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2025 Latest Utah Contractor Business and Law Exam
With Real Exam Prep Questions And Correct Verified
Answers|
An EIN is required for all entity types except: - (answers)Sole Proprietorship
the profits from which type of business are not passed through to the owners and
taxes as ordinary income - (answers)C corp
corporate minutes must be maintained annually for which of the following entity
types - (answers)S corp
which of the following is true of a limited partner - (answers)a limited partners
financial responsibilities is limited to business liabilities.
which of the following entiity types is not subject to self employment tax -
(answers)S corp
what is the name of the surety last adopted by most states and local
governments? - (answers)The Little Miller Act
if a person fails to file a timely preliminary notice they may not claim a
construction lien for contstrucfion work the person provides to the project before
how many days after the preliminary notice is filed. - (answers)5
, 2|Page
a lien claimant shall file an action to enforce a lien within how many days of filing
a written notice to hold a claim a lien. - (answers)180
before providing a final lien release to a project owner, the contractor should
request which of the following documents from the subs and suppliers? -
(answers)final lien releases
if there are multiple liens claimed on the same property, which of the following
groups is on equal footing for satisfaction of the lien? - (answers)laborers and
materialmen
which of the following best defines the "cost principle" in accounting? -
(answers)all transaction are recorded at cost rather than value.
what is a long-term non current liability? - (answers)a debt that extends longer
then 1 year
the percentage of completion method of accounting recognizes revenue and
expense during a project based on estimates of the project percentage of
completion what is an advantage of this accounting method. - (answers)it allows a
company to show income over the life of the project
cash basis accounting records income - (answers)when cash is received
the income statement does not include - (answers)cash
2025 Latest Utah Contractor Business and Law Exam
With Real Exam Prep Questions And Correct Verified
Answers|
An EIN is required for all entity types except: - (answers)Sole Proprietorship
the profits from which type of business are not passed through to the owners and
taxes as ordinary income - (answers)C corp
corporate minutes must be maintained annually for which of the following entity
types - (answers)S corp
which of the following is true of a limited partner - (answers)a limited partners
financial responsibilities is limited to business liabilities.
which of the following entiity types is not subject to self employment tax -
(answers)S corp
what is the name of the surety last adopted by most states and local
governments? - (answers)The Little Miller Act
if a person fails to file a timely preliminary notice they may not claim a
construction lien for contstrucfion work the person provides to the project before
how many days after the preliminary notice is filed. - (answers)5
, 2|Page
a lien claimant shall file an action to enforce a lien within how many days of filing
a written notice to hold a claim a lien. - (answers)180
before providing a final lien release to a project owner, the contractor should
request which of the following documents from the subs and suppliers? -
(answers)final lien releases
if there are multiple liens claimed on the same property, which of the following
groups is on equal footing for satisfaction of the lien? - (answers)laborers and
materialmen
which of the following best defines the "cost principle" in accounting? -
(answers)all transaction are recorded at cost rather than value.
what is a long-term non current liability? - (answers)a debt that extends longer
then 1 year
the percentage of completion method of accounting recognizes revenue and
expense during a project based on estimates of the project percentage of
completion what is an advantage of this accounting method. - (answers)it allows a
company to show income over the life of the project
cash basis accounting records income - (answers)when cash is received
the income statement does not include - (answers)cash
