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MISSISSIPI BUSINESS AND LAW CONTRACTOR EXAM LATEST
UPDATE -2025/2026- 100+ QUESTIONS AND VERIFIED
ANSWERS ALL THE BEST
Maximum penalty for willfully violating OSHA regulations is
70,000
Weakness of cash basis accounting method
does not match revenues with expenses
Tax liabilities less than 1000 are paid when
on form 941 by the due date of the return
It cost 50 dollars to produce product A, 150 dollars to produce product B, and 375
dollars to produce product C. We must produce 27 of product A, 56 of B, and 78 of
C. We want a 30% mark up. What is the total cost?
50,700 (27 x 50 = 1350) (56 x 150 = 8400) (78 X 375 = 29,250)
(1350 + 8400 + 29250 = 39000 X .30 = 11,700 + 39000 = 50,700
Before a contractor signs to indemnity( security or protection against a loss or
other financial burden), what should he do
review his liability insurance policy
If special tools are required to complete a job, where do you include the cost
in the equipment estimate
What is debt/ equity ratio if current debt is 13,000, long term debt is 74,000 and
owners equity is 96,800
, 2
.90 (long term + current / owners equity)
Advantage of maintaining a low inventory
maximize profits
Unemployment insurance contributions are paid on what amount of employees
wages
first $7000
of annual wages
Before Bidding
make sure you can be competitive with other bidders
When does cash basis of accounting method record income -
when cash is received
Most accurate method for estimating labor
published labor tables
importance of cash flow schedule
shows working capital needs any given time during project
Job can be done by two people in 40 hours. How many days will it take if there are
5 people doing the job
2 days
Most important reason for always preparing proper contract
to avoid disputes
What is best method to control solvents and chemicals
keep in 1 location
Employer must provide W-2i form no later than
MISSISSIPI BUSINESS AND LAW CONTRACTOR EXAM LATEST
UPDATE -2025/2026- 100+ QUESTIONS AND VERIFIED
ANSWERS ALL THE BEST
Maximum penalty for willfully violating OSHA regulations is
70,000
Weakness of cash basis accounting method
does not match revenues with expenses
Tax liabilities less than 1000 are paid when
on form 941 by the due date of the return
It cost 50 dollars to produce product A, 150 dollars to produce product B, and 375
dollars to produce product C. We must produce 27 of product A, 56 of B, and 78 of
C. We want a 30% mark up. What is the total cost?
50,700 (27 x 50 = 1350) (56 x 150 = 8400) (78 X 375 = 29,250)
(1350 + 8400 + 29250 = 39000 X .30 = 11,700 + 39000 = 50,700
Before a contractor signs to indemnity( security or protection against a loss or
other financial burden), what should he do
review his liability insurance policy
If special tools are required to complete a job, where do you include the cost
in the equipment estimate
What is debt/ equity ratio if current debt is 13,000, long term debt is 74,000 and
owners equity is 96,800
, 2
.90 (long term + current / owners equity)
Advantage of maintaining a low inventory
maximize profits
Unemployment insurance contributions are paid on what amount of employees
wages
first $7000
of annual wages
Before Bidding
make sure you can be competitive with other bidders
When does cash basis of accounting method record income -
when cash is received
Most accurate method for estimating labor
published labor tables
importance of cash flow schedule
shows working capital needs any given time during project
Job can be done by two people in 40 hours. How many days will it take if there are
5 people doing the job
2 days
Most important reason for always preparing proper contract
to avoid disputes
What is best method to control solvents and chemicals
keep in 1 location
Employer must provide W-2i form no later than
