Law and Business Exam 1 Questions and Answers Updated 2026

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Law and Business Exam 1 Questions and Answers Updated 2026

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2026/2027

Institution Law And Business

Course Law and Business

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Law and Business Exam 1 Questions and Answers Updated 2026

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Law and Business Exam 1
Questions and Answers
Updated 2026
TheBdepartmentBmayBrefuseBtoBissueBaBlicenseBorBcertificateBtoBanBapplicantBwhoBh
asBdoneBwhichBofBtheBfollowing?B-
BAnswerBHasBsubmittedBfalseBorBmisleadingBinformation

-hasBhadBaBlicenseBdenied

-hasBfailedBtoBmeetBtheBminimumBqualifications

-anyBofBtheseBlisted

FormBI-9BmustBbeBkeptBforBatBleastB_________ByearsBfromBtheBdateBofBhire.B-
BAnswerB3

AccordingBtoBtheBstateBofBSouthBCarolina,BwhichBofBtheBfollowingBcanBbeBclassifiedBa
sBanBentity?B-BAnswerBsoleBproprietorship

-Partnership

-limitedBliabilityBcompany

-allBofBtheBaboveBareBrecognizedBasBanBentity

WhichBofBtheBfollowingBisBtheBpurposeBofBaBbusinessBplan?B-BAnswerBEstablishBrisks

WhichBofBtheBfollowingBbondsBguaranteesBthatBtheBcontractorBwillBcompleteBtheBproj
ect?B-BAnswerBperformanceBbond

WhichBofBtheBfollowingBisBNOTBoneBofBtheBkeyBelementsBtoBaBcontract?B-
BAnswerBCounterBoffer

, ForBfederalBtaxes,BaBsoleBproprietorBisBtoBuseBself-employmentBtaxBformB-
BAnswerB1040B&BScheduleBSE

WhichBgeneralBcontractorBgroupBclassificationBisBdistinguishedBby:BBidsBandBjobsBnotB
toBexceedB$350,000BperBjobB-BAnswerB-GroupB3

Worker'sBcompensationBisBpaidBforBbyBtheB-BAnswerBEmployer

WhichBofBtheBfollowingBisBnotBaBpitfallBtoBaBbusinessBplan?B-
BAnswerBInclusionBofBopportunities

WhichBofBtheBfollowingBisBanBineffectiveBsellingBskill?B-
BAnswerBInterruptBwhenBneeded.

ABcontractorBisBgoingBtoBpurchaseBtheBfollowingBfromBaBlocalBhardwareBstore.

-15BfeetBofB½"BScheduleB40BPVCBatB$0.50BperBfoot

-30BfeetBofB1"BScheduleB40BPVCBatB$0.90BperBfoot

-10BfeetBofB2"BScheduleB40BPVCBatB$1.50BperBfoot

WhatBisBtheBlowestBpossibleBcostBassumingBtheBtermsBareB31%/10BnetB30?B-
BAnswerB$48.01

(15'x$0.50BperBfoot=$7.50

30'x$0.90perBfoot=$27.00

10'x$1.50BperBfoot=$15.00

$7.50B+B$27.00B+$15.00B=$49.50

$49.50B-$3%=$1.49Bdiscount

$49.50B-$1.49B=B$48.01)

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Uploaded on: August 30, 2026
Number of pages: 12
Written in: 2026/2027
Type: Exam (elaborations)
Contains: Questions & answers

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