WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS FULLY SOLVED.

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 - Answer 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 - Answer a. January 31 3. When developing a project schedule, what does WBS stand for? a. Work breakdown structure b. Work building schedule c. Wall board system d. Whole build system - Answer a. Work breakdown structure 4. Overtime wages are paid at what percentage of the normal wage rate? - Answer c. 150% 5. Using the percentage method of withholding, what is the income tax deducted form an employees wages that earns $1,500 per pay period, is paid bi-weekly, is single and claims no deductions? a. $82.95 b. 165.90 c. $194.50