Contractors Business/Law Exam Questions With 100% Correct
Answers A+ Pass
How many employees 1
does it take for the Fair
Labor Act to be
applied?
What accounting method Accrual Method
records income when
the service occurs and
expense when they
are incurred?
What do the General Outline roles of the owner, architect, and engineer.
Conditions of a contract
do?
You are purchasing an Net saving of $140
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?
Written construction The change in the contract dollar amount
contract change
order should include a
description of the
modification to be
,made, any change in
contract time and
Which of the following change order
is a written agreement
between the owner and
contractor to change the
contract?
What term identifies Retainage
money withheld from
progress payments to
the contractor and
paid after the
completion of the
project?
Final inspection, acceptance by owner and
When is final payment
due? submittal of proper documentation must occur
After hiring a disabled Require a medical examination of just the person you
person, which of the suspect is disabled.
following can't you do,
according to the
American with
Disabilities Act?
The percentage of recognizes profit as it is earned
completion method of
accounting does what
Workers are on a job contractor (employer)
site where noise is
very loud. Who is
supposed to supply the
workers with ear
protection?
Where can you get IRS Publication Circular E
accurate information
about tax deposit
schedules?
, Which of the following Income / expenses are recorded at the time they are
statements received / paid
correctly describes the
cash method of
accounting?
What type of workplace Workers Compensation
insurance provides all
the benefits required
by law for
employees' who are
killed or injured as a
result of their
employment
If an employee is Yes, the Utah fund would cover the employee
covered by Workers but the employer should look into getting
Compensation in the coverage in state of Colorado also.
state of Utah and is
doing a job in
Colorado and gets
injured, are they
covered by Utah
Workers
Compensation?
Answers A+ Pass
How many employees 1
does it take for the Fair
Labor Act to be
applied?
What accounting method Accrual Method
records income when
the service occurs and
expense when they
are incurred?
What do the General Outline roles of the owner, architect, and engineer.
Conditions of a contract
do?
You are purchasing an Net saving of $140
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?
Written construction The change in the contract dollar amount
contract change
order should include a
description of the
modification to be
,made, any change in
contract time and
Which of the following change order
is a written agreement
between the owner and
contractor to change the
contract?
What term identifies Retainage
money withheld from
progress payments to
the contractor and
paid after the
completion of the
project?
Final inspection, acceptance by owner and
When is final payment
due? submittal of proper documentation must occur
After hiring a disabled Require a medical examination of just the person you
person, which of the suspect is disabled.
following can't you do,
according to the
American with
Disabilities Act?
The percentage of recognizes profit as it is earned
completion method of
accounting does what
Workers are on a job contractor (employer)
site where noise is
very loud. Who is
supposed to supply the
workers with ear
protection?
Where can you get IRS Publication Circular E
accurate information
about tax deposit
schedules?
, Which of the following Income / expenses are recorded at the time they are
statements received / paid
correctly describes the
cash method of
accounting?
What type of workplace Workers Compensation
insurance provides all
the benefits required
by law for
employees' who are
killed or injured as a
result of their
employment
If an employee is Yes, the Utah fund would cover the employee
covered by Workers but the employer should look into getting
Compensation in the coverage in state of Colorado also.
state of Utah and is
doing a job in
Colorado and gets
injured, are they
covered by Utah
Workers
Compensation?
