CONTRACTORS BUSINESS/LAW
EXAM
What currently is Social Security tax rate? - ANSWERS-6.2%
An employer fails to provide safety equipment for a project and an
employee is injured. What additional percentage of the workers
compensation claim is the employee entitled to? - ANSWERS-15
A claimant in Utah MUST file notice to hold and claim a lien within
how many days after a substantial protion of the work is completed in
a residence? - ANSWERS-180 Days
What form shows an employees eligibility to work - ANSWERS-I-9
Which method of estimating consists of listing all materials and labor
needed for a project? - ANSWERS-Detailed survey method
Contractor's license number must be on all of the following except? -
ANSWERS-Bank financing agreeements (loan documents)
What is it called if you start on a project without first finishing the
plans? - ANSWERS-Fast-Track Construction
,Which of the following is NOT considered a fixed asset? -
ANSWERS-Franchises
What is the maximum amount per construction can collect when
filing a claim with the "Residence Lien Recovery Fund" -
ANSWERS-$75,000
An employer is required to work overtime but is not paid for the
overtime worked. If the secretary of labor brings suit against the
employer what amount can the secretary require the employer to pay?
- ANSWERS-Twice the overtime pay
If you have less than $1000.00 in liabilities, when should tax deposits
be made? - ANSWERS-annually
Which of the following is the safest contract for a property owner? -
ANSWERS-Unit Price
A laborer is NOT considered an employee if you - ANSWERS-
Provide a 1099
Which of the following statements correctly describes the cash
method of accounting? - ANSWERS-Income/ Expenses are recorded
at the time they are earned/ incurred
What is the max percentage fine if Social Security is not paid? -
ANSWERS-100%
, A preliminary notice should be filed by a contractor how many days
after the commencement of the day of the project? - ANSWERS-20
days
The difference between a company's receipts and its disbursements is
known as what? - ANSWERS-Cash Flow
The MOST accurate information for controlling the number of hours
required to perform a task is by - ANSWERS-job cost controls
What financial condition exists when a companies receipts exceed its
disbursements? - ANSWERS-Positive cash flow
If a person has 90 days to file a lien and the lien is field at 91 days
what happens? - ANSWERS-The lien may still be filed up to 180
days
Which one of the following is the simplest form of business to set up?
- ANSWERS-Sole Proprietorship
When you sell your sole proprietorship business you are actually
selling - ANSWERS-the assets of the business
What is the purpose of a bid bond? - ANSWERS-Guarantee that the
contractor will abide by the bid
EXAM
What currently is Social Security tax rate? - ANSWERS-6.2%
An employer fails to provide safety equipment for a project and an
employee is injured. What additional percentage of the workers
compensation claim is the employee entitled to? - ANSWERS-15
A claimant in Utah MUST file notice to hold and claim a lien within
how many days after a substantial protion of the work is completed in
a residence? - ANSWERS-180 Days
What form shows an employees eligibility to work - ANSWERS-I-9
Which method of estimating consists of listing all materials and labor
needed for a project? - ANSWERS-Detailed survey method
Contractor's license number must be on all of the following except? -
ANSWERS-Bank financing agreeements (loan documents)
What is it called if you start on a project without first finishing the
plans? - ANSWERS-Fast-Track Construction
,Which of the following is NOT considered a fixed asset? -
ANSWERS-Franchises
What is the maximum amount per construction can collect when
filing a claim with the "Residence Lien Recovery Fund" -
ANSWERS-$75,000
An employer is required to work overtime but is not paid for the
overtime worked. If the secretary of labor brings suit against the
employer what amount can the secretary require the employer to pay?
- ANSWERS-Twice the overtime pay
If you have less than $1000.00 in liabilities, when should tax deposits
be made? - ANSWERS-annually
Which of the following is the safest contract for a property owner? -
ANSWERS-Unit Price
A laborer is NOT considered an employee if you - ANSWERS-
Provide a 1099
Which of the following statements correctly describes the cash
method of accounting? - ANSWERS-Income/ Expenses are recorded
at the time they are earned/ incurred
What is the max percentage fine if Social Security is not paid? -
ANSWERS-100%
, A preliminary notice should be filed by a contractor how many days
after the commencement of the day of the project? - ANSWERS-20
days
The difference between a company's receipts and its disbursements is
known as what? - ANSWERS-Cash Flow
The MOST accurate information for controlling the number of hours
required to perform a task is by - ANSWERS-job cost controls
What financial condition exists when a companies receipts exceed its
disbursements? - ANSWERS-Positive cash flow
If a person has 90 days to file a lien and the lien is field at 91 days
what happens? - ANSWERS-The lien may still be filed up to 180
days
Which one of the following is the simplest form of business to set up?
- ANSWERS-Sole Proprietorship
When you sell your sole proprietorship business you are actually
selling - ANSWERS-the assets of the business
What is the purpose of a bid bond? - ANSWERS-Guarantee that the
contractor will abide by the bid
