WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS LATEST UPDATE GRADED A+

WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS LATEST UPDATE GRADED A+ 1. What type of contract requires the contractor to be responsible for both the engineering and construction of a project? a. Traditional b. Design build c. Turn key d. Concession b. Design build 2. By what date is an employer required to provide its employees with a W-2? a. January 31 b. February 15 c. March 31 d. April 15 a. January 31 3. When developing a project schedule, what does WBS stand for? a. Work breakdown structure b. Work building schedule c. Wall board system d. Whole build system a. Work breakdown structure 4. Overtime wages are paid at what percentage of the normal wage rate? c. 150% 5. Using the percentage method of withholding, what is the income tax deducted form an employees wages that earns $1,500 per pay period, is paid bi-weekly, is single and claims no deductions? a. $82.95 b. 165.90 c. $194.50 d. $214.50 c. $194.50 6. What is the penalty for submitting an IRS payroll tax deposit in the amount of $5,000 that is 2 days late? a. $100 b. $250 c. $500 d. $750 a. $100 The accounting method that recognizes income and expenses only when money is received or paid is called: a. the PCM Method b. the Accrual method c. the cash method d. the cost-comparison method c. the Cash method Employers are required to notify employees of changes in policies affecting all the following EXCEPT: a. pay schedules b vacation allowance c. health benefits d. promotion opportunities d. promotion opportunities What is the process for obtaining a contractor license if the existing license has lapsed? (Do not consider exceptions) a. Submit a renewal application with the renewal fee. b. Submit a renewal application, renewal fee and a $25 late fee. c. Submit a new license application using test scores from original license. d. Submit a new license application and retake licensing exams. d. Submit a new license application and retake licensing exams. 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