CONTRACTORS BUSINESS/LAW
EXAM QUESTIONS WITH CORRECT
SOLUTIONS||UPDATED 2026/2027
SYLLABUS||100% GUARANTEED
PASS||<<LATEST VERSION>>
What type of insurance covers contractors for losses due to vandalism and
malicious mischeif? - ANSWER ✓ All-Risk builders risk
The MAXIMUM allowable time to notify the department of Occupational and
Professional Licensing that your qualifier has left the company is: - ANSWER ✓
10 days
An employer must determine how much income tax to withhold from each
employees wages. What is the document used to determine the amount to be
withheld? - ANSWER ✓ Form W-4
What does Commercial Liability cover? - ANSWER ✓ Bodily injury, damage or
loss of property, personal injury and advertising injury.
If you file a claim or lien on A piece of property, how long do you have to notify
the owner or reputed owner - ANSWER ✓ 30 days
According to Utah Mechanics Lien Laws, when satisfying liens, who would take
first priority of payment? - ANSWER ✓ Laborers who worked on job
How long does form 301 have to be kept? - ANSWER ✓ 5 years
Which of the following is not considered when determining Project Equipment
Cost? - ANSWER ✓ Payroll
Where would you find information about what to do if an employee swallowed a
poisonous substance? - ANSWER ✓ Material Safety Data Sheet Book
, A company will NOT need to file a report for an injury that results in - ANSWER
✓ Only a minor cut or scratch
Mr. White earns $9.65 per hour and worked 52 hours in one week. What is the
total amount that must be withheld for medicare withholding? - ANSWER ✓
$8.12
If you have a note on a truck that is due to be paid off within the year, this is an
example of? - ANSWER ✓ current liability
Given the following information figure this companies Quick Ratio - ANSWER
✓ 1.2 ratio
What is the maximum penalty allowed for willful or repeated violations of OSHA
standards? - ANSWER ✓ $70,000
How much time does an employer have to ORALLY report an accident that
results in a related fatality? - ANSWER ✓ 8 hours
By what date must employees send W-2 statements to employees who have had
taxes withheld and who are still working for the employer as of December 31st? -
ANSWER ✓ January 31st
Direct costs are those directly linked with a particular project. Which of the
following would NOT be considered a direct cost? - ANSWER ✓ warehouse
rental
Which of the following works with the property owner and the subcontractors? -
ANSWER ✓ Project manager
What is the importance of January 31st? - ANSWER ✓ It is the date employers
must send W-2s to employees that have taxes withheld and are working for the
employer as of December 31st.
What is the max you can be fined by OSHA for a serious violation? - ANSWER
✓ $7000
EXAM QUESTIONS WITH CORRECT
SOLUTIONS||UPDATED 2026/2027
SYLLABUS||100% GUARANTEED
PASS||<<LATEST VERSION>>
What type of insurance covers contractors for losses due to vandalism and
malicious mischeif? - ANSWER ✓ All-Risk builders risk
The MAXIMUM allowable time to notify the department of Occupational and
Professional Licensing that your qualifier has left the company is: - ANSWER ✓
10 days
An employer must determine how much income tax to withhold from each
employees wages. What is the document used to determine the amount to be
withheld? - ANSWER ✓ Form W-4
What does Commercial Liability cover? - ANSWER ✓ Bodily injury, damage or
loss of property, personal injury and advertising injury.
If you file a claim or lien on A piece of property, how long do you have to notify
the owner or reputed owner - ANSWER ✓ 30 days
According to Utah Mechanics Lien Laws, when satisfying liens, who would take
first priority of payment? - ANSWER ✓ Laborers who worked on job
How long does form 301 have to be kept? - ANSWER ✓ 5 years
Which of the following is not considered when determining Project Equipment
Cost? - ANSWER ✓ Payroll
Where would you find information about what to do if an employee swallowed a
poisonous substance? - ANSWER ✓ Material Safety Data Sheet Book
, A company will NOT need to file a report for an injury that results in - ANSWER
✓ Only a minor cut or scratch
Mr. White earns $9.65 per hour and worked 52 hours in one week. What is the
total amount that must be withheld for medicare withholding? - ANSWER ✓
$8.12
If you have a note on a truck that is due to be paid off within the year, this is an
example of? - ANSWER ✓ current liability
Given the following information figure this companies Quick Ratio - ANSWER
✓ 1.2 ratio
What is the maximum penalty allowed for willful or repeated violations of OSHA
standards? - ANSWER ✓ $70,000
How much time does an employer have to ORALLY report an accident that
results in a related fatality? - ANSWER ✓ 8 hours
By what date must employees send W-2 statements to employees who have had
taxes withheld and who are still working for the employer as of December 31st? -
ANSWER ✓ January 31st
Direct costs are those directly linked with a particular project. Which of the
following would NOT be considered a direct cost? - ANSWER ✓ warehouse
rental
Which of the following works with the property owner and the subcontractors? -
ANSWER ✓ Project manager
What is the importance of January 31st? - ANSWER ✓ It is the date employers
must send W-2s to employees that have taxes withheld and are working for the
employer as of December 31st.
What is the max you can be fined by OSHA for a serious violation? - ANSWER
✓ $7000
