South Carolina (Residential) Business Law contractor
EXAM 2026-2027 LATEST UPDATED VERSION 50
QUESTIONS AND ANSWERS JUST RELEASED
Osha Form 300A must be posted by _______ and kept in place until at least April 30 following
the year covered by the form.
February 1
January 1
April 1
March 1 - answer>>February 1
Page 12-3 - OSHA Recordkeeping - Each year, the employer must conspicuously post in the
workplace a Form 300A, which includes a summary of the previous year's work-related injuries
and illnesses. The data from Form 300 is used to complete this form. Form 300A must be posted
by February 1 and kept in place until at least April 30 following the year covered by the form.
What are three general types of business taxes that you may be responsible for?
All the above
Social security, sales tax and Medicare taxes
Federal income tax, Federal unemployment (FUTA) tax, User tax
Income Tax, Self-employment tax, Employment taxes - answer>>Income Tax, Self-employment
tax, Employment taxes
Page 15-1 - Federal Business Taxes - The form of business you operate determines what taxes
you must pay and how you pay them. The following are three general types of business taxes
that you may be responsible for: Income Tax, Self-employment tax, Employment taxes.
What function or system is the contractor's basis for cost control?
Inventory Control
Unit Costs
Budget Tracking
,Scheduling - answer>>Budget Tracking
Page 9-10 - Budget Tracking - The easiest way to track your budget is to use the cost estimate
and a job cost system to determine if you have any cost overruns.
When a mechanic's lien offer of settlement is extended, within how many days may the party
served respond?
21 days
7 days
10 days
15 days - answer>>10 days
Page H-1 - (b) Not less than fifteen days before the first term of court at which the trial is set,
either party may file and serve on the other party an offer of settlement, and within ten days
thereafter the party served may respond by filing and serving his offer of settlement.
Under South Carolina Mechanics' Lien Law the Notice of Project Commencement must be filed
within ____ from the commencement of work.
10 days
21 days
15 days
7 days - answer>>15 days
Page 16-2 - Time in Which to File: The Notice of Project Commencement must be filed within 15
days from the commencement of work.
What is the number of hours in a defined Fair Labor Standards Act (FLSA) workweek?
40 hours
5 days
168 hours
, 7 days - answer>>168 hours
Page 11-4 - Workweek Defined Under FLSA - A workweek is a period of 168 hours during seven
consecutive 24-hour periods.
Business income, sales and use, payroll, unemployment, and corporation license tax are a few
____ that may apply to your business.
State and Federal
Municipal
South Carolina State Tax Specific
Federal taxes - answer>>South Carolina State Tax Specific
Page 15-11 - South Carolina State Tax Specifics: Business income, sales and use, payroll,
unemployment, and corporation license tax are a few state taxes that may apply to your
business.
Refer to Pages 14-5 & 14-6 of the NASCLA Contractor's Guide for South Carolina Residential, 8th
edition. What is the liquidity (current) ratio for this contracting firm?
1.23
3.22
2.12
5.14 - answer>>3.22
Page 14-6 - Liquidity Ratio - Liquidity Ratio - The liquidity ratio (sometimes called the current
ratio) is calculated by dividing the current liabilities into the current assets. Current Assets /
Current Liabilities = Liquidity (or Current) Ratio ; 26,,200 = 3.22
Which financial ratio is used to determine if the company's assets are being employed in the
best manner?
Profitability ratio
Activity ratio
EXAM 2026-2027 LATEST UPDATED VERSION 50
QUESTIONS AND ANSWERS JUST RELEASED
Osha Form 300A must be posted by _______ and kept in place until at least April 30 following
the year covered by the form.
February 1
January 1
April 1
March 1 - answer>>February 1
Page 12-3 - OSHA Recordkeeping - Each year, the employer must conspicuously post in the
workplace a Form 300A, which includes a summary of the previous year's work-related injuries
and illnesses. The data from Form 300 is used to complete this form. Form 300A must be posted
by February 1 and kept in place until at least April 30 following the year covered by the form.
What are three general types of business taxes that you may be responsible for?
All the above
Social security, sales tax and Medicare taxes
Federal income tax, Federal unemployment (FUTA) tax, User tax
Income Tax, Self-employment tax, Employment taxes - answer>>Income Tax, Self-employment
tax, Employment taxes
Page 15-1 - Federal Business Taxes - The form of business you operate determines what taxes
you must pay and how you pay them. The following are three general types of business taxes
that you may be responsible for: Income Tax, Self-employment tax, Employment taxes.
What function or system is the contractor's basis for cost control?
Inventory Control
Unit Costs
Budget Tracking
,Scheduling - answer>>Budget Tracking
Page 9-10 - Budget Tracking - The easiest way to track your budget is to use the cost estimate
and a job cost system to determine if you have any cost overruns.
When a mechanic's lien offer of settlement is extended, within how many days may the party
served respond?
21 days
7 days
10 days
15 days - answer>>10 days
Page H-1 - (b) Not less than fifteen days before the first term of court at which the trial is set,
either party may file and serve on the other party an offer of settlement, and within ten days
thereafter the party served may respond by filing and serving his offer of settlement.
Under South Carolina Mechanics' Lien Law the Notice of Project Commencement must be filed
within ____ from the commencement of work.
10 days
21 days
15 days
7 days - answer>>15 days
Page 16-2 - Time in Which to File: The Notice of Project Commencement must be filed within 15
days from the commencement of work.
What is the number of hours in a defined Fair Labor Standards Act (FLSA) workweek?
40 hours
5 days
168 hours
, 7 days - answer>>168 hours
Page 11-4 - Workweek Defined Under FLSA - A workweek is a period of 168 hours during seven
consecutive 24-hour periods.
Business income, sales and use, payroll, unemployment, and corporation license tax are a few
____ that may apply to your business.
State and Federal
Municipal
South Carolina State Tax Specific
Federal taxes - answer>>South Carolina State Tax Specific
Page 15-11 - South Carolina State Tax Specifics: Business income, sales and use, payroll,
unemployment, and corporation license tax are a few state taxes that may apply to your
business.
Refer to Pages 14-5 & 14-6 of the NASCLA Contractor's Guide for South Carolina Residential, 8th
edition. What is the liquidity (current) ratio for this contracting firm?
1.23
3.22
2.12
5.14 - answer>>3.22
Page 14-6 - Liquidity Ratio - Liquidity Ratio - The liquidity ratio (sometimes called the current
ratio) is calculated by dividing the current liabilities into the current assets. Current Assets /
Current Liabilities = Liquidity (or Current) Ratio ; 26,,200 = 3.22
Which financial ratio is used to determine if the company's assets are being employed in the
best manner?
Profitability ratio
Activity ratio
