SC Business Management and Law
Exam Graded A+
_______ identifies the time for which an activity can be delayed without delaying project
completion - ANSWER-Float
"Lienor" includes the following: - ANSWER-A laborer, a material man who contracts with
a sub- contractor, a sub contractor.
A completed I-9 form must be obtained from all new employees within _____days of
hire - ANSWER-3
A construction lien is: - ANSWER-Placed on property for nonpayment
A contract may be written or oral - ANSWER-True
A contractor and a labor enter an agreement on $350 per weekday. The labor works
one hour the first week to make up for lost time the labor work 60 hours the next week
what is his pay for that week? - ANSWER-$612.50
A job can be done in 40 hours by three men. What is the time of six men are on the
same job - ANSWER-20
A job has a labor cost of $3500 and a $950 overhead cost and a 12% cost for any
changes what is the cost with a change of $1200 lower labor cost and $240 lower
overhead cost? - ANSWER-$3371
A leaner is required to serve a written notice of non-payment to the contractor and the
surety no later than _______ days after the final furnishing of labor, services, or
materials at the project. - ANSWER-90
A measure of a firms ability to meet its commitments for material purchases, payroll,
debt repayment, and financial liabilities is called - ANSWER-Working capital
A new employer has paid $9000 to an employee during a calendar year. According to
the South Carolina unemployment compensation, what would the state unemployment
tax be? - ANSWER-$304.80
A non-exempt employee works 25 hours one week and 55 hours the second for missed
time, what is pay for the two weeks at $13 per hour? - ANSWER-$1100-1150
A partnership is 50-50 each partner invest $15,000 to start a business. The business
closes owing $45,000 in debts which of the following applies. - ANSWER-Both are
responsible for the debt of $45,000
, A provision in a contract for a certain part of payments to be held back is called what? -
ANSWER-Retain age
A supervisor is salaried at $720 per week for a specified 40 hrs per week. The job
required the supervisor to work 8 hours on Saturday a normal day off, what would be his
gross pay? - ANSWER-$720
A three party agreement that guarantees that the contractor will perform work in
accordance with the contract and pay off all construction costs is what? - ANSWER-
Contract bond
After the initial appointment of the board by the governor, the members for the
residential board, she'll be appointed for ____ year terms - ANSWER-4
All employment tax records should be kept for at least ______ years - ANSWER-4
All of the following are project conditions cost except - ANSWER-Advertising cost
All of the following are reasons for establishing and implementing a cost control system
for budget except? - ANSWER-In order to remain competitive without being innovative
or creative
All of the following employees are non exempt and governed by FLSA except -
ANSWER-Supervisor
All the following records are routinely kept at the construction job site except -
ANSWER-Job estimates
An applicant who fails the license exam may take the next subsequent exam upon
payment of the re-examination fee - ANSWER-True
An award of attorney fees and litigation expenses will be entitled to whom in a lien court
action - ANSWER-Prevailing party
An employee is responsible for paying _______% of the state unemployment
compensation tax? - ANSWER-0%
An employer must make advance EIC payments to employees who correctly fill out form
_______. - ANSWER-W-5
An owner has an estimated job cost of $98,500. A contractor agrees to do the job for
cost +35% and a $600 a day bonus for early finish. What is the cost if the contractor has
a direct cost of $58,600 and finishes seven days early. - ANSWER-$81,500 to $84, 500
Any license which have expired shell require additional renewal fees - ANSWER-True
Exam Graded A+
_______ identifies the time for which an activity can be delayed without delaying project
completion - ANSWER-Float
"Lienor" includes the following: - ANSWER-A laborer, a material man who contracts with
a sub- contractor, a sub contractor.
A completed I-9 form must be obtained from all new employees within _____days of
hire - ANSWER-3
A construction lien is: - ANSWER-Placed on property for nonpayment
A contract may be written or oral - ANSWER-True
A contractor and a labor enter an agreement on $350 per weekday. The labor works
one hour the first week to make up for lost time the labor work 60 hours the next week
what is his pay for that week? - ANSWER-$612.50
A job can be done in 40 hours by three men. What is the time of six men are on the
same job - ANSWER-20
A job has a labor cost of $3500 and a $950 overhead cost and a 12% cost for any
changes what is the cost with a change of $1200 lower labor cost and $240 lower
overhead cost? - ANSWER-$3371
A leaner is required to serve a written notice of non-payment to the contractor and the
surety no later than _______ days after the final furnishing of labor, services, or
materials at the project. - ANSWER-90
A measure of a firms ability to meet its commitments for material purchases, payroll,
debt repayment, and financial liabilities is called - ANSWER-Working capital
A new employer has paid $9000 to an employee during a calendar year. According to
the South Carolina unemployment compensation, what would the state unemployment
tax be? - ANSWER-$304.80
A non-exempt employee works 25 hours one week and 55 hours the second for missed
time, what is pay for the two weeks at $13 per hour? - ANSWER-$1100-1150
A partnership is 50-50 each partner invest $15,000 to start a business. The business
closes owing $45,000 in debts which of the following applies. - ANSWER-Both are
responsible for the debt of $45,000
, A provision in a contract for a certain part of payments to be held back is called what? -
ANSWER-Retain age
A supervisor is salaried at $720 per week for a specified 40 hrs per week. The job
required the supervisor to work 8 hours on Saturday a normal day off, what would be his
gross pay? - ANSWER-$720
A three party agreement that guarantees that the contractor will perform work in
accordance with the contract and pay off all construction costs is what? - ANSWER-
Contract bond
After the initial appointment of the board by the governor, the members for the
residential board, she'll be appointed for ____ year terms - ANSWER-4
All employment tax records should be kept for at least ______ years - ANSWER-4
All of the following are project conditions cost except - ANSWER-Advertising cost
All of the following are reasons for establishing and implementing a cost control system
for budget except? - ANSWER-In order to remain competitive without being innovative
or creative
All of the following employees are non exempt and governed by FLSA except -
ANSWER-Supervisor
All the following records are routinely kept at the construction job site except -
ANSWER-Job estimates
An applicant who fails the license exam may take the next subsequent exam upon
payment of the re-examination fee - ANSWER-True
An award of attorney fees and litigation expenses will be entitled to whom in a lien court
action - ANSWER-Prevailing party
An employee is responsible for paying _______% of the state unemployment
compensation tax? - ANSWER-0%
An employer must make advance EIC payments to employees who correctly fill out form
_______. - ANSWER-W-5
An owner has an estimated job cost of $98,500. A contractor agrees to do the job for
cost +35% and a $600 a day bonus for early finish. What is the cost if the contractor has
a direct cost of $58,600 and finishes seven days early. - ANSWER-$81,500 to $84, 500
Any license which have expired shell require additional renewal fees - ANSWER-True
