are called:

Another term for profit is:

To redo a previously completed task is called:

On order form submitted to a supplier is called:

A calculation used when estimating materials for a job; computes the total material cost divided by the number of units:

The costs of maintaining a business that are not applicable to a specific job, such as office expenses, are called:

Any type of property owned by a business is called:

A summary of material, labor, and equipment costs for each task in a project is called:

A report written by a job superintendent describing activities on a job site is called:

A contractor's legal responsibility for the management of hazardous wastes from creation to disposal is called:

The phase following awarding of a contract, but before the start of construction, is called:

A task-planning process in which diagrams show the relationships between tasks and estimated completion times is called:

A form used to track assets and liabilities is called:

An agreement to perform work in addition to what was originally agreed to in a contract is called:

Calculating the costs to complete a specific project, which are submitted as part of a bid, is called:

A list of all income and expenses over a given period of time is called:

The condition of an account when assets and liabilities are equal is called:

The process of compiling and analyzing financial records is called:

The money left over after expenses are subtracted from income is called:

A formal offer to do work according to an estimate is:

The type of bid in which a project is offered to a contractor of the client's choice is called:

The final stage of preplanning, during which all job site details are organized in preparation for construction is:

All money earned before expenses are subtracted is called:

An estimate of the time required for a crew to perform a task is called:

Money owed by a business for payment of direct costs and indirect costs is called:

The process of organizing activities and materials so that tasks are completed in the right order and on time is called: