Utah Contractor Business and Law
Exam WITH ANSWERS
An EIN is required for all entity types except: - CORRECT
ANSWERS ✔✔Sole Proprietorship
the profits from which type of business are not passed
through to the owners and taxes as ordinary income -
CORRECT ANSWERS ✔✔C corp
corporate minutes must be maintained annually for which
of the following entity types - CORRECT ANSWERS ✔✔S
corp
which of the following is true of a limited partner -
CORRECT ANSWERS ✔✔a limited partners financial
responsibilities is limited to business liabilities.
which of the following entiity types is not subject to self
employment tax - CORRECT ANSWERS ✔✔S corp
what is the name of the surety last adopted by most
states and local governments? - CORRECT ANSWERS
✔✔The Little Miller Act
, if a person fails to file a timely preliminary notice they
may not claim a construction lien for contstrucfion work
the person provides to the project before how many days
after the preliminary notice is filed. - CORRECT ANSWERS
✔✔5
a lien claimant shall file an action to enforce a lien within
how many days of filing a written notice to hold a claim a
lien. - CORRECT ANSWERS ✔✔180
before providing a final lien release to a project owner,
the contractor should request which of the following
documents from the subs and suppliers? - CORRECT
ANSWERS ✔✔final lien releases
if there are multiple liens claimed on the same property,
which of the following groups is on equal footing for
satisfaction of the lien? - CORRECT ANSWERS ✔✔laborers
and materialmen
which of the following best defines the "cost principle" in
accounting? - CORRECT ANSWERS ✔✔all transaction are
recorded at cost rather than value.
Exam WITH ANSWERS
An EIN is required for all entity types except: - CORRECT
ANSWERS ✔✔Sole Proprietorship
the profits from which type of business are not passed
through to the owners and taxes as ordinary income -
CORRECT ANSWERS ✔✔C corp
corporate minutes must be maintained annually for which
of the following entity types - CORRECT ANSWERS ✔✔S
corp
which of the following is true of a limited partner -
CORRECT ANSWERS ✔✔a limited partners financial
responsibilities is limited to business liabilities.
which of the following entiity types is not subject to self
employment tax - CORRECT ANSWERS ✔✔S corp
what is the name of the surety last adopted by most
states and local governments? - CORRECT ANSWERS
✔✔The Little Miller Act
, if a person fails to file a timely preliminary notice they
may not claim a construction lien for contstrucfion work
the person provides to the project before how many days
after the preliminary notice is filed. - CORRECT ANSWERS
✔✔5
a lien claimant shall file an action to enforce a lien within
how many days of filing a written notice to hold a claim a
lien. - CORRECT ANSWERS ✔✔180
before providing a final lien release to a project owner,
the contractor should request which of the following
documents from the subs and suppliers? - CORRECT
ANSWERS ✔✔final lien releases
if there are multiple liens claimed on the same property,
which of the following groups is on equal footing for
satisfaction of the lien? - CORRECT ANSWERS ✔✔laborers
and materialmen
which of the following best defines the "cost principle" in
accounting? - CORRECT ANSWERS ✔✔all transaction are
recorded at cost rather than value.
