TN BUSINESS AND LAW EXAM QUIZZES QUESTIONS AND
ANSWERS
What shows the activity of duration and sequence of tasks to be completed? - CORRECT
ANSWER✅✅bar chart
Which financial statement would one find depreciation on? - CORRECT ANSWER✅✅income statement
Medical treatment can be defined as: - CORRECT ANSWER✅✅management and care of a patient
Establishing (blank) will ensure that your customer is aware of your progress and of any concerns that
might arise - CORRECT ANSWER✅✅communication
(blank) is defined as including real estate, lands, tenements, and hereditaments - CORRECT
ANSWER✅✅real property
This is not a purpose of marketing: - CORRECT ANSWER✅✅opening a checking account
What is the gross pay of a non exempt employee who works 50 hours during a holiday week, and
receives 8 hours additional pay for the holiday? The employee earns $13.50 per hour - CORRECT
ANSWER✅✅$850.50
(13.5 x 48 = 648
20.25 x 10 = 202.50
648 = 202.50 = 850.50)
This is not used as a guideline when obtaining a bond... - CORRECT ANSWER✅✅non experience
Use information from (blank) to help determine accurate job costs - CORRECT ANSWER✅✅previous
jobs
,If an employee earns $112,000 per year, what is the TOTAL amount of medicare that both employer and
employee is to pay in? - CORRECT ANSWER✅✅$3,248
(112,000 x (1.45 x 2) = 3,248)
Who pays into FUTA? - CORRECT ANSWER✅✅employer
An entrepreneur is a - CORRECT ANSWER✅✅person
(blank) absolves the indemnified party from any payment for losses and damages incurred by a third
party - CORRECT ANSWER✅✅indemnification
Which Form is used for Tennessee's Foreign Limited Partnership Registration? - CORRECT
ANSWER✅✅SS-4473
Is insurance a guideline for a job description? - CORRECT ANSWER✅✅no
An employer is liable to pay both state and federal employment taxes if wages to employees total
(blank) or more in any quarter of a calendar year - CORRECT ANSWER✅✅$1,500
An independent contractor is usually paid by - CORRECT ANSWER✅✅flat fee
What is the net income when there is an income of $92,000, expenses of $24,000, and costs of goods
sold is $34,000? - CORRECT ANSWER✅✅$34,000
If D&K Construction's shareholders wish to limit their liabilities, they should become a - CORRECT
ANSWER✅✅C Corporation
When starting a business, the first thing one should decide is - CORRECT ANSWER✅✅the legal structure
of the business
, FUTA tax base and tax rate is generally calculated at? - CORRECT ANSWER✅✅current prevailing rate
Which of the following insurance will protect an organization's officers from liability? - CORRECT
ANSWER✅✅D and O
Worker's compensation is paid for by the - CORRECT ANSWER✅✅employer
The following insurance provides coverage when damage has been caused by a flood - CORRECT
ANSWER✅✅named-peril
Bids for the services of a construction manager must contain a bid bond in the amount of (blank) of the
work being bid - CORRECT ANSWER✅✅10%
Of the following, (blank) is not part of project overhead? - CORRECT ANSWER✅✅clerical pay
An employee is generally subject to the business' instructions about all except... - CORRECT
ANSWER✅✅right to control
When negotiating, one should - CORRECT ANSWER✅✅aim high
A job has direct costs of $198,325, project overhead of 9.2%, company overhead of 13.9%, and a desired
profit of 10.7%. What will the correct bid be? - CORRECT ANSWER✅✅$299,584
(9.2 + 13.9 + 10.7 = 33.8%.
Therefore, the direct costs are 66.2% of the bid. $198,325 / .662 = $299,584)
Generally, which of the following is not a business tax? - CORRECT ANSWER✅✅property tax
The (blank) bond guarantees that the contractor has paid the subcontractors - CORRECT
ANSWER✅✅payment
ANSWERS
What shows the activity of duration and sequence of tasks to be completed? - CORRECT
ANSWER✅✅bar chart
Which financial statement would one find depreciation on? - CORRECT ANSWER✅✅income statement
Medical treatment can be defined as: - CORRECT ANSWER✅✅management and care of a patient
Establishing (blank) will ensure that your customer is aware of your progress and of any concerns that
might arise - CORRECT ANSWER✅✅communication
(blank) is defined as including real estate, lands, tenements, and hereditaments - CORRECT
ANSWER✅✅real property
This is not a purpose of marketing: - CORRECT ANSWER✅✅opening a checking account
What is the gross pay of a non exempt employee who works 50 hours during a holiday week, and
receives 8 hours additional pay for the holiday? The employee earns $13.50 per hour - CORRECT
ANSWER✅✅$850.50
(13.5 x 48 = 648
20.25 x 10 = 202.50
648 = 202.50 = 850.50)
This is not used as a guideline when obtaining a bond... - CORRECT ANSWER✅✅non experience
Use information from (blank) to help determine accurate job costs - CORRECT ANSWER✅✅previous
jobs
,If an employee earns $112,000 per year, what is the TOTAL amount of medicare that both employer and
employee is to pay in? - CORRECT ANSWER✅✅$3,248
(112,000 x (1.45 x 2) = 3,248)
Who pays into FUTA? - CORRECT ANSWER✅✅employer
An entrepreneur is a - CORRECT ANSWER✅✅person
(blank) absolves the indemnified party from any payment for losses and damages incurred by a third
party - CORRECT ANSWER✅✅indemnification
Which Form is used for Tennessee's Foreign Limited Partnership Registration? - CORRECT
ANSWER✅✅SS-4473
Is insurance a guideline for a job description? - CORRECT ANSWER✅✅no
An employer is liable to pay both state and federal employment taxes if wages to employees total
(blank) or more in any quarter of a calendar year - CORRECT ANSWER✅✅$1,500
An independent contractor is usually paid by - CORRECT ANSWER✅✅flat fee
What is the net income when there is an income of $92,000, expenses of $24,000, and costs of goods
sold is $34,000? - CORRECT ANSWER✅✅$34,000
If D&K Construction's shareholders wish to limit their liabilities, they should become a - CORRECT
ANSWER✅✅C Corporation
When starting a business, the first thing one should decide is - CORRECT ANSWER✅✅the legal structure
of the business
, FUTA tax base and tax rate is generally calculated at? - CORRECT ANSWER✅✅current prevailing rate
Which of the following insurance will protect an organization's officers from liability? - CORRECT
ANSWER✅✅D and O
Worker's compensation is paid for by the - CORRECT ANSWER✅✅employer
The following insurance provides coverage when damage has been caused by a flood - CORRECT
ANSWER✅✅named-peril
Bids for the services of a construction manager must contain a bid bond in the amount of (blank) of the
work being bid - CORRECT ANSWER✅✅10%
Of the following, (blank) is not part of project overhead? - CORRECT ANSWER✅✅clerical pay
An employee is generally subject to the business' instructions about all except... - CORRECT
ANSWER✅✅right to control
When negotiating, one should - CORRECT ANSWER✅✅aim high
A job has direct costs of $198,325, project overhead of 9.2%, company overhead of 13.9%, and a desired
profit of 10.7%. What will the correct bid be? - CORRECT ANSWER✅✅$299,584
(9.2 + 13.9 + 10.7 = 33.8%.
Therefore, the direct costs are 66.2% of the bid. $198,325 / .662 = $299,584)
Generally, which of the following is not a business tax? - CORRECT ANSWER✅✅property tax
The (blank) bond guarantees that the contractor has paid the subcontractors - CORRECT
ANSWER✅✅payment
