Utah General Contractor_s Course - Business and Law Exam Prep
Which business organization is regulated the least by the Sole Proprietorship
government?
In a general partnership, each partner is liable for the debt false
of the company up to the percentage of the company they
own.
What business organization provides the most financial Corporation
protection for the owners?
Sole Proprietorships can issue and sell stock in the false
company to raise capital.
Can a corporation actually be listed as the sole owner of a yes
property?
Limited Liability Companies have the ability to be passed false
down to family members when an owner (member) dies.
Sub Chapter "S" Corporations can retain their status no false
matter how many stockholders they have.
Start-up and operating costs must be considered when financial plan
creating a ____________ .
A _________ provides potential investors with a concrete business plan
description of your successes and qualifications.
A _______________ combines the liability protection of a LLC
corporation with the favorable tax treatment of a
partnership or sole proprietorship.
_____________ have a partner who contributes funds and Limited Partnerships
or property to the business, but does not provide any
services or have any say in the day to day business.
It is a good idea to research business names through the Secretary of State
___________ website to avoid creating a business name
that is too similar to another registered name.
One pitfall of a General Partnership is that each partner is True
personally responsible for the debts of the business, and
this debt responsibility is not limited to the percentage of
ownership.
If a corporation is eligible to be taxed as a partnership and S Corporation
chooses to take this option, it is referred to as
___________________.
This serves as a reminder to owners, employees, Mission Statement
subcontractors, suppliers and customers of what the
company wants to do and become.
, Utah General Contractor_s Course - Business and Law Exam Prep
Identifying probable customers and attracting them to your Marketing
product or service is known as _______________.
The Construction Services Commission shall be comprised nine
of ______ members.
Which of the following is NOT required from an applicant proof of incorporation
before being issued a license?
Each contractor licensee under a license issued under this 6
chapter shall complete _____ hours of approved
continuing education.
Contractor licenses are issued on a _____ renewal cycle. 2 year
If a license has been suspended, the applicant must True
resolve any and all outstanding fines, citations and
judgements.
A contractor license number must be attached to which of all of the above
the following?
1 permit applications
2 bids (when a license is required)
3 contracts
4 all of the above
Can an independent contractor be a qualifier for a no
business entity?
The division must be notified within _______ days, in 10
writing, that a qualifying officer has ceased association
with a company.
If a qualifying person leaves a company, the license will 60 days
remain active for ______ .
A home owner who builds three residential structures in a True
five year period is still exempt from licensing requirements.
A person engaged in the renovation of a commercial False
building, who works without compensation, is exempt from
licensure requirements.
If the total value of a project is greater than $_______, the $1,000
builder shall file with the division a one-time affirmation.
Does a contractor working on a project valued at $2,500, Yes
who has filed a one-time affirmation with the division, have
to show proof of public liability insurance?
, Utah General Contractor_s Course - Business and Law Exam Prep
Who is responsible for the investigation of persons and the Division of Occupational/Professional Licensing
activities in violation of the Utah Construction Trades
Licensing Act?
Which of the following is not considered "unlawful"? deliberate departure from plans or specifications
Which of the following is considered "unprofessional 4 both a and c
conduct"?
1 Failing to establish, maintain, or demonstrate financial
responsibility while licensed as a contractor
2 Allowing one's license to be used by another
3 Failure to complete a project without the consent of the
owner
4 both a and c
A contractor who submits a bid for a contract outside True
his/her license classification may have their license
immediately suspended.
If within ______ calendar days from the service of the 20
citation, the person to whom the citation was issued fails to
request a hearing to contest the citation, the citation
becomes the final order.
A person who has violated the licensing laws of Utah one $1,000
time could be fined up to $_______ .
Third time offenders can be fined up to $______ for each $2,000
day of continued offense.
Which of the following is qualified to perform construction General Engineering Contractor
for highways, water supply, flood control and bridges?
A Residential and Small Commercial Non-Structural $50,000
Remodeler cannot perform work on a project valued at
more than $________ .
A Residential and Small Commercial contractor may not 20,000
perform construction on buildings greater than _________
square feet.
Does a lead removal company need to have a contractor's No
license?
An applicant for licensure must pass both parts of the state 70%
exams with a passing score of _____%.
If you fail the first attempt at the examination, you must 30
wait ____ days before taking the test again.
A General Building Contractor applicant must be able to 4
show proof of _____ years experience in the last 10 years.
