NV General Contractor flashcards
NV General Contractor · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Working capital
- Working capital equals current assets minus current liabilities; it measures short-term liquidity and the funds available to cover operating expenses and near-term obligations.
- Current ratio
- The current ratio divides current assets by current liabilities; a ratio above 1.0 indicates more short-term assets than short-term obligations.
- Quick ratio
- The quick ratio divides cash, marketable securities, and receivables by current liabilities; it excludes inventory and is a stricter liquidity test.
- Gross profit margin
- Gross profit margin equals revenue minus direct job costs, divided by revenue; it shows the percentage of each revenue dollar left after direct construction costs.
- Break-even revenue
- Break-even revenue equals fixed overhead divided by gross margin percentage; it is the sales level at which total revenue covers fixed and direct costs.
- Overhead allocation rate
- Overhead allocation rate equals total indirect overhead divided by a direct cost base, such as direct labor dollars, used to distribute overhead across jobs.
- Retainage
- Retainage is a percentage of each payment withheld by the owner until project completion or acceptance; it protects the owner and affects contractor cash flow.
- Cash flow versus profit
- Cash flow is the timing of money received and paid, while profit is revenue minus costs; a profitable job can still run out of cash because of retainage or slow payments.
- Nevada State Contractors Board
- The Nevada State Contractors Board administers contractor licensing, investigates complaints, and enforces NRS 624 and NAC 624 for construction work in Nevada.
- Qualifying party
- A qualifying party is the individual who meets experience requirements, passes the licensing exam, and is responsible for the licensee's construction work and compliance.
- Class A license
- A Nevada Class A license covers general engineering construction, including roads, bridges, drainage, sewers, earthwork, and other heavy civil work.
- Class B license
- A Nevada Class B license covers general building construction, including commercial and residential buildings and related structural improvements.
- Class C license
- A Nevada Class C license covers specialty trades, such as plumbing, electrical, roofing, concrete, painting, and other limited-scope construction work.
- Monetary limit
- The NSCB sets a licensee's monetary limit based on demonstrated financial responsibility; the licensee may not bid or contract for work exceeding that limit.
- License bond
- A Nevada contractor license bond is required as a condition of licensure and provides a fund from which eligible claimants may recover for certain licensee violations.
- License number in contracts
- Nevada requires the contractor license number to appear in contracts, bids, and advertising so the public can verify licensure with the NSCB.
- Quantity takeoff
- A quantity takeoff measures the materials and labor quantities from plans and specifications, forming the basis for pricing and the project estimate.
- Labor burden
- Labor burden is the added cost above base wages, including payroll taxes, insurance, benefits, and paid time off, expressed as a percentage of wages.
- Critical path
- The critical path is the longest sequence of dependent activities through a project network; its duration sets the shortest possible project completion time.
- Total float
- Total float is the time an activity can be delayed without delaying project completion; it equals late start minus early start or late finish minus early finish.
- Cost Performance Index
- Cost Performance Index equals earned value divided by actual cost; a CPI below 1.0 means the project is over budget for work performed.
- Schedule Performance Index
- Schedule Performance Index equals earned value divided by planned value; an SPI below 1.0 means work is proceeding slower than planned.
- Request for Information
- A Request for Information is a formal written question to the design team seeking clarification of plans or specifications before or during construction.
- Punch list
- A punch list is a closeout document listing incomplete or defective work that the contractor must correct before final acceptance and final payment.
- Focus four hazards
- The OSHA construction focus four hazards are falls, struck-by, caught-in or between, and electrical; they cause many construction fatalities.
- Fall protection threshold
- OSHA generally requires fall protection for construction employees exposed to falls of 6 feet or more, except scaffolds use a 10-foot threshold.
- Excavation protective system
- OSHA requires a protective system for excavations 5 feet or deeper unless the excavation is in stable rock; systems include sloping, shoring, and shielding.
- Trench access distance
- Trenches 4 feet or deeper must have a ladder, stair, or ramp so workers travel no more than 25 feet laterally to exit.
- Scaffold fall protection
- OSHA requires fall protection for employees on scaffolds more than 10 feet above a lower level, using guardrails or personal fall arrest systems.
- Hazard Communication Standard
- The Hazard Communication Standard requires chemical labels and Safety Data Sheets so workers know hazardous chemical identities, hazards, and safe handling.
- Silica exposure control
- Respirable crystalline silica controls include wet cutting, dust collection, ventilation, work practices, and respirators when engineering controls are insufficient.
- SWPPP
- A Stormwater Pollution Prevention Plan describes erosion, sediment, and pollution controls for construction stormwater discharges regulated under NPDES or Nevada NDEP permits.