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Utah General Contractor's Course - Business and Law Exam Prep Questions and Answers (100% Pass) £10.21
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Utah General Contractor's Course - Business and Law Exam Prep Questions and Answers (100% Pass)
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Utah General Contractor's Course - Business and Law Exam Prep Questions and Answers (100% Pass) Which business organization is regulated the least by the government? - Answer️️ -Sole Proprietorship In a general partnership, each partner is liable for the debt of the company up to the perce...

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  • August 30, 2024
  • 35
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • utah general contractors course business and la

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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



Utah General Contractor's Course - Business and Law
Exam Prep Questions and Answers (100% Pass)


Which business organization is regulated the least by the government? -

Answer✔️✔️-Sole Proprietorship


In a general partnership, each partner is liable for the debt of the company up to the

percentage of the company they own. - Answer✔️✔️-false


What business organization provides the most financial protection for the owners?

- Answer✔️✔️-Corporation


Sole Proprietorships can issue and sell stock in the company to raise capital. -

Answer✔️✔️-false


Can a corporation actually be listed as the sole owner of a property? - Answer✔️✔️-

yes

Limited Liability Companies have the ability to be passed down to family

members when an owner (member) dies. - Answer✔️✔️-false


Sub Chapter "S" Corporations can retain their status no matter how many

stockholders they have. - Answer✔️✔️-false



1

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


Start-up and operating costs must be considered when creating a ____________ . -

Answer✔️✔️-financial plan


A _________ provides potential investors with a concrete description of your

successes and qualifications. - Answer✔️✔️-business plan


A _______________ combines the liability protection of a corporation with the

favorable tax treatment of a partnership or sole proprietorship. - Answer✔️✔️-LLC


_____________ have a partner who contributes funds and or property to the

business, but does not provide any services or have any say in the day to day

business. - Answer✔️✔️-Limited Partnerships


It is a good idea to research business names through the ___________ website to

avoid creating a business name that is too similar to another registered name. -

Answer✔️✔️-Secretary of State


One pitfall of a General Partnership is that each partner is personally responsible

for the debts of the business, and this debt responsibility is not limited to the

percentage of ownership. - Answer✔️✔️-True


If a corporation is eligible to be taxed as a partnership and chooses to take this

option, it is referred to as ___________________. - Answer✔️✔️-S Corporation




2

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


This serves as a reminder to owners, employees, subcontractors, suppliers and

customers of what the company wants to do and become. - Answer✔️✔️-Mission

Statement

Identifying probable customers and attracting them to your product or service is

known as _______________. - Answer✔️✔️-Marketing


The Construction Services Commission shall be comprised of ______ members. -

Answer✔️✔️-nine


Which of the following is NOT required from an applicant before being issued a

license? - Answer✔️✔️-proof of incorporation


Each contractor licensee under a license issued under this chapter shall complete

_____ hours of approved continuing education. - Answer✔️✔️-6


Contractor licenses are issued on a _____ renewal cycle. - Answer✔️✔️-2 year


If a license has been suspended, the applicant must resolve any and all outstanding

fines, citations and judgements. - Answer✔️✔️-True


A contractor license number must be attached to which of the following?




1 permit applications



3

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


2 bids (when a license is required)

3 contracts


4 all of the above - Answer✔️✔️-all of the above


Can an independent contractor be a qualifier for a business entity? - Answer✔️✔️-no


The division must be notified within _______ days, in writing, that a qualifying

officer has ceased association with a company. - Answer✔️✔️-10


If a qualifying person leaves a company, the license will remain active for ______ .

- Answer✔️✔️-60 days


A home owner who builds three residential structures in a five year period is still

exempt from licensing requirements. - Answer✔️✔️-True


A person engaged in the renovation of a commercial building, who works without

compensation, is exempt from licensure requirements. - Answer✔️✔️-False


If the total value of a project is greater than $_______, the builder shall file with

the division a one-time affirmation. - Answer✔️✔️-$1,000


Does a contractor working on a project valued at $2,500, who has filed a one-time

affirmation with the division, have to show proof of public liability insurance? -

Answer✔️✔️-Yes


4

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