COMMERCIAL CONTRACTOR
PRACTICE EXAM QUESTIONS
An-employee-earns-$12.50-per-hour.-What-is-the-gross-pay-of-this-non-exempt-employee-
who-works-45-hours-during-a-holiday-week,-and-receives-8-hours-additional-pay-for-the-
holiday?
A.$562.50
B.$662.50
C.$693.75
D.$743.75---ans-✔✔C.$693.75
Which-of-the-following-statements-about-a-sole-proprietorship-is-TRUE?
A.-The-business,-or-any-part-of-it,-can-be-sold,-altered,-or-exchanged-at-will.
B.-The-business-will-survive-the-death-of-the-owner.
C.-It-provides-the-owner-with-limited-liability-for-debts-and-actions-of-the-business
D.-The-business-is-not-subject-to-Federal-income-tax.---ans-✔✔A.The-business,-or-any-
part-of-it,-can-be-sold,-altered,-or-exchanged-at-will.
What-is-the-name-of-the-process-when-a-facilitator-meets-with-the-major-participants-in-a-
project,-prior-to-the-commencement-of-the-project,-to-identify-the-shared-goals-of-all-
participants?
A.-Partnering
B.-Arbitration
C.-Mediation
D.-Claims-resolution---ans-✔✔A.Partnering
,How-much-is-an-employer-who-withheld-employee-Medicare-and-Social-Security-taxes-or-
$765-REQUIRED-to-send-to-the-IRS?
A.-$145
B.-$620
C.-$765
D.-$1,530---ans-✔✔D.$1530
Records-of-an-employee's-exposure-to-hazardous-materials-MUST-be-kept-a-MINIMUM-
of-how-many-years?
A.-3-years
B.-7-years
C.-15-years
D.-30-years---ans-✔✔D.30-years
What-can-be-determined-by-summing-the-project-activities-into-an-overall-schedule?
A.-The-total-resource-demand-for-a-project-at-any-given-time.
B.The-total-amount-that-the-company-will-earn-from-the-job.
C.The-total-insurance-needs-of-the-company.
D.The-total-man-hours-needed-for-all-projects.---ans-✔✔A.The-total-resource-demand-for-
a-project-at-any-given-time.
What-MUST-be-done-with-the-taxes-withheld-by-an-employer-between-the-time-that-they-
are-withheld-and-the-time-that-they-are-sent-to-the-IRS?
A.-The-taxes-can-be-kept-in-the-general-company-account.
B.-The-taxes-must-be-kept-in-a-savings-account.
, C.-The-taxes-must-be-held-in-a-separate-account-and-not-used-for-anything-else.
D.-The-taxes-can-be-used-to-temporarily-pay-the-company's-expenses.---ans-✔✔C.The-
taxes-must-be-held-in-a-separate-account-and-not-used-for-anything-else.
Costs-that-relate-to-construction-but-are-not-directly-associated-with-labor-and-materials-
for-a-specific-project-are-considered-to-be-which-of-the-following?
A.-overhead-burden
B.-company-overhead
C.-project-overhead
D.-variable-overhead---ans-✔✔C.project-overhead
What-is-the-average-collection-period-ratio-for-a-firm-that-has-$365,000-in-annual-
revenues,-$6,600-in-current-receivables,-and-net-income-of-$32,000?
A.-4.8
B.-6.6-
C.-11.4
D.-55.3---ans-✔✔B.6.6
Which-is-an-advantage-of-a-Critical-Path-Method-(CPM)-schedule?
A.-It-is-the-easiest-to-interpret
B.-It-identifies-the-cash-flow-needs-at-any-point-in-the-project.
C.-It-most-clearly-shows-all-the-activities-needed-to-complete-the-project.
D.-It-identifies-activities-that-must-be-completed-before-other-activities-can-occur.---ans-
✔✔D.It-identifies-activities-that-must-be-completed-before-other-activities-can-occur.
