CONTRACTORS BUSINESS/LAW EXAM
2025 QUESTIONS AND ANSWERS 100%
SOLVED.
, If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? -
ANSWERquarterly
How many employees does it take for the Fair Labor Act to be applied? - ANSWER1
What accounting method records income when the service occurs and expense when
they are incurred? - ANSWERAccrual Method
What do the General Conditions of a contract do? - ANSWEROutline roles of the owner,
architect, and engineer.
You are purchasing an insurance policy with a monthly premium of $300. If you
implement a safety program you can save 10% on the cost of the policy. The safety
program costs $400 to start and $15 a month to maintain it. What would be the net
difference in cost over three year period with a safety program? - ANSWERNet saving
of $140
Written construction contract change order should include a description of the
modification to be made, any change in contract time and - ANSWERThe change in the
contract dollar amount
Which of the following is a written agreement between the owner and contractor to
change the contract? - ANSWERchange order
What term identifies money withheld from progress payments to the contractor and paid
after the completion of the project? - ANSWERRetainage
When is final payment due? - ANSWERFinal inspection, acceptance by owner and
submittal of proper documentation must occur
After hiring a disabled person, which of the following can't you do, according to the
American with Disabilities Act? - ANSWERRequire a medical examination of just the
person you suspect is disabled.
The percentage of completion method of accounting does what - ANSWERrecognizes
profit as it is earned
Workers are on a job site where noise is very loud. Who is supposed to supply the
workers with ear protection? - ANSWERcontractor (employer)
Where can you get accurate information about tax deposit schedules? - ANSWERIRS
Publication Circular E
2025 QUESTIONS AND ANSWERS 100%
SOLVED.
, If an employer's Federal Payroll Tax liability is $1000 how may they pay taxes? -
ANSWERquarterly
How many employees does it take for the Fair Labor Act to be applied? - ANSWER1
What accounting method records income when the service occurs and expense when
they are incurred? - ANSWERAccrual Method
What do the General Conditions of a contract do? - ANSWEROutline roles of the owner,
architect, and engineer.
You are purchasing an insurance policy with a monthly premium of $300. If you
implement a safety program you can save 10% on the cost of the policy. The safety
program costs $400 to start and $15 a month to maintain it. What would be the net
difference in cost over three year period with a safety program? - ANSWERNet saving
of $140
Written construction contract change order should include a description of the
modification to be made, any change in contract time and - ANSWERThe change in the
contract dollar amount
Which of the following is a written agreement between the owner and contractor to
change the contract? - ANSWERchange order
What term identifies money withheld from progress payments to the contractor and paid
after the completion of the project? - ANSWERRetainage
When is final payment due? - ANSWERFinal inspection, acceptance by owner and
submittal of proper documentation must occur
After hiring a disabled person, which of the following can't you do, according to the
American with Disabilities Act? - ANSWERRequire a medical examination of just the
person you suspect is disabled.
The percentage of completion method of accounting does what - ANSWERrecognizes
profit as it is earned
Workers are on a job site where noise is very loud. Who is supposed to supply the
workers with ear protection? - ANSWERcontractor (employer)
Where can you get accurate information about tax deposit schedules? - ANSWERIRS
Publication Circular E
