Law and Business Exam 1 Questions with Complete Solutions, Graded A+

The department may refuse to issue a license or certificate to an applicant who has done which of the following? - Has submitted false or misleading information -has had a license denied -has failed to meet the minimum qualifications -any of these listed Form I-9 must be kept for at least _________ years from the date of hire. - 3 According to the state of South Carolina, which of the following can be classified as an entity? - sole proprietorship -Partnership -limited liability company -all of the above are recognized as an entity Which of the following is the purpose of a business plan? - Establish risks Which of the following bonds guarantees that the contractor will complete the project? - performance bond Which of the following is NOT one of the key elements to a contract? - Counter offer For federal taxes, a sole proprietor is to use self-employment tax form - 1040 & Schedule SE Which general contractor group classification is distinguished by: Bids and jobs not to exceed $350,000 per job - -Group 3 Worker's compensation is paid for by the - Employer Which of the following is not a pitfall to a business plan? - Inclusion of opportunities Which of the following is an ineffective selling skill? - Interrupt when needed. A contractor is going to purchase the following from a local hardware store. -15 feet of ½" Schedule 40 PVC at $0.50 per foot -30 feet of 1" Schedule 40 PVC at $0.90 per foot -10 feet of 2" Schedule 40 PVC at $1.50 per foot What is the lowest possible cost assuming the terms are 31%/10 net 30? - $48.01 (15'x$0.50 per foot=$7.50 30'x$0.90per foot=$27.00 10'x$1.50 per foot=$15.00 $7.50 + $27.00 +$15.00 =$49.50 $49.50 -$3%=$1.49 discount $49.50 -$1.49 = $48.01) It takes two men 90 hours to complete a project. They are replaced with three men who work eight hours per day. How long is required to complete the task? - 4 days (3x8 =24 hours per day of labor 90 hours/24 hours per day =4 days) First aid is defined as all but the following - Having surgery A license may be denied to an applicant for a minimum of _________ - 12 months The _________ method recognizes income when the employer has done the work, yet has not received the income. - Accrual _____________ absolves the indemnified party from any payment for losses and damages incurred by a third party. - Indemnification The following insurance provides coverage when damage has been caused by a flood. - Named-Peril The EAP should include_______________ - Administrator's name