LATEST MICHIGAN BUILDERS BUSINESS-LAW-
ACCOUNTING 2024-2025 QUESTIONS WITH
100% CORRECT ANSWERS
Verification Form I-9 must be completed by applicants providing proof of identity and
employment eligibility within ______ of employment. - CORRECT ANSWER 3 days
What type of business is the easiest to establish and allows the owner to determine how
profits are used although they are personally liable for all debt and assets? - CORRECT
ANSWER Sole Proprietorship
A ______is a joint co-owner partnership established to specifically increase bonding and
bidding capacities and profits. - CORRECT ANSWER General Proprietorship
Provisions of the Americans with Disabilities (ADA) Law apply to employers having
_____ employees. - CORRECT ANSWER 15 or more
What Federal Act requires those working on federal and federally funded construction
projects to be paid a minimum prevailing wage for their trade? - CORRECT ANSWER
Davis Bacon
Which of the following are fringe benefits that supplement an employee's hourly wage? -
CORRECT ANSWER Paid vacation, sick leave, 401k plan company vehicle
Failing to renew one's license before the deadline will result in a _____. - CORRECT
ANSWER $20 late fee
How long does the homeowner/business have to file a complaint after the project is
completed? - CORRECT ANSWER 18 months
What aids and protects the contractor from accusations of project abandonment without
a good legal excuse? - CORRECT ANSWER The arbitration clause
To avoid being fined, the contractor must notify the Department within _____ of
relocating their business or changing the business' name. - CORRECT ANSWER 10
days
Definitively, a _______ is a person that constructs, replaces, improves, or demolishes
residential or commercial structures for a fixed or lump sum price or fee. - CORRECT
ANSWER Licensed Residential Builder
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