WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS|high yield questions with right/authentic answers|newest 2025| already graded a

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 - CORRECT ANSWERS️️b. 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 - CORRECT ANSWERS️️a. 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 - CORRECT ANSWERS️️a. Work breakdown structure 4. Overtime wages are paid at what percentage of the normal wage rate? - CORRECT ANSWERS️️c. 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 - CORRECT ANSWERS️️c. $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 - CORRECT ANSWERS️️a. $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 d. the cost-comparison method - CORRECT ANSWERS️️c. the Cash method Employers are required to notify employees of changes in policies affecting all the following EXCEPT: a. pay schedules b vacation allowance c. health benefits d. promotion opportunities - CORRECT ANSWERS️️d. promotion opportunities What is the process for obtaining a contractor license if the existing license has lapsed? (Do not consider exceptions) a. Submit a renewal application with the renewal fee. b. Submit a renewal application, renewal fee and a $25 late fee. c. Submit a new license application using test scores from original license. d. Submit a new license application and retake licensing exams. - CORRECT ANSWERS️️d. Submit a new license application and retake licensing exams. What does the term "replacement cost" mean relative to insurance coverage? a. The insurer will pay the policy holder an amount sufficient to cover the acquisition of the same tool at today's prices. b. The insurer will pay the policy holder an amount equial to the depreciated value of the tool. c. The insurer will pay the policy holder an amount sufficient to cover the acquisition of a newer model tool at today's prices. d. The insurer will pay the policy holder an amount equal to a negotiated rate for value of a generic tool. - CORRECT ANSWERS️️a. The insurer will pay the policy holder an amount sufficient to cover the acquisition of the same tool at