TN Business and Law Exam Questions And Answers With Verified Solutions Graded A+

"S" Corporation taxes are recognized as (blank) wages - pass through (blank) absolves the indemnified party from any payment for losses and damages incurred by a third party - indemnification (blank) covers property owners and builders during the process of a building's construction - Allrisk builders' risk (blank) illustrates interdependencies between relationships and tasks - critical path (blank) is anything of value - consideration (blank) is defined as any building, structure, erection, alteration, demolition, excavation, or any part thereof, including ornamental shrubbery and trees, driveways, and private roadways on real property for its permanent benefit - improvement (blank) is defined as including real estate, lands, tenements, and hereditaments - real property (blank) is not a purpose of a contractor's license - generate revenue (blank) is not an element of a business plan - employee schedule (blank) is not recognized as effective time management - deferment (blank) laws secure the right to employees to decide if they wish to support or join a union - Rightto-work(blank) prohibits firing an employee due to garnished wages - wage garnishment law (blank) requires paying prevailing wages in federally-financed projects - Davis-Bacon Act A (blank) bond guarantees against defects, material or workmanship - maintenance A (blank) bundles all cost factors for the entire task - unit price method A (blank) is a special business arrangement that exists when two or more companies join to undertake a specific project - joint venture A (blank) is used as a cost model from previous jobs - conceptual estimate A contractor may bid on a contract requiring work in a classification other than the one in which the contractor is licensed if and only if the contractor has a commercial building contractor's license or if such contractor's license shall permit the contractor to perform at least (blank) percent of the bid amount or price of work for the project being bid - 60 A downside to public relations is? - labor-intensive nature A home improvement license is required for remodeling projects which may cost (blank) to (blank) - $3,000-$25,000 A job has direct costs of $198,325, project overhead of 9.2%, company overhead of 13.9%, and a desired profit of 10.7%. What will the correct bid be? - $299,584 (9.2 + 13.9 + 10.7 = 33.8%. Therefore, the direct costs are 66.2% of the bid. $198,325 / .662 = $299,584) A major purpose of tracking costs is because (blank) can indicate a possible problem - overrunsA sole proprietor is taxed on - ordinary income A surety bond is typically a (blank) party bond - three All notices of liens must be sent? - by certified mail