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Louisiana Contractor's Exam - Business and Law Questions and Answers

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Louisiana Contractor's Exam - Business and Law Questions and Answers

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Louisiana Contractor's Exam - Business
and Law Questions and Answers
Federal Unemployment tax must be paid after an employee works ____ weeks Correct Ans-
20 weeks



What is the debt ratio? Correct Ans-liabilities/assets



A contractor's license is needed when the residential project is valued over ___ Correct Ans-
$50,000



When is a contract considered accepted? Correct Ans-when signed



What is the most accurate method of estimate? Correct Ans-Quantity take off method



Projects worth how much require bonds under the Miller Act? Correct Ans-$100.000



assets/liability is which ratio? Correct Ans-Liquidity



Types of surety bonds Correct Ans-Bid bond
performance bond
payment bond


promise to complete the project for the bid price and provide a performance and payment
bond. Correct Ans-Bid Bond

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