TN BUSINESS AND LAW EXAM
WITH CORRECT DETAILED
ANSWERS
Establishing (blank) will ensure that your customer is aware of your progress and of any
concerns that might arise - ANSWER --communication
(blank) is defined as including real estate, lands, tenements, and hereditaments -
ANSWER --real property
What shows the activity of duration and sequence of tasks to be completed? - ANSWER --
bar chart
Which financial statement would one find depreciation on? - ANSWER --income
statement
Medical treatment can be defined as: - ANSWER --management and care of a patient
This is not a purpose of marketing: - ANSWER --opening a checking account
What is the gross pay of a non exempt employee who works 50 hours during a holiday week,
and receives 8 hours additional pay for the holiday? The employee earns $13.50 per hour -
ANSWER --$850.50
(13.5 x 48 = 648
20.25 x 10 = 202.50
,648 = 202.50 = 850.50)
This is not used as a guideline when obtaining a bond... - ANSWER --non experience
Use information from (blank) to help determine accurate job costs - ANSWER --previous
jobs
The following insurance provides coverage when damage has been caused by a flood -
ANSWER --named-peril
Bids for the services of a construction manager must contain a bid bond in the amount of
(blank) of the work being bid - ANSWER --10%
Of the following, (blank) is not part of project overhead? - ANSWER --clerical pay
An employee is generally subject to the business' instructions about all except... -
ANSWER --right to control
When negotiating, one should - ANSWER --aim high
A job has direct costs of $198,325, project overhead of 9.2%, company overhead of 13.9%, and
a desired profit of 10.7%. What will the correct bid be? - ANSWER --$299,584
(9.2 + 13.9 + 10.7 = 33.8%.
Therefore, the direct costs are 66.2% of the bid. $198,325 / .662 = $299,584)
Generally, which of the following is not a business tax? - ANSWER --property tax
, The (blank) bond guarantees that the contractor has paid the subcontractors - ANSWER --
payment
The (blank) states that one cannot file against a public property - ANSWER --miller act
Corporations are required to make estimated tax payments if expected owed tax is -
ANSWER --$500
Which of the following items are not added after estimating materials and labor? -
ANSWER --material consumption
A surety bond is typically a (blank) party bond - ANSWER --three
Generally, who is protected by progress payments? - ANSWER --owner
Minimum wage is set at (blank) per hour for employees who are over 20 years of age -
ANSWER --$7.25
Within how many days after a notice of completion is filed for residential property, must a lien
claim be filed? - ANSWER --10 days
If an employee earns $112,000 per year, what is the TOTAL amount of medicare that both
employer and employee is to pay in? - ANSWER --$3,248
(112,000 x (1.45 x 2) = 3,248)
Who pays into FUTA? - ANSWER --employer
WITH CORRECT DETAILED
ANSWERS
Establishing (blank) will ensure that your customer is aware of your progress and of any
concerns that might arise - ANSWER --communication
(blank) is defined as including real estate, lands, tenements, and hereditaments -
ANSWER --real property
What shows the activity of duration and sequence of tasks to be completed? - ANSWER --
bar chart
Which financial statement would one find depreciation on? - ANSWER --income
statement
Medical treatment can be defined as: - ANSWER --management and care of a patient
This is not a purpose of marketing: - ANSWER --opening a checking account
What is the gross pay of a non exempt employee who works 50 hours during a holiday week,
and receives 8 hours additional pay for the holiday? The employee earns $13.50 per hour -
ANSWER --$850.50
(13.5 x 48 = 648
20.25 x 10 = 202.50
,648 = 202.50 = 850.50)
This is not used as a guideline when obtaining a bond... - ANSWER --non experience
Use information from (blank) to help determine accurate job costs - ANSWER --previous
jobs
The following insurance provides coverage when damage has been caused by a flood -
ANSWER --named-peril
Bids for the services of a construction manager must contain a bid bond in the amount of
(blank) of the work being bid - ANSWER --10%
Of the following, (blank) is not part of project overhead? - ANSWER --clerical pay
An employee is generally subject to the business' instructions about all except... -
ANSWER --right to control
When negotiating, one should - ANSWER --aim high
A job has direct costs of $198,325, project overhead of 9.2%, company overhead of 13.9%, and
a desired profit of 10.7%. What will the correct bid be? - ANSWER --$299,584
(9.2 + 13.9 + 10.7 = 33.8%.
Therefore, the direct costs are 66.2% of the bid. $198,325 / .662 = $299,584)
Generally, which of the following is not a business tax? - ANSWER --property tax
, The (blank) bond guarantees that the contractor has paid the subcontractors - ANSWER --
payment
The (blank) states that one cannot file against a public property - ANSWER --miller act
Corporations are required to make estimated tax payments if expected owed tax is -
ANSWER --$500
Which of the following items are not added after estimating materials and labor? -
ANSWER --material consumption
A surety bond is typically a (blank) party bond - ANSWER --three
Generally, who is protected by progress payments? - ANSWER --owner
Minimum wage is set at (blank) per hour for employees who are over 20 years of age -
ANSWER --$7.25
Within how many days after a notice of completion is filed for residential property, must a lien
claim be filed? - ANSWER --10 days
If an employee earns $112,000 per year, what is the TOTAL amount of medicare that both
employer and employee is to pay in? - ANSWER --$3,248
(112,000 x (1.45 x 2) = 3,248)
Who pays into FUTA? - ANSWER --employer
