P age | 1
| | | | |
MHIC 2025-2026 BRAND NEW ACTUAL
EXAM WITH ANSWERS.
1. What are penalties for not making payroll tax deposits (FICA,
| | | | | | | | |
|FED Tax)? - correct answer -Penalties of days late penalties,
| | | | | | | | |
|2%, 5%, 10%| |
2. If a license is revoked for more than
| | | | | | |
, individual will need to take | | | | |
|licensing exam again to get licensed. - correct answer -6
| | | | | | | | |
|months
3. Inspection of work trenches are to occur - correct answer -daily
| | | | | | | | | |
4. OSHA standards require potable water supply to be provided
| | | | | | | |
|by | - correct answer -tap | | |
5. Who is liable if a claim is filed against a corporation? - correct
| | | | | | | | | | | |
|answer -corporation |
, P age | 2
| | | | |
6. Employers must have an OSHA Emergency Action Plan if they
| | | | | | | | |
|have more than | employees. - correct
| | | |
|answer -10 |
7. OSHA requires reporting of fatalities
| | | |
. - correct answer -within 8 | | | | |
|hours
8. EPA requires that only
| canperform
| | | |
|painting work on projects on structures built before 1978. - correct
| | | | | | | | | |
|answer -certified contractors
| |
9. A | is required to train certified | | | |
|renovators of lead-based paint projects. - correct answer -EPA-
| | | | | | | |
|accredited training provider | |
10. If you are doing business under a name other than your
| | | | | | | | | |
personal name,
| | -correct | |
answer -a trade name needs to be filed with the MD Dept of
| | | | | | | | | | | | |
Assessments and Taxation.
| | |
, P age | 3
| | | | |
11. The advantages of being a sole proprietor are: - correct
| | | | | | | | |
answer -minimal legal restrictions; simple ownership form; low
| | | | | | | |
start up costs; sole ownership of profits; freedom in decision-
| | | | | | | | | |
making process
| |
12. Sole proprietorship includes
| | |
- correct answer -unlimited personal liability
| | | |
13. Liability of Corporations is described as
| | | | |
. - correct answer -generally no | | | | |
personal liability of the shareholders
| | | | |
14. Workers Compensation is required for employers with
| | | | | |
. - correct answer -one or more | | | | | |
full-time or part-time employees
| | | |
15. A balance sheet equation is
| | | | | -
correct answer -Assets = Liabilities + Owners' Equity
| | | | | | | |
| | | | |
MHIC 2025-2026 BRAND NEW ACTUAL
EXAM WITH ANSWERS.
1. What are penalties for not making payroll tax deposits (FICA,
| | | | | | | | |
|FED Tax)? - correct answer -Penalties of days late penalties,
| | | | | | | | |
|2%, 5%, 10%| |
2. If a license is revoked for more than
| | | | | | |
, individual will need to take | | | | |
|licensing exam again to get licensed. - correct answer -6
| | | | | | | | |
|months
3. Inspection of work trenches are to occur - correct answer -daily
| | | | | | | | | |
4. OSHA standards require potable water supply to be provided
| | | | | | | |
|by | - correct answer -tap | | |
5. Who is liable if a claim is filed against a corporation? - correct
| | | | | | | | | | | |
|answer -corporation |
, P age | 2
| | | | |
6. Employers must have an OSHA Emergency Action Plan if they
| | | | | | | | |
|have more than | employees. - correct
| | | |
|answer -10 |
7. OSHA requires reporting of fatalities
| | | |
. - correct answer -within 8 | | | | |
|hours
8. EPA requires that only
| canperform
| | | |
|painting work on projects on structures built before 1978. - correct
| | | | | | | | | |
|answer -certified contractors
| |
9. A | is required to train certified | | | |
|renovators of lead-based paint projects. - correct answer -EPA-
| | | | | | | |
|accredited training provider | |
10. If you are doing business under a name other than your
| | | | | | | | | |
personal name,
| | -correct | |
answer -a trade name needs to be filed with the MD Dept of
| | | | | | | | | | | | |
Assessments and Taxation.
| | |
, P age | 3
| | | | |
11. The advantages of being a sole proprietor are: - correct
| | | | | | | | |
answer -minimal legal restrictions; simple ownership form; low
| | | | | | | |
start up costs; sole ownership of profits; freedom in decision-
| | | | | | | | | |
making process
| |
12. Sole proprietorship includes
| | |
- correct answer -unlimited personal liability
| | | |
13. Liability of Corporations is described as
| | | | |
. - correct answer -generally no | | | | |
personal liability of the shareholders
| | | | |
14. Workers Compensation is required for employers with
| | | | | |
. - correct answer -one or more | | | | | |
full-time or part-time employees
| | | |
15. A balance sheet equation is
| | | | | -
correct answer -Assets = Liabilities + Owners' Equity
| | | | | | | |
