Contractors Business/Law Exam Questions With Accurate
Answers.
If an employer's Federal Payroll Tax liability is $1000 how may they pay
taxes? - accurate answers-quarterly
How many employees does it take for the Fair Labor Act to be applied? -
accurate answers-1
What accounting method records income when the service occurs and
expense when they are incurred? - accurate answers-Accrual Method
What do the General Conditions of a contract do? - accurate answers-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? - accurate answers-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 - accurate
answers-The change in the contract dollar amount
Which of the following is a written agreement between the owner and
contractor to change the contract? - accurate answers-change order
What term identifies money withheld from progress payments to the
contractor and paid after the completion of the project? - accurate answers-
Retainage
When is final payment due? - accurate answers-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? - accurate answers-Require a medical
examination of just the person you suspect is disabled.
, The percentage of completion method of accounting does what - accurate
answers-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? - accurate answers-contractor (employer)
Where can you get accurate information about tax deposit schedules? -
accurate answers-IRS Publication Circular E
Which of the following statements correctly describes the cash method of
accounting? - accurate answers-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 -
accurate answers-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? - accurate answers-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? -
accurate answers-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? - accurate answers-a four plex
What will happen to the contractor if he fails to notify the Division of
Professional and Occupational Licensing of a disassociation. - accurate
answers-The license will be suspended.
The company's work site exposes the employees working there to hazardous
materials. Who is responsible for making sure each person coming to the site
wears the correct protective equipment? - accurate answers-Employer
Answers.
If an employer's Federal Payroll Tax liability is $1000 how may they pay
taxes? - accurate answers-quarterly
How many employees does it take for the Fair Labor Act to be applied? -
accurate answers-1
What accounting method records income when the service occurs and
expense when they are incurred? - accurate answers-Accrual Method
What do the General Conditions of a contract do? - accurate answers-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? - accurate answers-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 - accurate
answers-The change in the contract dollar amount
Which of the following is a written agreement between the owner and
contractor to change the contract? - accurate answers-change order
What term identifies money withheld from progress payments to the
contractor and paid after the completion of the project? - accurate answers-
Retainage
When is final payment due? - accurate answers-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? - accurate answers-Require a medical
examination of just the person you suspect is disabled.
, The percentage of completion method of accounting does what - accurate
answers-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? - accurate answers-contractor (employer)
Where can you get accurate information about tax deposit schedules? -
accurate answers-IRS Publication Circular E
Which of the following statements correctly describes the cash method of
accounting? - accurate answers-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 -
accurate answers-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? - accurate answers-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? -
accurate answers-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? - accurate answers-a four plex
What will happen to the contractor if he fails to notify the Division of
Professional and Occupational Licensing of a disassociation. - accurate
answers-The license will be suspended.
The company's work site exposes the employees working there to hazardous
materials. Who is responsible for making sure each person coming to the site
wears the correct protective equipment? - accurate answers-Employer
