Page 1 of 38
NEVADA BUSINESS AND LAW EXAM NEWEST 2026
ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALL
ANSWERED {100 Q & A} ALREADY GRADED A+ |
BRAND NEW! | 100% GUARANTEED PASS
1. What document shows a company’s assets and
liabilities?
• Balance sheet
• Income statement
• Change order
• Purchase order
Balance sheets show financial health at a specific point in
time.
2. Which of the following is a fixed expense?
• Material costs
• Equipment rental
• Office rent
• Labor hours
Fixed expenses do not fluctuate with the volume of work,
like office rent.
3. What is required to enforce a mechanic’s lien?
• Verbal notice
• Filing a lawsuit within a specified time
,Page 2 of 38
• OSHA inspection
• Demand letter only
To enforce a lien, legal action must be taken within
Nevada's statutory timeframe.
4. What is the purpose of a project schedule?
• Set employee pay
• Purchase materials
• Plan timing and coordination of project activities
• Avoid taxes
Schedules help manage project timing, resource use, and
deadline compliance.
5. The purpose of a contract is to:
• Ensure jobsite safety
• Meet state requirements
• Outline duties, rights, and expectations of all parties
• Obtain tax ID
Contracts legally define project responsibilities and reduce
disputes.
,Page 3 of 38
6. How often must OSHA injury logs be updated?
• Monthly
• Every 2 weeks
• Annually
• Only after inspection
OSHA Form 300 logs are updated yearly to reflect injury
and illness data.
7. A contractor must report a bankruptcy filing to the
Board within:
• 10 days
• 30 days
• 60 days
• 90 days
Bankruptcy affects a contractor’s financial responsibility
and must be disclosed.
8. A cost-plus contract means:
• Fixed payment only
, Page 4 of 38
• Customer pays actual cost plus a fee
• Materials provided free
• Bond is waived
This method compensates contractors for costs and
includes a markup or fee.
9. Nevada law allows the Board to investigate a
contractor if a complaint is filed within:
• 60 days
• 4 years of the act
• 1 year
• 10 years
Complaints must be filed within 4 years for investigation by
the board.
10. Retainage is typically released:
• After the first payment
• Upon project completion and final inspection
• Before punch list
• At midpoint
Retainage ensures full completion of the contract.
11. What is a bid bond?
• Equipment insurance
• Guarantees the contractor will honor their bid
• Payment to subcontractors
NEVADA BUSINESS AND LAW EXAM NEWEST 2026
ACTUAL EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALL
ANSWERED {100 Q & A} ALREADY GRADED A+ |
BRAND NEW! | 100% GUARANTEED PASS
1. What document shows a company’s assets and
liabilities?
• Balance sheet
• Income statement
• Change order
• Purchase order
Balance sheets show financial health at a specific point in
time.
2. Which of the following is a fixed expense?
• Material costs
• Equipment rental
• Office rent
• Labor hours
Fixed expenses do not fluctuate with the volume of work,
like office rent.
3. What is required to enforce a mechanic’s lien?
• Verbal notice
• Filing a lawsuit within a specified time
,Page 2 of 38
• OSHA inspection
• Demand letter only
To enforce a lien, legal action must be taken within
Nevada's statutory timeframe.
4. What is the purpose of a project schedule?
• Set employee pay
• Purchase materials
• Plan timing and coordination of project activities
• Avoid taxes
Schedules help manage project timing, resource use, and
deadline compliance.
5. The purpose of a contract is to:
• Ensure jobsite safety
• Meet state requirements
• Outline duties, rights, and expectations of all parties
• Obtain tax ID
Contracts legally define project responsibilities and reduce
disputes.
,Page 3 of 38
6. How often must OSHA injury logs be updated?
• Monthly
• Every 2 weeks
• Annually
• Only after inspection
OSHA Form 300 logs are updated yearly to reflect injury
and illness data.
7. A contractor must report a bankruptcy filing to the
Board within:
• 10 days
• 30 days
• 60 days
• 90 days
Bankruptcy affects a contractor’s financial responsibility
and must be disclosed.
8. A cost-plus contract means:
• Fixed payment only
, Page 4 of 38
• Customer pays actual cost plus a fee
• Materials provided free
• Bond is waived
This method compensates contractors for costs and
includes a markup or fee.
9. Nevada law allows the Board to investigate a
contractor if a complaint is filed within:
• 60 days
• 4 years of the act
• 1 year
• 10 years
Complaints must be filed within 4 years for investigation by
the board.
10. Retainage is typically released:
• After the first payment
• Upon project completion and final inspection
• Before punch list
• At midpoint
Retainage ensures full completion of the contract.
11. What is a bid bond?
• Equipment insurance
• Guarantees the contractor will honor their bid
• Payment to subcontractors
