Utah General Contractor's Course - Business and Law Exam Prep Questions and Answers Complete
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Course
Business and Law
Institution
Business And Law
Utah General Contractor's Course - Business and Law Exam Prep Questions and Answers Complete
Which business organization is regulated the least by the government?
Sole Proprietorship
In a general partnership, each partner is liable for the debt of the company up to the percentage of the compa...
Utah General Contractor's Course - Business and Law
Exam Prep 2023-2024 Questions and Answers Complete
Which business organization is regulated the least by the government?
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.
false
What business organization provides the most financial protection for the
owners?
Corporation
Sole Proprietorships can issue and sell stock in the company to raise capital.
false
Can a corporation actually be listed as the sole owner of a property?
yes
Limited Liability Companies have the ability to be passed down to family
members when an owner (member) dies.
false
Sub Chapter "S" Corporations can retain their status no matter how many
stockholders they have.
false
Start-up and operating costs must be considered when creating a ____________ .
financial plan
A _________ provides potential investors with a concrete description of your
successes and qualifications.
business plan
A _______________ combines the liability protection of a corporation with the
favorable tax treatment of a partnership or sole proprietorship.
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.
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.
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.
True
If a corporation is eligible to be taxed as a partnership and chooses to take this
option, it is referred to as ___________________.
S Corporation
This serves as a reminder to owners, employees, subcontractors, suppliers and
customers of what the company wants to do and become.
,Mission Statement
Identifying probable customers and attracting them to your product or service is
known as _______________.
Marketing
The Construction Services Commission shall be comprised of ______ members.
nine
Which of the following is NOT required from an applicant before being issued a
license?
proof of incorporation
Each contractor licensee under a license issued under this chapter shall
complete _____ hours of approved continuing education.
6
Contractor licenses are issued on a _____ renewal cycle.
2 year
If a license has been suspended, the applicant must resolve any and all
outstanding fines, citations and judgements.
True
A contractor license number must be attached to which of the following?
1 permit applications
2 bids (when a license is required)
3 contracts
4 all of the above
all of the above
Can an independent contractor be a qualifier for a business entity?
no
The division must be notified within _______ days, in writing, that a qualifying
officer has ceased association with a company.
10
If a qualifying person leaves a company, the license will remain active for ______ .
60 days
A home owner who builds three residential structures in a five year period is still
exempt from licensing requirements.
True
A person engaged in the renovation of a commercial building, who works without
compensation, is exempt from licensure requirements.
False
If the total value of a project is greater than $_______, the builder shall file with
the division a one-time affirmation.
$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?
Yes
Who is responsible for the investigation of persons and activities in violation of
the Utah Construction Trades Licensing Act?
the Division of Occupational/Professional Licensing
, Which of the following is not considered "unlawful"?
deliberate departure from plans or specifications
Which of the following is considered "unprofessional conduct"?
1 Failing to establish, maintain, or demonstrate financial responsibility while
licensed as a contractor
2 Allowing one's license to be used by another
3 Failure to complete a project without the consent of the owner
4 both a and c
4 both a and c
A contractor who submits a bid for a contract outside his/her license
classification may have their license immediately suspended.
True
If within ______ calendar days from the service of the citation, the person to
whom the citation was issued fails to request a hearing to contest the citation, the
citation becomes the final order.
20
A person who has violated the licensing laws of Utah one time could be fined up
to $_______ .
$1,000
Third time offenders can be fined up to $______ for each day of continued
offense.
$2,000
Which of the following is qualified to perform construction for highways, water
supply, flood control and bridges?
General Engineering Contractor
A Residential and Small Commercial Non-Structural Remodeler cannot perform
work on a project valued at more than $________ .
$50,000
A Residential and Small Commercial contractor may not perform construction on
buildings greater than _________ square feet.
20,000
Does a lead removal company need to have a contractor's license?
No
An applicant for licensure must pass both parts of the state exams with a passing
score of _____%.
70%
If you fail the first attempt at the examination, you must wait ____ days before
taking the test again.
30
A General Building Contractor applicant must be able to show proof of _____
years experience in the last 10 years.
4
A Residential and Commercial Building contractor applicant must show 4 years
of experience, ______ of which must be in a managerial or supervisory position.
2 years
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