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Contractors Business/Law Exam Practice Questions and Answers
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Contractors Business/Law Exam Practice Questions and Answers If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? - Answer️️ -quarterly How many employees does it take for the Fair Labor Act to be applied? - Answer️️ -1 What accounting method records income ...

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  • August 30, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • contractors businesslaw exam practice questions a

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  • Contractors License
  • Contractors License

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©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM




Contractors Business/Law Exam Practice
Questions and Answers

If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? -

Answer✔️✔️-quarterly


How many employees does it take for the Fair Labor Act to be applied? -

Answer✔️✔️-1


What accounting method records income when the service occurs and expense

when they are incurred? - Answer✔️✔️-Accrual Method


What do the General Conditions of a contract do? - Answer✔️✔️-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? - Answer✔️✔️-Net

saving of $140




1

,©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM


Written construction contract change order should include a description of the

modification to be made, any change in contract time and - Answer✔️✔️-The

change in the contract dollar amount

Which of the following is a written agreement between the owner and contractor to

change the contract? - Answer✔️✔️-change order


What term identifies money withheld from progress payments to the contractor and

paid after the completion of the project? - Answer✔️✔️-Retainage


When is final payment due? - Answer✔️✔️-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? - Answer✔️✔️-Require a medical examination

of just the person you suspect is disabled.


The percentage of completion method of accounting does what - Answer✔️✔️-

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? - Answer✔️✔️-contractor (employer)




2

, ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM


Where can you get accurate information about tax deposit schedules? -

Answer✔️✔️-IRS Publication Circular E


Which of the following statements correctly describes the cash method of

accounting? - Answer✔️✔️-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 - Answer✔️✔️-

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? - Answer✔️✔️-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? - Answer✔️✔️-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? - Answer✔️✔️-a four plex




3

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