Contractors Business/Law Exam
If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? -
CORRECT ANSWER-quarterly
How many employees does it take for the Fair Labor Act to be applied? -
CORRECT ANSWER-1
What accounting method records income when the service occurs and expense
when they are incurred? - CORRECT ANSWER-Accrual Method
What do the General Conditions of a contract do? - CORRECT ANSWER-Outline
roles of the owner, architect, and engineer.
You are purchasing an insurance policy with a monthly premium of $300. If you
implement a safety program you can save 10% on the cost of the policy. The
safety program costs $400 to start and $15 a month to maintain it. What would
be the net difference in cost over three year period with a safety program? -
CORRECT ANSWER-Net saving of $140
Written construction contract change order should include a description of the
modification to be made, any change in contract time and - CORRECT
ANSWER-The change in the contract dollar amount
Which of the following is a written agreement between the owner and contractor
to change the contract? - CORRECT ANSWER-change order
What term identifies money withheld from progress payments to the contractor
and paid after the completion of the project? - CORRECT ANSWER-Retainage
When is final payment due? - CORRECT ANSWER-Final inspection, acceptance
by owner and submittal of proper documentation must occur
After hiring a disabled person, which of the following can't you do, according to
the American with Disabilities Act? - CORRECT ANSWER-Require a medical
examination of just the person you suspect is disabled.
, The percentage of completion method of accounting does what - CORRECT
ANSWER-recognizes profit as it is earned
Workers are on a job site where noise is very loud. Who is supposed to supply
the workers with ear protection? - CORRECT ANSWER-contractor (employer)
Where can you get accurate information about tax deposit schedules? -
CORRECT ANSWER-IRS Publication Circular E
Which of the following statements correctly describes the cash method of
accounting? - CORRECT ANSWER-Income / expenses are recorded at the time
they are received / paid
What type of workplace insurance provides all the benefits required by law for
employees' who are killed or injured as a result of their employment - CORRECT
ANSWER-Workers Compensation
If an employee is covered by Workers Compensation in the state of Utah and is
doing a job in Colorado and gets injured, are they covered by Utah Workers
Compensation? - CORRECT ANSWER-Yes, the Utah fund would cover the
employee but the employer should look into getting coverage in state of Colorado
also.
After the division receives an application for licensure, how many days does the
division have to decide whether to issue a license to that applicant? - CORRECT
ANSWER-5 days# NASLCA 2nd edition pg E-34 58-55-403
With a Residential Small Commercial license (R100) how many units can build
for multi family units? - CORRECT ANSWER-a four plex
What will happen to the contractor if he fails to notify the Division of Professional
and Occupational Licensing of a disassociation. - CORRECT ANSWER-The
license will be suspended.
If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? -
CORRECT ANSWER-quarterly
How many employees does it take for the Fair Labor Act to be applied? -
CORRECT ANSWER-1
What accounting method records income when the service occurs and expense
when they are incurred? - CORRECT ANSWER-Accrual Method
What do the General Conditions of a contract do? - CORRECT ANSWER-Outline
roles of the owner, architect, and engineer.
You are purchasing an insurance policy with a monthly premium of $300. If you
implement a safety program you can save 10% on the cost of the policy. The
safety program costs $400 to start and $15 a month to maintain it. What would
be the net difference in cost over three year period with a safety program? -
CORRECT ANSWER-Net saving of $140
Written construction contract change order should include a description of the
modification to be made, any change in contract time and - CORRECT
ANSWER-The change in the contract dollar amount
Which of the following is a written agreement between the owner and contractor
to change the contract? - CORRECT ANSWER-change order
What term identifies money withheld from progress payments to the contractor
and paid after the completion of the project? - CORRECT ANSWER-Retainage
When is final payment due? - CORRECT ANSWER-Final inspection, acceptance
by owner and submittal of proper documentation must occur
After hiring a disabled person, which of the following can't you do, according to
the American with Disabilities Act? - CORRECT ANSWER-Require a medical
examination of just the person you suspect is disabled.
, The percentage of completion method of accounting does what - CORRECT
ANSWER-recognizes profit as it is earned
Workers are on a job site where noise is very loud. Who is supposed to supply
the workers with ear protection? - CORRECT ANSWER-contractor (employer)
Where can you get accurate information about tax deposit schedules? -
CORRECT ANSWER-IRS Publication Circular E
Which of the following statements correctly describes the cash method of
accounting? - CORRECT ANSWER-Income / expenses are recorded at the time
they are received / paid
What type of workplace insurance provides all the benefits required by law for
employees' who are killed or injured as a result of their employment - CORRECT
ANSWER-Workers Compensation
If an employee is covered by Workers Compensation in the state of Utah and is
doing a job in Colorado and gets injured, are they covered by Utah Workers
Compensation? - CORRECT ANSWER-Yes, the Utah fund would cover the
employee but the employer should look into getting coverage in state of Colorado
also.
After the division receives an application for licensure, how many days does the
division have to decide whether to issue a license to that applicant? - CORRECT
ANSWER-5 days# NASLCA 2nd edition pg E-34 58-55-403
With a Residential Small Commercial license (R100) how many units can build
for multi family units? - CORRECT ANSWER-a four plex
What will happen to the contractor if he fails to notify the Division of Professional
and Occupational Licensing of a disassociation. - CORRECT ANSWER-The
license will be suspended.