Which business organization is regulated the least by the Sole Proprietorship
government?
In a general partnership, each partner is liable for the debt false
of the company up to the percentage of the company they
own.
What business organization provides the most financial Corporation
protection for the owners?
Sole Proprietorships can issue and sell stock in the false
company to raise capital.
Can a corporation actually be listed as the sole owner of a yes
property?
Limited Liability Companies have the ability to be passed false
down to family members when an owner (member) dies.
Sub Chapter "S" Corporations can retain their status no false
matter how many stockholders they have.
Start-up and operating costs must be considered when financial plan
creating a ____________ .
A _________ provides potential investors with a concrete business plan
description of your successes and qualifications.
A _______________ combines the liability protection of a LLC
corporation with the favorable tax treatment of a
partnership or sole proprietorship.
_____________ have a partner who contributes funds and Limited Partnerships
or property to the business, but does not provide any
services or have any say in the day to day business.
It is a good idea to research business names through the Secretary of State
___________ website to avoid creating a business name
that is too similar to another registered name.
One pitfall of a General Partnership is that each partner is True
personally responsible for the debts of the business, and
this debt responsibility is not limited to the percentage of
ownership.
If a corporation is eligible to be taxed as a partnership and S Corporation
chooses to take this option, it is referred to as
___________________.
This serves as a reminder to owners, employees, Mission Statement
subcontractors, suppliers and customers of what the
company wants to do and become.
, Utah General Contractor_s Course - Business and Law Exam Prep
Identifying probable customers and attracting them to your Marketing
product or service is known as _______________.
The Construction Services Commission shall be comprised nine
of ______ members.
Which of the following is NOT required from an applicant proof of incorporation
before being issued a license?
Each contractor licensee under a license issued under this 6
chapter shall complete _____ hours of approved
continuing education.
Contractor licenses are issued on a _____ renewal cycle. 2 year
If a license has been suspended, the applicant must True
resolve any and all outstanding fines, citations and
judgements.
A contractor license number must be attached to which of all of the above
the following?
1 permit applications
2 bids (when a license is required)
3 contracts
4 all of the above
Can an independent contractor be a qualifier for a no
business entity?
The division must be notified within _______ days, in 10
writing, that a qualifying officer has ceased association
with a company.
If a qualifying person leaves a company, the license will 60 days
remain active for ______ .
A home owner who builds three residential structures in a True
five year period is still exempt from licensing requirements.
A person engaged in the renovation of a commercial False
building, who works without compensation, is exempt from
licensure requirements.
If the total value of a project is greater than $_______, the $1,000
builder shall file with the division a one-time affirmation.
Does a contractor working on a project valued at $2,500, Yes
who has filed a one-time affirmation with the division, have
to show proof of public liability insurance?
, Utah General Contractor_s Course - Business and Law Exam Prep
Who is responsible for the investigation of persons and the Division of Occupational/Professional Licensing
activities in violation of the Utah Construction Trades
Licensing Act?
Which of the following is not considered "unlawful"? deliberate departure from plans or specifications
Which of the following is considered "unprofessional 4 both a and c
conduct"?
1 Failing to establish, maintain, or demonstrate financial
responsibility while licensed as a contractor
2 Allowing one's license to be used by another
3 Failure to complete a project without the consent of the
owner
4 both a and c
A contractor who submits a bid for a contract outside True
his/her license classification may have their license
immediately suspended.
If within ______ calendar days from the service of the 20
citation, the person to whom the citation was issued fails to
request a hearing to contest the citation, the citation
becomes the final order.
A person who has violated the licensing laws of Utah one $1,000
time could be fined up to $_______ .
Third time offenders can be fined up to $______ for each $2,000
day of continued offense.
Which of the following is qualified to perform construction General Engineering Contractor
for highways, water supply, flood control and bridges?
A Residential and Small Commercial Non-Structural $50,000
Remodeler cannot perform work on a project valued at
more than $________ .
A Residential and Small Commercial contractor may not 20,000
perform construction on buildings greater than _________
square feet.
Does a lead removal company need to have a contractor's No
license?
An applicant for licensure must pass both parts of the state 70%
exams with a passing score of _____%.
If you fail the first attempt at the examination, you must 30
wait ____ days before taking the test again.
A General Building Contractor applicant must be able to 4
show proof of _____ years experience in the last 10 years.
