Contractor Exam Prep Classes

Well Done! When your customer pays you, you receive cash which increases your cash balance. Since Cash is a debit account an increase must be entered as a debit. When you are paid money that you are owed, your accounts receivable (the amount of money you are supposed to be paid by third parties) decreases. Since Accounts Receivable is a debit account a decrease must be entered as a credit. Please note that a transaction describing the fact that you performed that work two-months ago was already in the books from back then. c) is the right answer.

Sorry, that's incorrect. Here is why: When your customer pays you, you receive cash which increases your cash balance. Since Cash is a debit account an increase must be entered as a debit. When you are paid money that you are owed, your accounts receivable (the amount of money you are supposed to be paid by third parties) decreases. Since Accounts Receivable is a debit account a decrease must be entered as a credit. Please note that a transaction describing the fact that you performed that work two-months ago was already in the books from back then. c) is the right answer.

Well Done! Current ratio is equal to current assets divided by current liabilities. The key to answering this question correctly is to differentiate between current and fixed assets, as well as between current and long-term liabilities. Inventory and Cash (checking account is the same as cash) add up to $111,000 ($111,000 comes from adding $25,000 and $86,000). Payroll taxes payable is the only current liability listed and is equal to $18,000. When we divide $111,000 by $18,000 we get 6.17, which is our current ratio. b) is the right answer.

Sorry, that's incorrect. Here is why: Current ratio is equal to current assets divided by current liabilities. The key to answering this question correctly is to differentiate between current and fixed assets, as well as between current and long-term liabilities. Inventory and Cash (checking account is the same as cash) add up to $111,000 ($111,000 comes from adding $25,000 and $86,000). Payroll taxes payable is the only current liability listed and is equal to $18,000. When we divide $111,000 by $18,000 we get 6.17, which is our current ratio. b) is the right answer.

Well Done! The sides of a square measuring 1,600 sf must be 40' long (40' x 40' equals 1,600 sf). | From the center for the end of the gable, there are 20' (half of 40'). | Since the roof is at 45-degrees (1:1 slope), the ridge (top-center of the roof) rises to 20'. | The distance from the ridge to the edge can be calculated using Pythagorean Theorem C^2 = a^2 + b^2 | C^2 = 20^2 + 20^2 | C^2 = 400 + 400 | C = Square root of 800 | The distance between ridge and edge is 28.28'. | This multiplied by 40' give you the area of half of the roof (1131.20 sf), which multiplied times two gives you to total area (2,262.40 sf). 2,262.40 sf/100 sf per roofing square = 23 roofing squares. a) is the right answer.

Sorry, that's incorrect. Here is why: The sides of a square measuring 1,600 sf must be 40' long (40' x 40' equals 1,600 sf). | From the center for the end of the gable, there are 20' (half of 40'). | Since the roof is at 45-degrees (1:1 slope), the ridge (top-center of the roof) rises to 20'. | The distance from the ridge to the edge can be calculated using Pythagorean Theorem C^2 = a^2 + b^2 | C^2 = 20^2 + 20^2 | C^2 = 400 + 400 | C = Square root of 800 | The distance between ridge and edge is 28.28'. | This multiplied by 40' give you the area of half of the roof (1131.20 sf), which multiplied times two gives you to total area (2,262.40 sf). 2,262.40 sf/100 sf per roofing square = 23 roofing squares. a) is the right answer.

Well Done! The bottom of the excavation is 40’ by 50’. | As you go up to the surface from the bottom of the excavation the walls will slope outward for 10’ at a 1:1 slope, which means that each wall will be 10 feet out at surface level. | Therefore, the top of the excavation will measure 60’ by 70’. | Since we now have two sets of dimensions we must find the average between them. | The average between 70’ and 50’ is 60’ and the average between 60’ and 40’ is 50’. | So now, we simply multiply 50’ times 60’ times 10’ (10 is still the depth) and we come up with our volume of 30,000 cf, but since the question is asking for cubic yards, we must divide the answer by 27 (there are 27 cubic feet in one cubic yard). d) is the right answer.

Sorry, that's incorrect. Here is why: The bottom of the excavation is 40’ by 50’. | As you go up to the surface from the bottom of the excavation the walls will slope outward for 10’ at a 1:1 slope, which means that each wall will be 10 feet out at surface level. | Therefore, the top of the excavation will measure 60’ by 70’. | Since we now have two sets of dimensions we must find the average between them. | The average between 70’ and 50’ is 60’ and the average between 60’ and 40’ is 50’. | So now, we simply multiply 50’ times 60’ times 10’ (10 is still the depth) and we come up with our volume of 30,000 cf, but since the question is asking for cubic yards, we must divide the answer by 27 (there are 27 cubic feet in one cubic yard). d) is the right answer.

Well Done! The average pool depth must be found by adding the shallow and deep ends together and dividing by 2, as follows: (3' + 8')/2 = 5.5' | Once the average depth is found, the volume can be calculated by multiplying the length, width and depth times each other, as follows: Pool volume = 12' x 20' x 5.5' = 1,320 cf | Once the volume is obtained, it must be converted to the appropriate number of gallons, as follows: 1,320 cf x 7.48 gallons per cf = 9,874 gallons. c) is the right answer.

Sorry, that's incorrect. Here is why: The average pool depth must be found by adding the shallow and deep ends together and dividing by 2, as follows: (3' + 8')/2 = 5.5' | Once the average depth is found, the volume can be calculated by multiplying the length, width and depth times each other, as follows: Pool volume = 12' x 20' x 5.5' = 1,320 cf | Once the volume is obtained, it must be converted to the appropriate number of gallons, as follows: 1,320 cf x 7.48 gallons per cf = 9,874 gallons. c) is the right answer.