COMMERCIAL CONTRACTOR
PRACTICE EXAM QUESTIONS &
ANSWERS
An employee earns $12.50 per hour. What is the gross pay of this non-exempt
employee who works 45 hours during a holiday week, and receives 8 hours additional
pay for the holiday?
A.$562.50
B.$662.50
C.$693.75
D.$743.75 - ANSWER C.$693.75
Which of the following statements about a sole proprietorship is TRUE?
A. The business, or any part of it, can be sold, altered, or exchanged at will.
B. The business will survive the death of the owner.
C. It provides the owner with limited liability for debts and actions of the business
D. The business is not subject to Federal income tax. - ANSWER A.The business, or
any part of it, can be sold, altered, or exchanged at will.
What is the name of the process when a facilitator meets with the major participants in a
project, prior to the commencement of the project, to identify the shared goals of all
participants?
A. Partnering
B. Arbitration
C. Mediation
D. Claims resolution - ANSWER A.Partnering
How much is an employer who withheld employee Medicare and Social Security taxes
or $765 REQUIRED to send to the IRS?
A. $145
,B. $620
C. $765
D. $1,530 - ANSWER D.$1530
Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM
of how many years?
A. 3 years
B. 7 years
C. 15 years
D. 30 years - ANSWER D.30 years
What can be determined by summing the project activities into an overall schedule?
A. The total resource demand for a project at any given time.
B.The total amount that the company will earn from the job.
C.The total insurance needs of the company.
D.The total man-hours needed for all projects. - ANSWER A.The total resource demand
for a project at any given time.
What MUST be done with the taxes withheld by an employer between the time that they
are withheld and the time that they are sent to the IRS?
A. The taxes can be kept in the general company account.
B. The taxes must be kept in a savings account.
C. The taxes must be held in a separate account and not used for anything else.
D. The taxes can be used to temporarily pay the company's expenses. - ANSWER
C.The taxes must be held in a separate account and not used for anything else.
, Costs that relate to construction but are not directly associated with labor and materials
for a specific project are considered to be which of the following?
A. overhead burden
B. company overhead
C. project overhead
D. variable overhead - ANSWER C.project overhead
What is the average collection period ratio for a firm that has $365,000 in annual
revenues, $6,600 in current receivables, and net income of $32,000?
A. 4.8
B. 6.6
C. 11.4
D. 55.3 - ANSWER B.6.6
Which is an advantage of a Critical Path Method (CPM) schedule?
A. It is the easiest to interpret
B. It identifies the cash flow needs at any point in the project.
C. It most clearly shows all the activities needed to complete the project.
D. It identifies activities that must be completed before other activities can occur. -
ANSWER D.It identifies activities that must be completed before other activities can
occur.
An employee can request to receive advance earned income credit on Form
A. w-2
B. w-3
C. w-4
D. w-5 - ANSWER D.W-5
PRACTICE EXAM QUESTIONS &
ANSWERS
An employee earns $12.50 per hour. What is the gross pay of this non-exempt
employee who works 45 hours during a holiday week, and receives 8 hours additional
pay for the holiday?
A.$562.50
B.$662.50
C.$693.75
D.$743.75 - ANSWER C.$693.75
Which of the following statements about a sole proprietorship is TRUE?
A. The business, or any part of it, can be sold, altered, or exchanged at will.
B. The business will survive the death of the owner.
C. It provides the owner with limited liability for debts and actions of the business
D. The business is not subject to Federal income tax. - ANSWER A.The business, or
any part of it, can be sold, altered, or exchanged at will.
What is the name of the process when a facilitator meets with the major participants in a
project, prior to the commencement of the project, to identify the shared goals of all
participants?
A. Partnering
B. Arbitration
C. Mediation
D. Claims resolution - ANSWER A.Partnering
How much is an employer who withheld employee Medicare and Social Security taxes
or $765 REQUIRED to send to the IRS?
A. $145
,B. $620
C. $765
D. $1,530 - ANSWER D.$1530
Records of an employee's exposure to hazardous materials MUST be kept a MINIMUM
of how many years?
A. 3 years
B. 7 years
C. 15 years
D. 30 years - ANSWER D.30 years
What can be determined by summing the project activities into an overall schedule?
A. The total resource demand for a project at any given time.
B.The total amount that the company will earn from the job.
C.The total insurance needs of the company.
D.The total man-hours needed for all projects. - ANSWER A.The total resource demand
for a project at any given time.
What MUST be done with the taxes withheld by an employer between the time that they
are withheld and the time that they are sent to the IRS?
A. The taxes can be kept in the general company account.
B. The taxes must be kept in a savings account.
C. The taxes must be held in a separate account and not used for anything else.
D. The taxes can be used to temporarily pay the company's expenses. - ANSWER
C.The taxes must be held in a separate account and not used for anything else.
, Costs that relate to construction but are not directly associated with labor and materials
for a specific project are considered to be which of the following?
A. overhead burden
B. company overhead
C. project overhead
D. variable overhead - ANSWER C.project overhead
What is the average collection period ratio for a firm that has $365,000 in annual
revenues, $6,600 in current receivables, and net income of $32,000?
A. 4.8
B. 6.6
C. 11.4
D. 55.3 - ANSWER B.6.6
Which is an advantage of a Critical Path Method (CPM) schedule?
A. It is the easiest to interpret
B. It identifies the cash flow needs at any point in the project.
C. It most clearly shows all the activities needed to complete the project.
D. It identifies activities that must be completed before other activities can occur. -
ANSWER D.It identifies activities that must be completed before other activities can
occur.
An employee can request to receive advance earned income credit on Form
A. w-2
B. w-3
C. w-4
D. w-5 - ANSWER D.W-5
