WV BUSINESS LAW PRACTICE EXAM FOR
CONTRACTORS Questions with Correct
Verified Detailed Answers latest update
Introduction:
Practice exams for the West Virginia business and law exam are
available from various online providers. These exams are designed
to help you prepare for the state-mandated test, which is a
requirement for most contractors seeking a license in West
Virginia. The official exam is administered by ProV Exams.
,Some practice exams offer hundreds of questions with detailed
answers and explanations, while others provide a more condensed,
timed test experience. Many also include references to the specific
West Virginia statutes and rules that the questions are based on.
Exam Questions and Answers:
1. What type of contract requires the contractor to be responsible
for both the engineering and construction of a project?
a. Traditional
b. Design build
c. Turn key
d. Concession --- correct answer ---b. Design build
2. By what date is an employer required to provide its employees
with a W-2?
a. January 31
b. February 15
c. March 31
d. April 15 --- correct answer ---a. January 31
3. When developing a project schedule, what does WBS stand for?
a. Work breakdown structure
,b. Work building schedule
c. Wall board system
d. Whole build system --- correct answer ---a. Work breakdown
structure
4. Overtime wages are paid at what percentage of the normal wage
rate? --- correct answer ---c. 150%
5. Using the percentage method of withholding, what is the income
tax deducted form an employees wages that earns $1,500 per pay
period, is paid bi-weekly, is single and claims no deductions?
a. $82.95
b. 165.90
c. $194.50
d. $214.50 --- correct answer ---c. $194.50
6. What is the penalty for submitting an IRS payroll tax deposit in
the amount of $5,000 that is 2 days late?
a. $100
b. $250
c. $500
d. $750 --- correct answer ---a. $100
, The accounting method that recognizes income and expenses only
when money is received or paid is called:
a. the PCM Method
b. the Accrual method
c. the cash method
d. the cost-comparison method --- correct answer ---c. the Cash
method
Employers are required to notify employees of changes in policies
affecting all the following EXCEPT:
a. pay schedules
b vacation allowance
c. health benefits
d. promotion opportunities --- correct answer ---d. promotion
opportunities
What is the process for obtaining a contractor license if the existing
license has lapsed? (Do not consider exceptions)
a. Submit a renewal application with the renewal fee.
b. Submit a renewal application, renewal fee and a $25 late fee.
c. Submit a new license application using test scores from original
license.
CONTRACTORS Questions with Correct
Verified Detailed Answers latest update
Introduction:
Practice exams for the West Virginia business and law exam are
available from various online providers. These exams are designed
to help you prepare for the state-mandated test, which is a
requirement for most contractors seeking a license in West
Virginia. The official exam is administered by ProV Exams.
,Some practice exams offer hundreds of questions with detailed
answers and explanations, while others provide a more condensed,
timed test experience. Many also include references to the specific
West Virginia statutes and rules that the questions are based on.
Exam Questions and Answers:
1. What type of contract requires the contractor to be responsible
for both the engineering and construction of a project?
a. Traditional
b. Design build
c. Turn key
d. Concession --- correct answer ---b. Design build
2. By what date is an employer required to provide its employees
with a W-2?
a. January 31
b. February 15
c. March 31
d. April 15 --- correct answer ---a. January 31
3. When developing a project schedule, what does WBS stand for?
a. Work breakdown structure
,b. Work building schedule
c. Wall board system
d. Whole build system --- correct answer ---a. Work breakdown
structure
4. Overtime wages are paid at what percentage of the normal wage
rate? --- correct answer ---c. 150%
5. Using the percentage method of withholding, what is the income
tax deducted form an employees wages that earns $1,500 per pay
period, is paid bi-weekly, is single and claims no deductions?
a. $82.95
b. 165.90
c. $194.50
d. $214.50 --- correct answer ---c. $194.50
6. What is the penalty for submitting an IRS payroll tax deposit in
the amount of $5,000 that is 2 days late?
a. $100
b. $250
c. $500
d. $750 --- correct answer ---a. $100
, The accounting method that recognizes income and expenses only
when money is received or paid is called:
a. the PCM Method
b. the Accrual method
c. the cash method
d. the cost-comparison method --- correct answer ---c. the Cash
method
Employers are required to notify employees of changes in policies
affecting all the following EXCEPT:
a. pay schedules
b vacation allowance
c. health benefits
d. promotion opportunities --- correct answer ---d. promotion
opportunities
What is the process for obtaining a contractor license if the existing
license has lapsed? (Do not consider exceptions)
a. Submit a renewal application with the renewal fee.
b. Submit a renewal application, renewal fee and a $25 late fee.
c. Submit a new license application using test scores from original
license.
