Utah Contractor Exam (Real) Questions and Answers | Latest 2026
Update
Q: A subcontractors bond does what?
Answer:
a. Protects the owner b. Protects the general contractor c. Protects the subcontractor
from general contractor d. None of the above B ... Explanation: A subcontractors
bond protects the general contractor in the event that the subcontractor does not fully
perform the contract. _________ occurs when the subcontractor approaches the
general contractor after the project was awarded with the intent of lowering the
original price on bid day. a. Bid Peddling b. Bid Rigging c. Bid Shopping d. None of
the above A...Explanation: Bid Peddling occurs when the subcontractor approaches
the general contractor after the project was awarded with the intent of lowering the
original price on bid day. Company overhead is usually between _______________.
a. 5 percent and 20 percent b. 15 percent and 25 percent c. 15 percent and 30 percent
,Q: d. 20 percent and 40 percent A...Explanation: Company overhead is usually
between 5
Answer:
percent and 20 percent. To arrive at a company overhead percentage, add all of your
overhead
costs from previous year (may be found on your income statement) and divide your
overhead
costs by your revenues (also found on your income statement) to arrive at your
overhead
percentage.
If changes are made to a bid before it is due, a(n) _________ is issued.
a. New contract
b. Mediation
c. Arbitration
d. Addendum D...Explanation: If changes are made to a bid before it is due, an
addendum is
issued. The addendum becomes part of the bid documents.
___________ employment means that either the employer or the employee may
terminate
employment at any time without notice or cause.
a. At-Will
b. Salaried
c. Contractual
d. Disability A...Explanation: "At-Will employment" means that either the employer
or the
employee may terminate employment at any time without notice or cause. Some
restrictions
apply.
_______ are debt obligations that extend beyond one year.
a. Assets
b. Long-term liabilities
c. Current liabilities
,d. Working capital B...Explanation: Long-term liabilities are debt obligations that
extend
beyond one year. Ref-Business Law and Project Management Page 13-4
Net profit is the difference _____________.
Q: a. Between labor and expenses b. Between direct costs and expenses c. Between
revenues and fixed overhead d. Between revenues and expenses D...Explanation:
Net profit is the difference between revenues and expenses. Which of the
following is NOT one of the main types of scheduling methods used in the
construction industry?
Answer:
a. Calendar Scheduling b. Project Scheduling c. Bar Chart Scheduling d. Critical Path
Method B ... Explanation: Project Scheduling is incorrect. ________ is the process of
transferring the transaction recorded in the journals to the appropriate accounts. a.
Posting b. Account c. Bookkeeping d. Payroll Journal A ... Explanation: Posting is
the process of transferring the transaction recorded in the journals to the appropriate
accounts. A payroll journal records what" a. Salaries and wages b. Deductions c.
Employer contributions d. All of the above D ... Explanation: A payroll journal is
used to record a summary of payroll details. An income statement will show:
, Q: a. Assets and liabilities at a certain point of time b. Revenues and expenses at a
certain point of time c. Assets and liabilities over an extended period of time d.
Revenues and expenses over an extended period of time D ... Explanation:
Income statements show revenues and expenses over an extended period of time.
Which of these best defines depreciation?
Answer:
a. A fixed liability b. An asset on which taxes must be paid for 5 years c. Profit
which will increase taxes for 5 years d. An expense which will decrease taxes D ...
Explanation: Depreciation is expenses that will decrease taxes. An income journal
consists of: a. Debits only because under the accrual method cash is not recorded
until later b. Credits only because income is only credit balance account c. Credits
and debits of equal unequal value d. Credits and debits of equal value D ...
Explanation: An income journal will consist of credits and debits that equal each
other. When you record income and receipts it is recommended that you keep a track
of: a. The job cash status b. Cash received and income earned c. Changes in accounts
receivable balance d. All of the above D ... Explanation: It is important to keep track
of the status of the job, cash received and income earned and changes in accounts
receivable balance. Current assets compared to current liabilities is commonly known
as:
Update
Q: A subcontractors bond does what?
