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WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS
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WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS
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WV BUSINESS LAW PRACTICE EXAM FORCONTRACTORS
1. What type of contract requires the contractor to be responsible for both the
engineering and construction of a project?
a. Traditional
b. Design build
c. Turn key
d. Concession - Answers-b. Design build
2. By what date is an employer required to provide its employees with a W-2?
a. January 31
b. February 15
c. March 31
d. April 15 - Answers-a. January 31
What is the process for obtaining a contractor license if the existing license has lapsed?
(Do not consider exceptions)
a. Submit a renewal application with the renewal fee.
b. Submit a renewal application, renewal fee and a $25 late fee.
c. Submit a new license application using test scores from original license.
d. Submit a new license application and retake licensing exams. - Answers-d. Submit a
new license application and retake licensing exams.
What does the term "replacement cost" mean relative to insurance coverage?
a. The insurer will pay the policy holder an amount sufficient to cover the acquisition of
the same tool at today's prices.
b. The insurer will pay the policy holder an amount equial to the depreciated value of the
tool.
c. The insurer will pay the policy holder an amount sufficient to cover the acquisition of a
newer model tool at today's prices.
d. The insurer will pay the policy holder an amount equal to a negotiated rate for value
of a generic tool. - Answers-a. The insurer will pay the policy holder an amount sufficient
to cover the acquisition of the same tool at today's prices.
All construction projects in West Virginia require a written contract when the total value
of the contract EXCEEDS:
a. $1,500
b. $2,500
c. $10,000
d. $25,000 - Answers-c. $10,000
When estimating the amount of time a task will take to complete, all the following
elements should be considered EXCEPT:
a. production time
, b. estimating time
c. setup time
d. contingency time - Answers-b. estimating time
How long are employers required to maintain reportable accident or incident records?
a. 4 years
b. 5 years
c. 6 years
d. 7 years - Answers-b. 5 years
Which of the following would be considered a current liability?
a. Payroll
b. Building lease
c. Equipment loan
d. Stock - Answers-a. Payroll
A business pays its employees every two weeks. During the first week of the pay period,
the employee works 30 hours. During the second week the employee works 50 hours.
The employee is paid $10 per hour. What are the gross wages of the employee for the
pay period?
a. $800
b. $850
c. $1050
d. $1200 - Answers-b. $850
On a balance sheet, the term "current" means what?
a. One week or less
b. One month or less
c. One year or less
d. Two years or less - Answers-c. One year or less
Which of the following contractor licenses are EXEMPT from wage bond requirements
even if they have been providing services in West Virginia for less than five (5) years?
a. Commercial Contractors
b. Residential Contractors
c. Electrical Contractors
d. Plumbing Contractors - Answers-b. Residential Contractors
When referring to contracts, what does the term "consideration" mean?
a. Compensation
b. Agreement
c. Offer
d. Pondering - Answers-a. Compensation
All the following would be considered workplace injuries EXCEPT:
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