An-employee-can-request-to-receive-advance-earned-income-credit-on-Form
A.-w-2
B.-w-3
PRACTICE EXAM QUESTIONS
An-employee-earns-$12.50-per-hour.-What-is-the-gross-pay-of-this-non-exempt-employee-
who-works-45-hours-during-a-holiday-week,-and-receives-8-hours-additional-pay-for-the-
holiday?
A.$562.50
B.$662.50
C.$693.75
D.$743.75---ans-✔✔C.$693.75
Which-of-the-following-statements-about-a-sole-proprietorship-is-TRUE?
A.-The-business,-or-any-part-of-it,-can-be-sold,-altered,-or-exchanged-at-will.
B.-The-business-will-survive-the-death-of-the-owner.
C.-It-provides-the-owner-with-limited-liability-for-debts-and-actions-of-the-business
D.-The-business-is-not-subject-to-Federal-income-tax.---ans-✔✔A.The-business,-or-any-
part-of-it,-can-be-sold,-altered,-or-exchanged-at-will.
What-is-the-name-of-the-process-when-a-facilitator-meets-with-the-major-participants-in-a-
project,-prior-to-the-commencement-of-the-project,-to-identify-the-shared-goals-of-all-
participants?
A.-Partnering
B.-Arbitration
C.-Mediation
D.-Claims-resolution---ans-✔✔A.Partnering
,How-much-is-an-employer-who-withheld-employee-Medicare-and-Social-Security-taxes-or-
$765-REQUIRED-to-send-to-the-IRS?
A.-$145
B.-$620
C.-$765
D.-$1,530---ans-✔✔D.$1530
Records-of-an-employee's-exposure-to-hazardous-materials-MUST-be-kept-a-MINIMUM-
of-how-many-years?
A.-3-years
B.-7-years
C.-15-years
D.-30-years---ans-✔✔D.30-years
What-can-be-determined-by-summing-the-project-activities-into-an-overall-schedule?
A.-The-total-resource-demand-for-a-project-at-any-given-time.
B.The-total-amount-that-the-company-will-earn-from-the-job.
C.The-total-insurance-needs-of-the-company.
D.The-total-man-hours-needed-for-all-projects.---ans-✔✔A.The-total-resource-demand-for-
a-project-at-any-given-time.
What-MUST-be-done-with-the-taxes-withheld-by-an-employer-between-the-time-that-they-
are-withheld-and-the-time-that-they-are-sent-to-the-IRS?
A.-The-taxes-can-be-kept-in-the-general-company-account.
B.-The-taxes-must-be-kept-in-a-savings-account.
, C.-The-taxes-must-be-held-in-a-separate-account-and-not-used-for-anything-else.
D.-The-taxes-can-be-used-to-temporarily-pay-the-company's-expenses.---ans-✔✔C.The-
taxes-must-be-held-in-a-separate-account-and-not-used-for-anything-else.
Costs-that-relate-to-construction-but-are-not-directly-associated-with-labor-and-materials-
for-a-specific-project-are-considered-to-be-which-of-the-following?
A.-overhead-burden
B.-company-overhead
C.-project-overhead
D.-variable-overhead---ans-✔✔C.project-overhead
What-is-the-average-collection-period-ratio-for-a-firm-that-has-$365,000-in-annual-
revenues,-$6,600-in-current-receivables,-and-net-income-of-$32,000?
A.-4.8
B.-6.6-
C.-11.4
D.-55.3---ans-✔✔B.6.6
Which-is-an-advantage-of-a-Critical-Path-Method-(CPM)-schedule?
A.-It-is-the-easiest-to-interpret
B.-It-identifies-the-cash-flow-needs-at-any-point-in-the-project.
C.-It-most-clearly-shows-all-the-activities-needed-to-complete-the-project.
D.-It-identifies-activities-that-must-be-completed-before-other-activities-can-occur.---ans-
✔✔D.It-identifies-activities-that-must-be-completed-before-other-activities-can-occur.
An-employee-can-request-to-receive-advance-earned-income-credit-on-Form
A.-w-2
B.-w-3
