WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS (2025)
WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS
comprehensive questions and verified detailed solutions ( MULTIPLE
Study online at https://quizlet.com/_2bzt7z
CHOICES) |100% CORRECT!!
1. 1. What type of contract requires the contractor to be b. Design build
responsible for both the engineering and construction
of a project?
a. Traditional
b. Design build
c. Turn key
d. Concession
2. 2. By what date is an employer required to provide its a. January 31
employees with a W-2?
a. January 31
b. February 15
c. March 31
d. April 15
3. 3. When developing a project schedule, what does WBS a. Work breakdown struc-
stand for? ture
a. Work breakdown structure
b. Work building schedule
c. Wall board system
d. Whole build system
4. 4. Overtime wages are paid at what percentage of the c. 150%
normal wage rate?
5. 5. Using the percentage method of withholding, what c. $194.50
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
, WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS
Study online at https://quizlet.com/_2bzt7z
c. $194.50
d. $214.50
6. 6. What is the penalty for submitting an IRS payroll tax a. $100
deposit in the amount of $5,000 that is 2 days late?
a. $100
b. $250
c. $500
d. $750
7. The accounting method that recognizes income and c. the Cash method
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
8. Employers are required to notify employees of d. promotion opportuni-
changes in policies affecting all the following EXCEPT: ties
a. pay schedules
b vacation allowance
c. health benefits
d. promotion opportunities
9. What is the process for obtaining a contractor license d. Submit a new license
if the existing license has lapsed? (Do not consider application and retake li-
exceptions) censing exams.
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.
WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS
comprehensive questions and verified detailed solutions ( MULTIPLE
Study online at https://quizlet.com/_2bzt7z
CHOICES) |100% CORRECT!!
1. 1. What type of contract requires the contractor to be b. Design build
responsible for both the engineering and construction
of a project?
a. Traditional
b. Design build
c. Turn key
d. Concession
2. 2. By what date is an employer required to provide its a. January 31
employees with a W-2?
a. January 31
b. February 15
c. March 31
d. April 15
3. 3. When developing a project schedule, what does WBS a. Work breakdown struc-
stand for? ture
a. Work breakdown structure
b. Work building schedule
c. Wall board system
d. Whole build system
4. 4. Overtime wages are paid at what percentage of the c. 150%
normal wage rate?
5. 5. Using the percentage method of withholding, what c. $194.50
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
, WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS
Study online at https://quizlet.com/_2bzt7z
c. $194.50
d. $214.50
6. 6. What is the penalty for submitting an IRS payroll tax a. $100
deposit in the amount of $5,000 that is 2 days late?
a. $100
b. $250
c. $500
d. $750
7. The accounting method that recognizes income and c. the Cash method
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
8. Employers are required to notify employees of d. promotion opportuni-
changes in policies affecting all the following EXCEPT: ties
a. pay schedules
b vacation allowance
c. health benefits
d. promotion opportunities
9. What is the process for obtaining a contractor license d. Submit a new license
if the existing license has lapsed? (Do not consider application and retake li-
exceptions) censing exams.
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.
