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 - ANSWER 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 - ANSWER 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 - ANSWER a. Work breakdown structure
4. Overtime wages are paid at what percentage of the normal wage rate? - ANSWER 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?
1
, a. $82.95
b. 165.90
c. $194.50
d. $214.50 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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.
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and construction of a project?
a. Traditional
b. Design build
c. Turn key
d. Concession - ANSWER 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 - ANSWER 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 - ANSWER a. Work breakdown structure
4. Overtime wages are paid at what percentage of the normal wage rate? - ANSWER 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?
1
, a. $82.95
b. 165.90
c. $194.50
d. $214.50 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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.
2
