Louisiana Contractor's -Exam -
Business and Law Study Guide
Bid Shopping - Answer What occurs when bids are revealed to create more competition?
prevent double taxation - Answer What benefits does an S corporation have?
12 weeks - Answer How many weeks are employees entitled to under the Family Medical
Leave Act
20 weeks - Answer Federal Unemployment tax must be paid after an employee works ____
weeks
liabilities/assets - Answer What is the debt ratio?
$50,000 - Answer A contractor's license is needed when the residential project is valued over
___
when signed - Answer When is a contract considered accepted?
Quantity take off method - Answer What is the most accurate method of estimate?
$100.000 - Answer Projects worth how much require bonds under the Miller Act?
Liquidity - Answer assets/liability is which ratio?
Bid bond
performance bond
payment bond - Answer Types of surety bonds
Bid Bond - Answer promise to complete the project for the bid price and provide a
performance and payment bond.
performance bond - Answer promise that the project will be finished w/in the promised time
and w/in spec.
Business and Law Study Guide
Bid Shopping - Answer What occurs when bids are revealed to create more competition?
prevent double taxation - Answer What benefits does an S corporation have?
12 weeks - Answer How many weeks are employees entitled to under the Family Medical
Leave Act
20 weeks - Answer Federal Unemployment tax must be paid after an employee works ____
weeks
liabilities/assets - Answer What is the debt ratio?
$50,000 - Answer A contractor's license is needed when the residential project is valued over
___
when signed - Answer When is a contract considered accepted?
Quantity take off method - Answer What is the most accurate method of estimate?
$100.000 - Answer Projects worth how much require bonds under the Miller Act?
Liquidity - Answer assets/liability is which ratio?
Bid bond
performance bond
payment bond - Answer Types of surety bonds
Bid Bond - Answer promise to complete the project for the bid price and provide a
performance and payment bond.
performance bond - Answer promise that the project will be finished w/in the promised time
and w/in spec.
