VA Contractor license study exam with correct answers
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An |income |statement |includes |all |except
A) |G&A |Expenses |
B) |Interest |Income
C) |Direct |costs
D) |Inventories |- |correct |answer |D) |Inventories
IRS |form |941 |is |used |for |- |correct |answer |Quarterly |federal |tax |deposits |paid |due
Depreciation |is |considered |a |____ |expense |- |correct |answer |non |cash
IRS |Publication |541 |is |used |for |____ |- |correct |answer |Partnerships
____ |requires |paying |prevailing |wages |in |federally |financed |projects |- |correct |answer |Davis-
bacon |act
An |owner |of |a |business |has |$32,000 |in |liabilities |and |$39,000 |in |equity. |What |are |the |assets? |-
|correct |answer |$71,000
The |total |for |an |individuals |Medicare |is |taxed |at |___ |- |correct |answer |2.9%
Minimum |wage |is |set |at |____ |per |hour |- |correct |answer |$7.25
Which |of |the |following |is |not |covered |under |the |ADA?
A) |aids
B) |alcohol |addictions |
C) |paper |cut
, D) |drug |addition |- |correct |answer |C) |Paper |cut
Form |I-9 |must |be |kept |for |at |least |____ |years |from |the |date |of |hire |- |correct |answer |3
To |help |with |cash |flow, |one |should |use |____ |- |correct |answer |progress |payment
Medicare |will |help |defray |hospital |costs |when |an |individual |turns |_____ |years |of |age. |- |correct
|answer |65
All |of |the |following |except |_____ |is |an |effective |means |of |attracting |good |employees |
A) |Life |insurance |
B) |Vision |program |
C) |Lay |off
D) |Retirement |program |- |correct |answer |C) |Lay |off
If |one |is |to |receive |earned |income |credit, |one |should |use |which |IRS |form? |- |correct |answer |W-
5
Which |of |the |following |is |used |to |obtain |an |EIN? |- |correct |answer |SS-4
You |are |a |monthly |tax |depositor |if |your |total |payroll |tax |liability |for |the |previous |four |quarters |
was |less |than |_____ |- |correct |answer |$50,000
Which |of |the |following |is |TRUE |statement |about |computerized |job |cost |system?
A) |It |is |less |cost |effective |than |a |manual |system
B) |Cost |data |is |updated |regularly |
C) |It |should |not |be |considered |by |beginning |contractors |
D) |It |does |not |yield |timely |results |- |correct |answer |B) |Cost |data |is |updated |regularly
| | | | | | |
An |income |statement |includes |all |except
A) |G&A |Expenses |
B) |Interest |Income
C) |Direct |costs
D) |Inventories |- |correct |answer |D) |Inventories
IRS |form |941 |is |used |for |- |correct |answer |Quarterly |federal |tax |deposits |paid |due
Depreciation |is |considered |a |____ |expense |- |correct |answer |non |cash
IRS |Publication |541 |is |used |for |____ |- |correct |answer |Partnerships
____ |requires |paying |prevailing |wages |in |federally |financed |projects |- |correct |answer |Davis-
bacon |act
An |owner |of |a |business |has |$32,000 |in |liabilities |and |$39,000 |in |equity. |What |are |the |assets? |-
|correct |answer |$71,000
The |total |for |an |individuals |Medicare |is |taxed |at |___ |- |correct |answer |2.9%
Minimum |wage |is |set |at |____ |per |hour |- |correct |answer |$7.25
Which |of |the |following |is |not |covered |under |the |ADA?
A) |aids
B) |alcohol |addictions |
C) |paper |cut
, D) |drug |addition |- |correct |answer |C) |Paper |cut
Form |I-9 |must |be |kept |for |at |least |____ |years |from |the |date |of |hire |- |correct |answer |3
To |help |with |cash |flow, |one |should |use |____ |- |correct |answer |progress |payment
Medicare |will |help |defray |hospital |costs |when |an |individual |turns |_____ |years |of |age. |- |correct
|answer |65
All |of |the |following |except |_____ |is |an |effective |means |of |attracting |good |employees |
A) |Life |insurance |
B) |Vision |program |
C) |Lay |off
D) |Retirement |program |- |correct |answer |C) |Lay |off
If |one |is |to |receive |earned |income |credit, |one |should |use |which |IRS |form? |- |correct |answer |W-
5
Which |of |the |following |is |used |to |obtain |an |EIN? |- |correct |answer |SS-4
You |are |a |monthly |tax |depositor |if |your |total |payroll |tax |liability |for |the |previous |four |quarters |
was |less |than |_____ |- |correct |answer |$50,000
Which |of |the |following |is |TRUE |statement |about |computerized |job |cost |system?
A) |It |is |less |cost |effective |than |a |manual |system
B) |Cost |data |is |updated |regularly |
C) |It |should |not |be |considered |by |beginning |contractors |
D) |It |does |not |yield |timely |results |- |correct |answer |B) |Cost |data |is |updated |regularly
