Utah General Contractor's Course - Business and Law Exam Prep-Questions with Correct Answers/ Verified/ 100% Pass
1 view 0 purchase
Course
Utah General Contractor
Institution
Utah General Contractor
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 protecti...
Utah General Contractor's Course - Business and Law Exam
Prep-Questions with Correct Answers/ Verified/ 100% Pass
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MikeHarris. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
