Virginia Basic Business
This eight hour course focuses on the primary responsibilities of running a successful contracting business in Virginia according to the rules and regulations surrounding the industry. All contractors should be aware of the business related requirements of their profession. This especially includes statutory regulations regarding qualifications, standards of practice and licensing requirements. Running a successful business also requires a thorough understanding of financial and risk management, business organization, labor regulations and lien laws. This course will review the fundamentals of business practice for building professionals in Virginia.
Learning objectives are provided to facilitate student understanding and progress. Incremental assessments (quizzes) appear at the end of each chapter. The final assessment ensures mastery of content covered. Students must answer 70% of the questions correctly in order to receive credit/certification for the course.
This course is approved by the Virginia Board for Contractors and fulfills the Basic Business Course requirement.
After completing this course participants will be able to:
- Identify the fundamental requirements and qualifications for the Virginia licensure process.
- Outline the key components of a successful business, including finances, risk management, lien laws and employee regulations.
- Summarize the requirements surrounding business and payroll taxes.
- Be able to develop a sediment control plan.
Chapter One: Contractor Licensing Law
*Learning Objectives: 1) Understand the process of application for Virginia licensure. 2) Describe the rules, penalties and fines as they pertain to the licensing laws surrounding the building industry.4) Be able to identify specific terms, requirements and conditions pertaining to the Transaction Recovery Act.
Chapter Two: License Classifications
*Learning Objective: 1) Know key terms that apply to contractors, and the various classifications and specialties.
Chapter Three: Lien laws
*Learning Objective: 1) Explain how lien laws protect the rights and interests of both the builder and the consumer. 2) Define what a lien is, as well as how and when a lien should be filed.
Chapter Four: Building Codes
*Learning Objective: 1) Outline the administrative requirements of the Virginia Uniform Building Code.
Chapter Five: Erosion and Sediment Control
*Learning Objective: 1) Learn the regulations that must be observed when erosion and sediment control is evident at a construction site. 2) Know what preventative measures can be taken to reduce erosion and lower the risk of contaminating waterways.
Chapter Six: Business Organization
*Learning Objective: 1) Describe the five basic forms of business organization. 2) Recognize both the benefits and drawbacks associated with each type of business organization. 3) Understand the importance of business planning, securing appropriate resources, and raising start-up capital.
Chapter Seven: Estimating and Bidding
*Learning Objectives: 1) Understand the importance of accurate estimating and bidding. 2) Distinguish between various types of estimates. 3) Identify the steps to complete an accurate estimate.
Chapter Eight: Financial Management
*Learning Objectives: 1) Recognize the importance of organization in a successful business. 2) Understand and implement basic terms and principles of accounting. 3) Effectively measure the ability of a business to manage earnings and losses.
Chapter Nine: Employee Management
*Learning Objectives: 1) Describe the important aspects of Labor Law, including the Fair Labor Standards Act, which establishes standards for minimum wages and child labor. 2) Outline the interviewing and hiring process.
Chapter Ten: Contract Management
*Learning Objectives: 1) Describe the contents of a basic construction contract. 2) Explain the difference between fixed-price and cost-plus contracts. 3) Interpret and explain basic contract terms and language.
Chapter Eleven: Project Management
*Learning Objectives: 1) Recognize the importance of developing a project schedule. 2) Determine project costs, company overhead, and profit. 3) Outline the roles and duties of key management team members.
Chapter Twelve: Safety
*Learning Objectives: 1) Define required record keeping, posting and safety standards an employer must observe. 2) Learn the responsibilities of both the employer and the employee in observing established safety practices. 3) Recognize the need for advanced safety standards when asbestos or lead is present at the work place.
Chapter Thirteen: Federal and State Taxes
*Learning Objectives: 1) Understand and describe the basic payroll and tax responsibilities of an employer. 2) Identify the proper federal tax forms that any business must complete. 3) Understand state tax specifics, especially as they relate to the construction industry.
Chapter Fourteen: Risk Management
*Learning Objectives: 1) Gain a basic understanding of the various types of insurance available to builders. 2) Define the importance of surety bonds to the construction industry and its consumers. 3) Identify the rules and regulations surrounding unemployment insurance.
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