NEVADA CONTRACTORS TEST LATEST EXAM ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
1. a person who is issued a written citation pursuant to NRA 624.341 may contest the
citation within business days after the date on which the citation is
served on the person.
A. 30
B. 15
C. 10
D. 45: B.15
2. stop depositing FUTA tax on an employees wages when for the calendar
year is reached
A. no limit
B. $1,000
C. $7,000
D. $1,500: C. $7,000
3. According to the FLSA, a workweek is a period of hours during 7 consec- utive
24 hour periods.
A. 40
B. 24
C. 8
D. 168: D.168
4. a quick ration is the process of deducting inventory from current assets then dividing by
current liabilities. EX: you have 73,000 in current assets, 12,000 of that is inventory and current
liabilities are 35,000. Take 73,000 minus 12,000 = 61,000 divided by 35,000 give you 1.74. Any
ration compared to 1 is good, the higher the amount over the 1 the better. So the quick ratio is
1/74 to 1.:
5. In limited partnership, one or more manage the business.
,A. Limited partners
B. General partners
C. all the above
D. none of the above: B. General partners
6. Records for Federal employment taxes must be kept for minimum of and
be available for IRS review.
A. 5 years
, B. 3 years
C. 4 years
D. 2 years: C. 4 years
7. Employers must verify the eligibility of each employ by completing USCIS for 1-9 as well as
examine documents that establish the employees identity and eligibility to work in the United
States. Certain documents are acceptable on their own for establishing both identity and
eligibility. which of the following does not meet these requirements?
A. Permanent resident card
B. United States passport
C. All of the above
D. Votes registration: D. Voters registration
8. As a contractor you hold a general liability policy with $1,000 deductible with no riders. An
accident occurs on your job site. A passerby is injured with total injuries amounting to $1,000.
There is $3,000 in equipment damage and $2,000 in injuries to your employee. what is the
financial obligation of the general liability company?
Solution: the contractor would pay the deductible, which is the same amount of the covered injury.
there is no equipment rider on this policy and workers comp would cover the employee, so the
amount the liability insurance company would pay is none.
A. $1,000
B.$6,000
C.$0
D. $5,000: C. $0
9. All of the following characteristics define an employee versus independent contractor,
except:
A. paid at regular intervals.
B. Receives and/or is receiving training.
C. No reimbursement for out-of-pocket expenses.
D. Must follow set and/or mandatory instructions - where, when and how to perform work: C. no
reimbursement for out-of-pocket expenses.
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A+
1. a person who is issued a written citation pursuant to NRA 624.341 may contest the
citation within business days after the date on which the citation is
served on the person.
A. 30
B. 15
C. 10
D. 45: B.15
2. stop depositing FUTA tax on an employees wages when for the calendar
year is reached
A. no limit
B. $1,000
C. $7,000
D. $1,500: C. $7,000
3. According to the FLSA, a workweek is a period of hours during 7 consec- utive
24 hour periods.
A. 40
B. 24
C. 8
D. 168: D.168
4. a quick ration is the process of deducting inventory from current assets then dividing by
current liabilities. EX: you have 73,000 in current assets, 12,000 of that is inventory and current
liabilities are 35,000. Take 73,000 minus 12,000 = 61,000 divided by 35,000 give you 1.74. Any
ration compared to 1 is good, the higher the amount over the 1 the better. So the quick ratio is
1/74 to 1.:
5. In limited partnership, one or more manage the business.
,A. Limited partners
B. General partners
C. all the above
D. none of the above: B. General partners
6. Records for Federal employment taxes must be kept for minimum of and
be available for IRS review.
A. 5 years
, B. 3 years
C. 4 years
D. 2 years: C. 4 years
7. Employers must verify the eligibility of each employ by completing USCIS for 1-9 as well as
examine documents that establish the employees identity and eligibility to work in the United
States. Certain documents are acceptable on their own for establishing both identity and
eligibility. which of the following does not meet these requirements?
A. Permanent resident card
B. United States passport
C. All of the above
D. Votes registration: D. Voters registration
8. As a contractor you hold a general liability policy with $1,000 deductible with no riders. An
accident occurs on your job site. A passerby is injured with total injuries amounting to $1,000.
There is $3,000 in equipment damage and $2,000 in injuries to your employee. what is the
financial obligation of the general liability company?
Solution: the contractor would pay the deductible, which is the same amount of the covered injury.
there is no equipment rider on this policy and workers comp would cover the employee, so the
amount the liability insurance company would pay is none.
A. $1,000
B.$6,000
C.$0
D. $5,000: C. $0
9. All of the following characteristics define an employee versus independent contractor,
except:
A. paid at regular intervals.
B. Receives and/or is receiving training.
C. No reimbursement for out-of-pocket expenses.
D. Must follow set and/or mandatory instructions - where, when and how to perform work: C. no
reimbursement for out-of-pocket expenses.
