VA CONTRACTOR LICENSE STUDY
QUESTIONS WITH COMPLETE
SOLUTIONS
An income statement includes all except
A) G&A Expenses
B) Interest Income
C) Direct costs
D) Inventories - ANSWER-D) Inventories
IRS form 941 is used for - ANSWER-Quarterly federal tax deposits paid due
Depreciation is considered a ____ expense - ANSWER-non cash
IRS Publication 541 is used for ____ - ANSWER-Partnerships
____ requires paying prevailing wages in federally financed projects - ANSWER-
Davis-bacon act
An owner of a business has $32,000 in liabilities and $39,000 in equity. What are the
assets? - ANSWER-$71,000
The total for an individuals Medicare is taxed at ___ - ANSWER-2.9%
Minimum wage is set at ____ per hour - ANSWER-$7.25
Which of the following is not covered under the ADA?
A) aids
B) alcohol addictions
C) paper cut
D) drug addition - ANSWER-C) Paper cut
Form I-9 must be kept for at least ____ years from the date of hire - ANSWER-3
To help with cash flow, one should use ____ - ANSWER-progress payment
Medicare will help defray hospital costs when an individual turns _____ years of age.
- ANSWER-65
All of the following except _____ is an effective means of attracting good employees
A) Life insurance
B) Vision program
C) Lay off
D) Retirement program - ANSWER-C) Lay off
QUESTIONS WITH COMPLETE
SOLUTIONS
An income statement includes all except
A) G&A Expenses
B) Interest Income
C) Direct costs
D) Inventories - ANSWER-D) Inventories
IRS form 941 is used for - ANSWER-Quarterly federal tax deposits paid due
Depreciation is considered a ____ expense - ANSWER-non cash
IRS Publication 541 is used for ____ - ANSWER-Partnerships
____ requires paying prevailing wages in federally financed projects - ANSWER-
Davis-bacon act
An owner of a business has $32,000 in liabilities and $39,000 in equity. What are the
assets? - ANSWER-$71,000
The total for an individuals Medicare is taxed at ___ - ANSWER-2.9%
Minimum wage is set at ____ per hour - ANSWER-$7.25
Which of the following is not covered under the ADA?
A) aids
B) alcohol addictions
C) paper cut
D) drug addition - ANSWER-C) Paper cut
Form I-9 must be kept for at least ____ years from the date of hire - ANSWER-3
To help with cash flow, one should use ____ - ANSWER-progress payment
Medicare will help defray hospital costs when an individual turns _____ years of age.
- ANSWER-65
All of the following except _____ is an effective means of attracting good employees
A) Life insurance
B) Vision program
C) Lay off
D) Retirement program - ANSWER-C) Lay off
