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Contractors Business_Law Exam (1)
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Contractors Business_Law Exam (1)
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Contractors Business/Law ExamIf an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? - ANS-quarterly
How many employees does it take for the Fair Labor Act to be applied? - ANS-1
What accounting method records income when the service occurs and expense when they are
incurred? - ANS-Accrual Method
What do the General Conditions of a contract do? - ANS-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? - ANS-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 - ANS-The change in the contract dollar amount
Which of the following is a written agreement between the owner and contractor to change the
contract? - ANS-change order
What term identifies money withheld from progress payments to the contractor and paid after
the completion of the project? - ANS-Retainage
When is final payment due? - ANS-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? - ANS-Require a medical examination of just the person you suspect is
disabled.
The percentage of completion method of accounting does what - ANS-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? - ANS-contractor (employer)
Where can you get accurate information about tax deposit schedules? - ANS-IRS Publication
Circular E
, Which of the following statements correctly describes the cash method of accounting? -
ANS-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 - ANS-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? - ANS-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? - ANS-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? - ANS-a four plex
What will happen to the contractor if he fails to notify the Division of Professional and
Occupational Licensing of a disassociation. - ANS-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? - ANS-Employer
Which of the following SHOULD be included for the schedule of progress payments - ANS-date
or stage when each payment is due
An employer must submit a completed I-9 form for all employees within how may days of hire
date? - ANS-3 days
Of the following who has the responsibility for material delivery and storage of materials -
ANS-expediter
The total time given for the construction of a job is 6 months. The framing is given 2 months to
complete. The framing will only take 1 month to complete. What is the amount of float time that
is available for the framing? - ANS-1 month
In which of the contracts does the contractor agree to complete the project for a predetermined,
specific price? - ANS-Lump sum
Which of the following is a disadvantage of owning a sole proprietorship? - ANS-unlimited
liability
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