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WV BUSINESS LAW PRACTICE EXAM FOR
CONTRACTORS (2025) comprehensive questions and
verified detailed solutions ( MULTIPLE CHOICES)
|100% CORRECT!!
1. What type of contract requires the contractor to be responsible for both the
engineering and construction of a project?
a. Traditional
b. Design build
c. Turn key
d. Concession - (answers)b. Design build
2. By what date is an employer required to provide its employees with a W-2?
a. January 31
b. February 15
c. March 31
d. April 15 - (answers)a. January 31
3. When developing a project schedule, what does WBS stand for?
a. Work breakdown structure
b. Work building schedule
c. Wall board system
d. Whole build system - (answers)a. Work breakdown structure
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4. Overtime wages are paid at what percentage of the normal wage rate? -
(answers)c. 150%
5. Using the percentage method of withholding, what is the income tax deducted
form an employees wages that earns $1,500 per pay period, is paid bi-weekly, is
single and claims no deductions?
a. $82.95
b. 165.90
c. $194.50
d. $214.50 - (answers)c. $194.50
6. What is the penalty for submitting an IRS payroll tax deposit in the amount of
$5,000 that is 2 days late?
a. $100
b. $250
c. $500
d. $750 - (answers)a. $100
The accounting method that recognizes income and expenses only when money is
received or paid is called:
a. the PCM Method
b. the Accrual method
c. the cash method
WV BUSINESS LAW PRACTICE EXAM FOR
CONTRACTORS (2025) comprehensive questions and
verified detailed solutions ( MULTIPLE CHOICES)
|100% CORRECT!!
1. What type of contract requires the contractor to be responsible for both the
engineering and construction of a project?
a. Traditional
b. Design build
c. Turn key
d. Concession - (answers)b. Design build
2. By what date is an employer required to provide its employees with a W-2?
a. January 31
b. February 15
c. March 31
d. April 15 - (answers)a. January 31
3. When developing a project schedule, what does WBS stand for?
a. Work breakdown structure
b. Work building schedule
c. Wall board system
d. Whole build system - (answers)a. Work breakdown structure
, 2|Page
4. Overtime wages are paid at what percentage of the normal wage rate? -
(answers)c. 150%
5. Using the percentage method of withholding, what is the income tax deducted
form an employees wages that earns $1,500 per pay period, is paid bi-weekly, is
single and claims no deductions?
a. $82.95
b. 165.90
c. $194.50
d. $214.50 - (answers)c. $194.50
6. What is the penalty for submitting an IRS payroll tax deposit in the amount of
$5,000 that is 2 days late?
a. $100
b. $250
c. $500
d. $750 - (answers)a. $100
The accounting method that recognizes income and expenses only when money is
received or paid is called:
a. the PCM Method
b. the Accrual method
c. the cash method
