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Expert-Verified Questions and Answers High-
Quality Questions with Expert Answers
The employer should get I-9 immigration forms from employees within how many days of
hire? - CORRECT ANSWER- -Three days
Your Comprehensive General Liability insurance protects you from which of the below? -
CORRECT ANSWER- -Persons not employed by you and Damage to property other than
your company
Which of the below would pay state tax on income generated? - CORRECT ANSWER- -
Corporations
Which of the below would not be included in a contract offer? - CORRECT ANSWER- -Sub-
contractors
A company must have how many employees before workers' compensation is required? -
CORRECT ANSWER- -Three
Employers must pay Federal Unemployment Insurance taxes on employees how often? -
CORRECT ANSWER- -Quarterly
John Smith, an employee of your firm, is paid on a two week pay period, has worked the
following schedule:A) Week 1 - Monday - Friday (8 hours each day) and 4 hours on Saturday
B) Week 2 - Monday - Wednesday (8 hours each day) Thursday worked half a day then went
home with 4 hrs sick pay and Friday is a paid holiday. What is John's gross pay for this pay
period if he is making $18.40 per hour? - CORRECT ANSWER- -$1,582.40
,Where will John's wages fall on the company's income statement? - CORRECT ANSWER- -
Direct Cost
If you, an owner, want to be guaranteed that your project will be completed according to
the plans, specifications, terms and conditions of the contract. What kind of bond would
you need? - CORRECT ANSWER- -Performance Bond
What is a disadvantage of an oral contract versus a written one? - CORRECT ANSWER- -
Difficult to prove
Which of the statements below is correct? - CORRECT ANSWER- -Employees should
receive a w-2 before January 31 from their employer and Sub-contractors should receive a
1099 before January 31 from the general contractor
What is the disadvantage of the cash method accounting versus the accrual method of
accounting? - CORRECT ANSWER- -Cash method does not match revenue with expenses
incurred
If Federal Unemployment tax wage period ends on Saturday June 30th, when is your tax
deposit to the government due? - CORRECT ANSWER- -July 31st
What is the definition of Negotiation? - CORRECT ANSWER- -Diplomatic bargaining
Where are the Material Safety Data Sheets (MSDS) originated from? - CORRECT ANSWER- -
Provided by the manufacturer of the chemical
The contract bid documents include: - CORRECT ANSWER- -Invitation to bid, Bid
Instructions, Bid forms
, Commercial General Liability Insurance (CGL) covers: - CORRECT ANSWER- -Bodily injury
to non-employees, Damage to property not belonging to business, Personal injury, slander,
damage to reputation
If you accumulate a tax liability of $100,000 or more, you must make your deposit by: -
CORRECT ANSWER- -Next banking day
What is the maximum penalty amount an employer can be fined for an OSHA willful
violation? - CORRECT ANSWER- -$ 70,000.00
How can you become more competitive in business? - CORRECT ANSWER- -Improve
Safety
What is more likely to be included in company or general overhead? - CORRECT ANSWER- -
Insurance
What is the best method to accurately estimate costs of labor for a job? - CORRECT
ANSWER- -Job cost history
Which of the following is not an advantage of a sole proprietorship? - CORRECT ANSWER- -
unlimited personal liability
One of the main reasons that a construction contract could be voided or terminated is: -
CORRECT ANSWER- -A material breach occurs when a party refuses to perform the
contract
Which of the following is considered to be part of company overhead? - CORRECT
ANSWER- -Accounting fees and office rent
Strategies Tested and Reliable Exam Strategies
Expert-Verified Questions and Answers High-
Quality Questions with Expert Answers
The employer should get I-9 immigration forms from employees within how many days of
hire? - CORRECT ANSWER- -Three days
Your Comprehensive General Liability insurance protects you from which of the below? -
CORRECT ANSWER- -Persons not employed by you and Damage to property other than
your company
Which of the below would pay state tax on income generated? - CORRECT ANSWER- -
Corporations
Which of the below would not be included in a contract offer? - CORRECT ANSWER- -Sub-
contractors
A company must have how many employees before workers' compensation is required? -
CORRECT ANSWER- -Three
Employers must pay Federal Unemployment Insurance taxes on employees how often? -
CORRECT ANSWER- -Quarterly
John Smith, an employee of your firm, is paid on a two week pay period, has worked the
following schedule:A) Week 1 - Monday - Friday (8 hours each day) and 4 hours on Saturday
B) Week 2 - Monday - Wednesday (8 hours each day) Thursday worked half a day then went
home with 4 hrs sick pay and Friday is a paid holiday. What is John's gross pay for this pay
period if he is making $18.40 per hour? - CORRECT ANSWER- -$1,582.40
,Where will John's wages fall on the company's income statement? - CORRECT ANSWER- -
Direct Cost
If you, an owner, want to be guaranteed that your project will be completed according to
the plans, specifications, terms and conditions of the contract. What kind of bond would
you need? - CORRECT ANSWER- -Performance Bond
What is a disadvantage of an oral contract versus a written one? - CORRECT ANSWER- -
Difficult to prove
Which of the statements below is correct? - CORRECT ANSWER- -Employees should
receive a w-2 before January 31 from their employer and Sub-contractors should receive a
1099 before January 31 from the general contractor
What is the disadvantage of the cash method accounting versus the accrual method of
accounting? - CORRECT ANSWER- -Cash method does not match revenue with expenses
incurred
If Federal Unemployment tax wage period ends on Saturday June 30th, when is your tax
deposit to the government due? - CORRECT ANSWER- -July 31st
What is the definition of Negotiation? - CORRECT ANSWER- -Diplomatic bargaining
Where are the Material Safety Data Sheets (MSDS) originated from? - CORRECT ANSWER- -
Provided by the manufacturer of the chemical
The contract bid documents include: - CORRECT ANSWER- -Invitation to bid, Bid
Instructions, Bid forms
, Commercial General Liability Insurance (CGL) covers: - CORRECT ANSWER- -Bodily injury
to non-employees, Damage to property not belonging to business, Personal injury, slander,
damage to reputation
If you accumulate a tax liability of $100,000 or more, you must make your deposit by: -
CORRECT ANSWER- -Next banking day
What is the maximum penalty amount an employer can be fined for an OSHA willful
violation? - CORRECT ANSWER- -$ 70,000.00
How can you become more competitive in business? - CORRECT ANSWER- -Improve
Safety
What is more likely to be included in company or general overhead? - CORRECT ANSWER- -
Insurance
What is the best method to accurately estimate costs of labor for a job? - CORRECT
ANSWER- -Job cost history
Which of the following is not an advantage of a sole proprietorship? - CORRECT ANSWER- -
unlimited personal liability
One of the main reasons that a construction contract could be voided or terminated is: -
CORRECT ANSWER- -A material breach occurs when a party refuses to perform the
contract
Which of the following is considered to be part of company overhead? - CORRECT
ANSWER- -Accounting fees and office rent
