WV CONTRACTORS ACTUAL FINALS ANSWERS AND
QUESTIONS SET A+
✔✔What does the term "replacement cost" mean relative to insurance coverage?
a. The insurer will pay the policy holder an amount sufficient to cover the acquisition of
the same tool at today's prices.
b. The insurer will pay the policy holder an amount equial to the depreciated value of the
tool.
c. The insurer will pay the policy holder an amount sufficient to cover the acquisition of a
newer model tool at today's prices.
d. The insurer will pay the policy holder an amount equal to a negotiated rate for value
of a generic tool. - ✔✔a. The insurer will pay the policy holder an amount sufficient to
cover the acquisition of the same tool at today's prices.
✔✔All construction projects in West Virginia require a written contract when the total
value of the contract EXCEEDS:
a. $1,500
b. $2,500
c. $10,000
d. $25,000 - ✔✔c. $10,000
✔✔When estimating the amount of time a task will take to complete, all the following
elements should be considered EXCEPT:
a. production time
b. estimating time
c. setup time
d. contingency time - ✔✔b. estimating time
✔✔How long are employers required to maintain reportable accident or incident
records?
a. 4 years
b. 5 years
c. 6 years
d. 7 years - ✔✔b. 5 years
, ✔✔Which of the following would be considered a current liability?
a. Payroll
b. Building lease
c. Equipment loan
d. Stock - ✔✔a. Payroll
✔✔A business pays its employees every two weeks. During the first week of the pay
period, the employee works 30 hours. During the second week the employee works 50
hours. The employee is paid $10 per hour. What are the gross wages of the employee
for the pay period?
a. $800
b. $850
c. $1050
d. $1200 - ✔✔b. $850
✔✔On a balance sheet, the term "current" means what?
a. One week or less
b. One month or less
c. One year or less
d. Two years or less - ✔✔c. One year or less
✔✔Which of the following contractor licenses are EXEMPT from wage bond
requirements even if they have been providing services in West Virginia for less than
five (5) years?
a. Commercial Contractors
b. Residential Contractors
c. Electrical Contractors
d. Plumbing Contractors - ✔✔b. Residential Contractors
✔✔When referring to contracts, what does the term "consideration" mean?
a. Compensation
b. Agreement
c. Offer
d. Pondering - ✔✔a. Compensation
✔✔All the following would be considered workplace injuries EXCEPT:
a. when an employee is struck by falling debris at the jobsite before he clocks in for the
day
b. when an employee is struck by a car while in the company parking lot while walking
to the jobsite
c. when an employee cleaning the company parking lot is struck by a car
d. when an employee suffers burns related to jobsite chemicals - ✔✔b. when an
employee is struck by a car while in the company parking lot while walking to the jobsite
QUESTIONS SET A+
✔✔What does the term "replacement cost" mean relative to insurance coverage?
a. The insurer will pay the policy holder an amount sufficient to cover the acquisition of
the same tool at today's prices.
b. The insurer will pay the policy holder an amount equial to the depreciated value of the
tool.
c. The insurer will pay the policy holder an amount sufficient to cover the acquisition of a
newer model tool at today's prices.
d. The insurer will pay the policy holder an amount equal to a negotiated rate for value
of a generic tool. - ✔✔a. The insurer will pay the policy holder an amount sufficient to
cover the acquisition of the same tool at today's prices.
✔✔All construction projects in West Virginia require a written contract when the total
value of the contract EXCEEDS:
a. $1,500
b. $2,500
c. $10,000
d. $25,000 - ✔✔c. $10,000
✔✔When estimating the amount of time a task will take to complete, all the following
elements should be considered EXCEPT:
a. production time
b. estimating time
c. setup time
d. contingency time - ✔✔b. estimating time
✔✔How long are employers required to maintain reportable accident or incident
records?
a. 4 years
b. 5 years
c. 6 years
d. 7 years - ✔✔b. 5 years
, ✔✔Which of the following would be considered a current liability?
a. Payroll
b. Building lease
c. Equipment loan
d. Stock - ✔✔a. Payroll
✔✔A business pays its employees every two weeks. During the first week of the pay
period, the employee works 30 hours. During the second week the employee works 50
hours. The employee is paid $10 per hour. What are the gross wages of the employee
for the pay period?
a. $800
b. $850
c. $1050
d. $1200 - ✔✔b. $850
✔✔On a balance sheet, the term "current" means what?
a. One week or less
b. One month or less
c. One year or less
d. Two years or less - ✔✔c. One year or less
✔✔Which of the following contractor licenses are EXEMPT from wage bond
requirements even if they have been providing services in West Virginia for less than
five (5) years?
a. Commercial Contractors
b. Residential Contractors
c. Electrical Contractors
d. Plumbing Contractors - ✔✔b. Residential Contractors
✔✔When referring to contracts, what does the term "consideration" mean?
a. Compensation
b. Agreement
c. Offer
d. Pondering - ✔✔a. Compensation
✔✔All the following would be considered workplace injuries EXCEPT:
a. when an employee is struck by falling debris at the jobsite before he clocks in for the
day
b. when an employee is struck by a car while in the company parking lot while walking
to the jobsite
c. when an employee cleaning the company parking lot is struck by a car
d. when an employee suffers burns related to jobsite chemicals - ✔✔b. when an
employee is struck by a car while in the company parking lot while walking to the jobsite