Answer:
a. Protects the owner b. Protects the general contractor c. Protects the subcontractor
from general contractor d. None of the above B ... Explanation: A subcontractors
bond protects the general contractor in the event that the subcontractor does not fully
perform the contract. _________ occurs when the subcontractor approaches the
general contractor after the project was awarded with the intent of lowering the
original price on bid day. a. Bid Peddling b. Bid Rigging c. Bid Shopping d. None of
the above A...Explanation: Bid Peddling occurs when the subcontractor approaches
the general contractor after the project was awarded with the intent of lowering the
original price on bid day. Company overhead is usually between _______________.
a. 5 percent and 20 percent b. 15 percent and 25 percent c. 15 percent and 30 percent
,Q: d. 20 percent and 40 percent A...Explanation: Company overhead is usually
between 5
Answer:
percent and 20 percent. To arrive at a company overhead percentage, add all of your
overhead
costs from previous year (may be found on your income statement) and divide your
overhead
costs by your revenues (also found on your income statement) to arrive at your
overhead
percentage.
If changes are made to a bid before it is due, a(n) _________ is issued.
a. New contract
b. Mediation
c. Arbitration
d. Addendum D...Explanation: If changes are made to a bid before it is due, an
addendum is
issued. The addendum becomes part of the bid documents.
___________ employment means that either the employer or the employee may
terminate
employment at any time without notice or cause.
a. At-Will
b. Salaried
c. Contractual
d. Disability A...Explanation: "At-Will employment" means that either the employer
or the
employee may terminate employment at any time without notice or cause. Some
restrictions
apply.
_______ are debt obligations that extend beyond one year.
a. Assets
b. Long-term liabilities
c. Current liabilities
,d. Working capital B...Explanation: Long-term liabilities are debt obligations that
extend
beyond one year. Ref-Business Law and Project Management Page 13-4
Net profit is the difference _____________.
Q: a. Between labor and expenses b. Between direct costs and expenses c. Between
revenues and fixed overhead d. Between revenues and expenses D...Explanation:
Net profit is the difference between revenues and expenses. Which of the
following is NOT one of the main types of scheduling methods used in the
construction industry?
Answer:
a. Calendar Scheduling b. Project Scheduling c. Bar Chart Scheduling d. Critical Path
Method B ... Explanation: Project Scheduling is incorrect. ________ is the process of
transferring the transaction recorded in the journals to the appropriate accounts. a.
Posting b. Account c. Bookkeeping d. Payroll Journal A ... Explanation: Posting is
the process of transferring the transaction recorded in the journals to the appropriate
accounts. A payroll journal records what" a. Salaries and wages b. Deductions c.
Employer contributions d. All of the above D ... Explanation: A payroll journal is
used to record a summary of payroll details. An income statement will show:
, Q: a. Assets and liabilities at a certain point of time b. Revenues and expenses at a
certain point of time c. Assets and liabilities over an extended period of time d.
Revenues and expenses over an extended period of time D ... Explanation:
Income statements show revenues and expenses over an extended period of time.
Which of these best defines depreciation?
Answer:
a. A fixed liability b. An asset on which taxes must be paid for 5 years c. Profit
which will increase taxes for 5 years d. An expense which will decrease taxes D ...
Explanation: Depreciation is expenses that will decrease taxes. An income journal
consists of: a. Debits only because under the accrual method cash is not recorded
until later b. Credits only because income is only credit balance account c. Credits
and debits of equal unequal value d. Credits and debits of equal value D ...
Explanation: An income journal will consist of credits and debits that equal each
other. When you record income and receipts it is recommended that you keep a track
of: a. The job cash status b. Cash received and income earned c. Changes in accounts
receivable balance d. All of the above D ... Explanation: It is important to keep track
of the status of the job, cash received and income earned and changes in accounts
receivable balance. Current assets compared to current liabilities is commonly known
as:
