Louisiana Contractor’s Exam – Business and Law – study guide / exam preparation material

Louisiana Contractor's Exam - Business and Law
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1. Bid Shopping What occurs when bids are revealed to create more
competition?

2. prevent double taxationWhat benefits does an S corporation have?

3. 12 weeks How many weeks are employees entitled to under the
Family Medical Leave Act

4. 20 weeks Federal Unemployment tax must be paid after an employee
works
weeks

5. liabilities/assets What is the debt ratio?

6. $50,000 A contractor's license is needed when the residential project
is valued over

7. when signed When is a contract considered accepted?

8. Quantity take off method What is the most accurate method of estimate?

9. $100.000 Projects worth how much require bonds under the Miller
Act?

10. Liquidity assets/liability is which ratio?

11. Bid bond Types of surety bonds
performance
bond payment
bond

12. Bid Bond promise to complete the project for the bid price and
provide a performance and payment bond.

13. performance bond promise that the project will be finished w/in the promised
time and
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