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CONTRACTORS BUSINESS LAW EXAM QUESTIONS WITH VERIFIED ANSWERS

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CONTRACTORS BUSINESS LAW EXAM QUESTIONS WITH VERIFIED ANSWERS

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How do you properly educate your employees on hazardous material


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MSDS




Which of the following is a written agreement between the owner and contractor to
change the contract?


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change order

,In which of the contracts does the contractor agree to complete the project for a
predetermined, specific price?


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Lump sum




If you have a note on a truck that is due to be paid off within the year, this is an
example of?


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current liability




Which of the following is not considered when determining Project Equipment Cost?


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Payroll




A 1120-S form is used with with of the following business entities for filing the
companies business income tax returns?


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, Sub Chapter S Corporation




Indoor and outdoor air quality should be monitored:


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throughout the construction project




Which of the following is a snapshot of a business at any given time?


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Balance Sheet




The Miller Act requires contractors to provide performance and payment bonds on
public works projects, what is the minimum contract amount to which Miller Act
requirements apply?


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$100,000#NASCLA 2nd Edition pg 4-12




Which is a characteristic of cash based accounting?


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, Income is recorded the year it is received




What is the max you can be fined by OSHA for a serious violation?


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$7000




What form shows an employees eligibility to work


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I-9




What financial condition exists when a companies receipts exceed its disbursements?


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Positive cash flow




The percentage of completion method of accounting does what


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