TN BUSINESS AND LAW EVALUATION EXAM 2025/2026
QUESTIONS WITH SOLUTIONS RATED A+
✔✔The (blank) states that one cannot file against a public property - ✔✔miller act
✔✔Corporations are required to make estimated tax payments if expected owed tax is -
✔✔$500
✔✔Which of the following items are not added after estimating materials and labor? -
✔✔material consumption
✔✔A surety bond is typically a (blank) party bond - ✔✔three
✔✔Generally, who is protected by progress payments? - ✔✔owner
✔✔Minimum wage is set at (blank) per hour for employees who are over 20 years of
age - ✔✔$7.25
✔✔Within how many days after a notice of completion is filed for residential property,
must a lien claim be filed? - ✔✔10 days
✔✔Depreciation is considered a (blank) expense - ✔✔non cash
✔✔Which of the following is used to obtain an EIN? - ✔✔SS-4
✔✔To be legal, a contract must not... - ✔✔be impossible to perform
✔✔Which form is used to file a Tennessee Limited Liability Partnership? - ✔✔Form SS-
4482
✔✔A (blank) bundles all cost factors for the entire task - ✔✔unit price method
✔✔The application and initial license fee for a contractor's license shall be... - ✔✔$250
✔✔A downside to public relations is? - ✔✔labor-intensive nature
✔✔The claims secured by lien for (blank), shall in no case exceed the amount agreed to
be paid by the owner in the owner's contract with the original contractor - ✔✔labor done
and materials furnished
✔✔Which of the following financial statements is comprised of assets and liabilities? -
✔✔Balance Sheet
, ✔✔(blank) requires paying prevailing wages in federally-financed projects - ✔✔Davis-
Bacon Act
✔✔Which of the following is not one of the key elements to a contract? - ✔✔counter
offer
✔✔When determining activity duration, it is important to have input from which of the
following? - ✔✔employees
✔✔Which of the following financial statements would one find depreciation? -
✔✔income statement
✔✔A sole proprietor is taxed on - ✔✔ordinary income
✔✔Typically, a direct lienor is one who contracts directly with - ✔✔property owner
✔✔If the contract is ambiguous, the interpretation will go against whom? - ✔✔the party
who wrote the contract
✔✔Of the following, which is not one of the three key functions of a business plan? -
✔✔tax documentation
✔✔(blank) is anything of value - ✔✔consideration
✔✔Which of the following reports demonstrates items completed, in progress, and
outstanding? - ✔✔status reports
✔✔Within how many days after a notice of completion is filed for commercial property,
must a lien claim be filed? - ✔✔30 days
✔✔For public construction contracts funded by the state exceeding $100,000, the
contractor must provide a bond in the amount of (blank) of the contract amount -
✔✔25%
✔✔For I-9 must be kept for at least (blank) years from the date of hire - ✔✔3 years
✔✔The first step in a job-costing system is to provide for which of the following? -
✔✔cost code system
✔✔The (blank) method recognizes income when the employer has done the work, yet
has not received the income - ✔✔accrual
QUESTIONS WITH SOLUTIONS RATED A+
✔✔The (blank) states that one cannot file against a public property - ✔✔miller act
✔✔Corporations are required to make estimated tax payments if expected owed tax is -
✔✔$500
✔✔Which of the following items are not added after estimating materials and labor? -
✔✔material consumption
✔✔A surety bond is typically a (blank) party bond - ✔✔three
✔✔Generally, who is protected by progress payments? - ✔✔owner
✔✔Minimum wage is set at (blank) per hour for employees who are over 20 years of
age - ✔✔$7.25
✔✔Within how many days after a notice of completion is filed for residential property,
must a lien claim be filed? - ✔✔10 days
✔✔Depreciation is considered a (blank) expense - ✔✔non cash
✔✔Which of the following is used to obtain an EIN? - ✔✔SS-4
✔✔To be legal, a contract must not... - ✔✔be impossible to perform
✔✔Which form is used to file a Tennessee Limited Liability Partnership? - ✔✔Form SS-
4482
✔✔A (blank) bundles all cost factors for the entire task - ✔✔unit price method
✔✔The application and initial license fee for a contractor's license shall be... - ✔✔$250
✔✔A downside to public relations is? - ✔✔labor-intensive nature
✔✔The claims secured by lien for (blank), shall in no case exceed the amount agreed to
be paid by the owner in the owner's contract with the original contractor - ✔✔labor done
and materials furnished
✔✔Which of the following financial statements is comprised of assets and liabilities? -
✔✔Balance Sheet
, ✔✔(blank) requires paying prevailing wages in federally-financed projects - ✔✔Davis-
Bacon Act
✔✔Which of the following is not one of the key elements to a contract? - ✔✔counter
offer
✔✔When determining activity duration, it is important to have input from which of the
following? - ✔✔employees
✔✔Which of the following financial statements would one find depreciation? -
✔✔income statement
✔✔A sole proprietor is taxed on - ✔✔ordinary income
✔✔Typically, a direct lienor is one who contracts directly with - ✔✔property owner
✔✔If the contract is ambiguous, the interpretation will go against whom? - ✔✔the party
who wrote the contract
✔✔Of the following, which is not one of the three key functions of a business plan? -
✔✔tax documentation
✔✔(blank) is anything of value - ✔✔consideration
✔✔Which of the following reports demonstrates items completed, in progress, and
outstanding? - ✔✔status reports
✔✔Within how many days after a notice of completion is filed for commercial property,
must a lien claim be filed? - ✔✔30 days
✔✔For public construction contracts funded by the state exceeding $100,000, the
contractor must provide a bond in the amount of (blank) of the contract amount -
✔✔25%
✔✔For I-9 must be kept for at least (blank) years from the date of hire - ✔✔3 years
✔✔The first step in a job-costing system is to provide for which of the following? -
✔✔cost code system
✔✔The (blank) method recognizes income when the employer has done the work, yet
has not received the income - ✔✔accrual
