Utah Contractor Business and Law Exam Test Questions and Answer Rated A
An EIN is refunded for all entinty types excepts Sole Proprietorship
the profits from which type of business are not passed
C corp
through to the owners and taxes as ordinary income
corporate minutes must be maintained annually for which
S corp
of the following entity types
a limited partners financial responsibilities is limited to
which of the following is true of a limited partner
business liabilities.
which of the following entinity types is not subject to self
S corp
employment tax
what is the name of the surety last adopted by most states
the miller act
and local government
if a person fails to file a timely preliminary notice they may
not claim a construction lien for contstrucfion work the
5
person provides to the project before how many days after
the preliminary notice is filed.
a lien claimant shall file an action to enforce a lien within
how many days of filing a written notice to hold a claim a 180
lien.
before providing a final line release to a project owner
the contractor should regular which of the following doc- final lien release
uments from the subs and suppliers.
if there are multiple lines claimed on the same property
which of the following groups is on equal footing for laborers and materialmen
satisfaction of the lien.
which of the following best divines the "cost principle" in
all transaction are recorded at cost rather than value.
accounting
what is a long term no current liability a debt that extends longer then 1 year
1/6
, Utah Contractor Business and Law Exam Test Questions and Answer Rated A
the percentage of completion method of accounting rec-
ognizes revenue and expense during a project based on it allows a company to show income over the life of the
estimates of the project percentage of completion what is project
an advantage of this accounting method.
cash basis accounting records income when cash is received
the income statement does not include cash
who is responsible for making sure that all the project
general contractor
details are included in the scope of the work
one of the most accurate methods of estimating a job is the quantity take ott method
when a contractor gets a project owner to reveal the lowest
bid rigging
bid they received it is referred to as
a contractors best source for estimating the numbers of
hours required for a task water factor and other job cost job cost reports from previous jobs
is
the person who typically certifies to the owner of a con-
struction project that a percentage of work is complete so the architect
the contractor can receive a progress payment
the super is typically responsible for which of the following coordinating task
in the critical path scheduling method the amount of time
duration
needed for an individual task is called
the best method for keeping inventory low is JIT just in time
which of the following is true of the gannet scheduling
B
method
which of the following statement is accurate regarding a a project owner should not hold out money from the
warranty item at job completion contract for a warranty item.
an acceptance which is vague or conditional or changes
a counterotter
some of the terms of the original otter is considered:
2/6
An EIN is refunded for all entinty types excepts Sole Proprietorship
the profits from which type of business are not passed
C corp
through to the owners and taxes as ordinary income
corporate minutes must be maintained annually for which
S corp
of the following entity types
a limited partners financial responsibilities is limited to
which of the following is true of a limited partner
business liabilities.
which of the following entinity types is not subject to self
S corp
employment tax
what is the name of the surety last adopted by most states
the miller act
and local government
if a person fails to file a timely preliminary notice they may
not claim a construction lien for contstrucfion work the
5
person provides to the project before how many days after
the preliminary notice is filed.
a lien claimant shall file an action to enforce a lien within
how many days of filing a written notice to hold a claim a 180
lien.
before providing a final line release to a project owner
the contractor should regular which of the following doc- final lien release
uments from the subs and suppliers.
if there are multiple lines claimed on the same property
which of the following groups is on equal footing for laborers and materialmen
satisfaction of the lien.
which of the following best divines the "cost principle" in
all transaction are recorded at cost rather than value.
accounting
what is a long term no current liability a debt that extends longer then 1 year
1/6
, Utah Contractor Business and Law Exam Test Questions and Answer Rated A
the percentage of completion method of accounting rec-
ognizes revenue and expense during a project based on it allows a company to show income over the life of the
estimates of the project percentage of completion what is project
an advantage of this accounting method.
cash basis accounting records income when cash is received
the income statement does not include cash
who is responsible for making sure that all the project
general contractor
details are included in the scope of the work
one of the most accurate methods of estimating a job is the quantity take ott method
when a contractor gets a project owner to reveal the lowest
bid rigging
bid they received it is referred to as
a contractors best source for estimating the numbers of
hours required for a task water factor and other job cost job cost reports from previous jobs
is
the person who typically certifies to the owner of a con-
struction project that a percentage of work is complete so the architect
the contractor can receive a progress payment
the super is typically responsible for which of the following coordinating task
in the critical path scheduling method the amount of time
duration
needed for an individual task is called
the best method for keeping inventory low is JIT just in time
which of the following is true of the gannet scheduling
B
method
which of the following statement is accurate regarding a a project owner should not hold out money from the
warranty item at job completion contract for a warranty item.
an acceptance which is vague or conditional or changes
a counterotter
some of the terms of the original otter is considered:
2/6
