Utah General Contractor's Course -
Business and Law Exam Prep
QUESTIONS WITH ANSWERS
Which business organization is regulated the least by the
government? - CORRECT ANSWERS ✔✔Sole Proprietorship
In a general partnership, each partner is liable for the
debt of the company up to the percentage of the
company they own. - CORRECT ANSWERS ✔✔false
What business organization provides the most financial
protection for the owners? - CORRECT ANSWERS
✔✔Corporation
Sole Proprietorships can issue and sell stock in the
company to raise capital. - CORRECT ANSWERS ✔✔false
Can a corporation actually be listed as the sole owner of a
property? - CORRECT ANSWERS ✔✔yes
Limited Liability Companies have the ability to be passed
down to family members when an owner (member) dies. -
CORRECT ANSWERS ✔✔false
,Sub Chapter "S" Corporations can retain their status no
matter how many stockholders they have. - CORRECT
ANSWERS ✔✔false
Start-up and operating costs must be considered when
creating a ____________ . - CORRECT ANSWERS
✔✔financial plan
A _________ provides potential investors with a concrete
description of your successes and qualifications. -
CORRECT ANSWERS ✔✔business plan
A _______________ combines the liability protection of a
corporation with the favorable tax treatment of a
partnership or sole proprietorship. - CORRECT ANSWERS
✔✔LLC
_____________ have a partner who contributes funds and or
property to the business, but does not provide any
services or have any say in the day to day business. -
CORRECT ANSWERS ✔✔Limited Partnerships
It is a good idea to research business names through the
___________ website to avoid creating a business name
,that is too similar to another registered name. - CORRECT
ANSWERS ✔✔Secretary of State
One pitfall of a General Partnership is that each partner is
personally responsible for the debts of the business, and
this debt responsibility is not limited to the percentage of
ownership. - CORRECT ANSWERS ✔✔True
If a corporation is eligible to be taxed as a partnership
and chooses to take this option, it is referred to as
___________________. - CORRECT ANSWERS ✔✔S
Corporation
This serves as a reminder to owners, employees,
subcontractors, suppliers and customers of what the
company wants to do and become. - CORRECT ANSWERS
✔✔Mission Statement
Identifying probable customers and attracting them to
your product or service is known as _______________. -
CORRECT ANSWERS ✔✔Marketing
The Construction Services Commission shall be
comprised of ______ members. - CORRECT ANSWERS
✔✔nine
, Which of the following is NOT required from an applicant
before being issued a license? - CORRECT ANSWERS
✔✔proof of incorporation
Each contractor licensee under a license issued under this
chapter shall complete _____ hours of approved
continuing education. - CORRECT ANSWERS ✔✔6
Contractor licenses are issued on a _____ renewal cycle. -
CORRECT ANSWERS ✔✔2 year
If a license has been suspended, the applicant must
resolve any and all outstanding fines, citations and
judgements. - CORRECT ANSWERS ✔✔True
A contractor license number must be attached to which of
the following?
1 permit applications
2 bids (when a license is required)
3 contracts
4 all of the above - CORRECT ANSWERS ✔✔all of the
above
Business and Law Exam Prep
QUESTIONS WITH ANSWERS
Which business organization is regulated the least by the
government? - CORRECT ANSWERS ✔✔Sole Proprietorship
In a general partnership, each partner is liable for the
debt of the company up to the percentage of the
company they own. - CORRECT ANSWERS ✔✔false
What business organization provides the most financial
protection for the owners? - CORRECT ANSWERS
✔✔Corporation
Sole Proprietorships can issue and sell stock in the
company to raise capital. - CORRECT ANSWERS ✔✔false
Can a corporation actually be listed as the sole owner of a
property? - CORRECT ANSWERS ✔✔yes
Limited Liability Companies have the ability to be passed
down to family members when an owner (member) dies. -
CORRECT ANSWERS ✔✔false
,Sub Chapter "S" Corporations can retain their status no
matter how many stockholders they have. - CORRECT
ANSWERS ✔✔false
Start-up and operating costs must be considered when
creating a ____________ . - CORRECT ANSWERS
✔✔financial plan
A _________ provides potential investors with a concrete
description of your successes and qualifications. -
CORRECT ANSWERS ✔✔business plan
A _______________ combines the liability protection of a
corporation with the favorable tax treatment of a
partnership or sole proprietorship. - CORRECT ANSWERS
✔✔LLC
_____________ have a partner who contributes funds and or
property to the business, but does not provide any
services or have any say in the day to day business. -
CORRECT ANSWERS ✔✔Limited Partnerships
It is a good idea to research business names through the
___________ website to avoid creating a business name
,that is too similar to another registered name. - CORRECT
ANSWERS ✔✔Secretary of State
One pitfall of a General Partnership is that each partner is
personally responsible for the debts of the business, and
this debt responsibility is not limited to the percentage of
ownership. - CORRECT ANSWERS ✔✔True
If a corporation is eligible to be taxed as a partnership
and chooses to take this option, it is referred to as
___________________. - CORRECT ANSWERS ✔✔S
Corporation
This serves as a reminder to owners, employees,
subcontractors, suppliers and customers of what the
company wants to do and become. - CORRECT ANSWERS
✔✔Mission Statement
Identifying probable customers and attracting them to
your product or service is known as _______________. -
CORRECT ANSWERS ✔✔Marketing
The Construction Services Commission shall be
comprised of ______ members. - CORRECT ANSWERS
✔✔nine
, Which of the following is NOT required from an applicant
before being issued a license? - CORRECT ANSWERS
✔✔proof of incorporation
Each contractor licensee under a license issued under this
chapter shall complete _____ hours of approved
continuing education. - CORRECT ANSWERS ✔✔6
Contractor licenses are issued on a _____ renewal cycle. -
CORRECT ANSWERS ✔✔2 year
If a license has been suspended, the applicant must
resolve any and all outstanding fines, citations and
judgements. - CORRECT ANSWERS ✔✔True
A contractor license number must be attached to which of
the following?
1 permit applications
2 bids (when a license is required)
3 contracts
4 all of the above - CORRECT ANSWERS ✔✔all of the
above
