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LATEST MICHIGAN BUILDERS BUSINESS-LAW-ACCOUNTING QUESTIONS WITH 100% CORRECT ANSWERS $18.49   Add to cart

Exam (elaborations)

LATEST MICHIGAN BUILDERS BUSINESS-LAW-ACCOUNTING QUESTIONS WITH 100% CORRECT ANSWERS

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LATEST MICHIGAN BUILDERS BUSINESS-LAW-ACCOUNTING QUESTIONS WITH 100% CORRECT ANSWERS LATEST MICHIGAN BUILDERS BUSINESS-LAW-ACCOUNTING QUESTIONS WITH 100% CORRECT ANSWERS

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  • August 10, 2024
  • 50
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • latest michigan builders
  • MICHIGAN BUILDERS BUSINESS-LAW-ACCOUNTING
  • MICHIGAN BUILDERS BUSINESS-LAW-ACCOUNTING
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LATEST MICHIGAN BUILDERS BUSINESS-LAW-
ACCOUNTING 2024-2025 QUESTIONS WITH
100% CORRECT ANSWERS
Verification Form I-9 must be completed by applicants providing proof of identity and

employment eligibility within ______ of employment. - CORRECT ANSWER 3 days




What type of business is the easiest to establish and allows the owner to determine how

profits are used although they are personally liable for all debt and assets? - CORRECT

ANSWER Sole Proprietorship




A ______is a joint co-owner partnership established to specifically increase bonding and

bidding capacities and profits. - CORRECT ANSWER General Proprietorship




Provisions of the Americans with Disabilities (ADA) Law apply to employers having

_____ employees. - CORRECT ANSWER 15 or more




What Federal Act requires those working on federal and federally funded construction

projects to be paid a minimum prevailing wage for their trade? - CORRECT ANSWER

Davis Bacon




Which of the following are fringe benefits that supplement an employee's hourly wage? -

CORRECT ANSWER Paid vacation, sick leave, 401k plan company vehicle

,LATEST MICHIGAN BUILDERS BUSINESS-LAW-
ACCOUNTING 2024-2025 QUESTIONS WITH
100% CORRECT ANSWERS

To avoid being held liable, the contractor must file a _______ once the lien payment is

received. - CORRECT ANSWER Lien release




What is the Michigan Act 230? - CORRECT ANSWER It creates the Commission and

regulates code and inspections in the State.




What unit is issued a Certificate of Acceptability and will not be inspected at the site? -

CORRECT ANSWER Manufactured home




What is the purpose of the subcontractor completing a Sworn Statement? - CORRECT

ANSWER To get paid by the contractor




What is the purpose of a Partial Unconditional Waiver? - CORRECT ANSWER To

prove that partial payment to subs or suppliers has been received.




The subcontractor has ______ to file a lien against the property for non-payment from

the contractor. - CORRECT ANSWER 90 days

,LATEST MICHIGAN BUILDERS BUSINESS-LAW-
ACCOUNTING 2024-2025 QUESTIONS WITH
100% CORRECT ANSWERS

What is the penalty to contractors or subcontractors for intentionally trying to defraud

employees or a customer? - CORRECT ANSWER A fine of no more than $5,000

and/or 3 yrs in prison




In accordance with the Michigan Construction Lien Act, the homeowner has _____ to

provide signed copies of the Commencement Agreement to the all parties that request

it. - CORRECT ANSWER 10 days




The contractor provides a blank Notice of Furnishing to whomever requests the

Commencement Agreement. It must be completed and returned to the contractor every

________. - CORRECT ANSWER 20 days if they are a supplier; 30 days if they are a

laborer




If a builder is required to be licensed, the penalty for working without a license ____. -

CORRECT ANSWER is a fine no less that $5,000 or greater than $25,000




Upon final order of license suspension or revocation, the licensee has _____ in which to

surrender their license to the Department. - CORRECT ANSWER 10 days

, LATEST MICHIGAN BUILDERS BUSINESS-LAW-
ACCOUNTING 2024-2025 QUESTIONS WITH
100% CORRECT ANSWERS

Failing to renew one's license before the deadline will result in a _____. - CORRECT

ANSWER $20 late fee




How long does the homeowner/business have to file a complaint after the project is

completed? - CORRECT ANSWER 18 months




What aids and protects the contractor from accusations of project abandonment without

a good legal excuse? - CORRECT ANSWER The arbitration clause




To avoid being fined, the contractor must notify the Department within _____ of

relocating their business or changing the business' name. - CORRECT ANSWER 10

days




Definitively, a _______ is a person that constructs, replaces, improves, or demolishes

residential or commercial structures for a fixed or lump sum price or fee. - CORRECT

ANSWER Licensed Residential Builder

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