WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS PRACTICE QUESTIONS AND ANSWERS (100% PASS

WV BUSINESS LAW PRACTICE EXAM FOR CONTRACTORS PRACTICE QUESTIONS AND ANSWERS (100% PASS) 1. What type of contract requires the contractor to be responsible for both the engineering and construction of a project? a. Traditional b. Design build c. Turn key d. Concession - Answer️️ -b. Design build 2. By what date is an employer required to provide its employees with a W-2? a. January 31 b. February 15 c. March 31 d. April 15 - Answer️️ -a. January 31 3. When developing a project schedule, what does WBS stand for? a. Work breakdown structure ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 2 b. Work building schedule c. Wall board system d. Whole build system - Answer️️ -a. Work breakdown structure 4. Overtime wages are paid at what percentage of the normal wage rate? - Answer️️ -c. 150% 5. Using the percentage method of withholding, what is the income tax deducted form an employees wages that earns $1,500 per pay period, is paid bi-weekly, is single and claims no deductions? a. $82.95 b. 165.90 c. $194.50 d. $214.50 - Answer️️ -c. $194.50 6. What is the penalty for submitting an IRS payroll tax deposit in the amount of $5,000 that is 2 days late? a. $100 b. $250 c. $500 ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 3 d. $750 - Answer️️ -a. $100 The accounting method that recognizes income and expenses only when money is received or paid is called: a. the PCM Method b. the Accrual method c. the cash method d. the cost-comparison method - Answer️️ -c. the Cash method Employers are required to notify employees of changes in policies affecting all the following EXCEPT: a. pay schedules b vacation allowance c. health benefits d. promotion opportunities - Answer️️ -d. promotion opportunities What is the process for obtaining a contractor license if the existing license has lapsed? (Do not consider exceptions) a. Submit a renewal application with the renewal fee. ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM 4 b. Submit a renewal application, renewal fee and a $25 late fee. c. Submit a new license application using test scores from original license. d. Submit a new license application and retake licensing exams. - Answer️️ -d. Submit a new license application and retake licensing exams. What does the term "replacement cost" mean relative to insurance coverage? a. The insurer will pay the policy holder an amount su