Mississippi Business and Law Contractor Exam Study Guide 2026/2027 Edition | Latest Questions with Answers & Rationales | Success Guaranteed

Mississippi Business and Law Contractor Exam Study Guide 2026/2027
Edition | Latest Questions with Answers & Rationales | Success
Guaranteed

1. Business plan includes all but the following:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: Register business name
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to Business plan includes all but the following.
2. A change order after a contract is signed must be:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: Signed by both parties
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to A change order after a contract is signed must be.
3. Asbestos discovered during remodeling should be:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: Removed by a competent person
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to Asbestos discovered during remodeling should be.
4. A contractor should be aware of drainage problems:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: At the start of the project and throughout construction
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to A contractor should be aware of drainage problems.
5. The most accurate method for estimating material quantities is:
A. Option A
B. Option B
C. Option C

,D. Option D
Correct Answer: Quantity survey (takeoff) method
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to The most accurate method for estimating material
quantities is.
6. Liens must be filed within:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: 90 days since last supplying material or labor
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to Liens must be filed within.
7. The most reliable method for estimating labor and materials is:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: Quantity survey method
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to The most reliable method for estimating labor and
materials is.
8. The maximum OSHA penalty for willful violations is:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: 70,000
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to The maximum OSHA penalty for willful violations is.
9. A document that describes the quality of materials used is:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: Specifications
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to A document that describes the quality of materials
used is.
10. Who is responsible for obtaining construction permits?

, A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: The contractor
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to Who is responsible for obtaining construction
permits.
11. Working capital is defined as:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: The difference between current assets and current liabilities
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to Working capital is defined as.
12. The financial situation of a company at any given time is shown by:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: Balance sheet
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to The financial situation of a company at any given
time is shown by.
13. A fixed price contract is most preferred by:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: Owners
Rationale: This question tests knowledge of Mississippi contractor business and
law requirements related to A fixed price contract is most preferred by.
14. The most important reason for always preparing a proper contract is:
A. Option A
B. Option B
C. Option C
D. Option D
Correct Answer: To avoid disputes