Contractors Business/Law Exam
Simplified Exam Questions with 100% Correct Answers
What are liquidated damages? - Monetary compensation for loss suffered due to a breach of
contract
According to the OSHA which is the most hazardous? - Lead
Which of the following is not regulated by FLSA? - Vacation and holiday pay
What type of insurance covers contractors for losses due to vandalism and malicious mischeif? -
All-Risk builders risk
The MAXIMUM allowable time to notify the department of Occupational and Professional
Licensing that your qualifier has left the company is: - 10 days
An employer must determine how much income tax to withhold from each employees wages.
What is the document used to determine the amount to be withheld? - Form W-4
What does Commercial Liability cover? - Bodily injury, damage or loss of property, personal
injury and advertising injury.
If you file a claim or lien on A piece of property, how long do you have to notify the owner or
reputed owner - 30 days
According to Utah Mechanics Lien Laws, when satisfying liens, who would take first priority of
payment? - Laborers who worked on job
, How long does form 301 have to be kept? - 5 years
Which of the following is not considered when determining Project Equipment Cost? -
Payroll
Where would you find information about what to do if an employee swallowed a poisonous
substance? - Material Safety Data Sheet Book
A company will NOT need to file a report for an injury that results in - Only a minor cut or
scratch
Mr. White earns $9.65 per hour and worked 52 hours in one week. What is the total amount that
must be withheld for medicare withholding? - $8.12
If you have a note on a truck that is due to be paid off within the year, this is an example of? -
current liability
Given the following information figure this companies Quick Ratio - 1.2 ratio
What is the maximum penalty allowed for willful or repeated violations of OSHA standards? -
$70,000
How much time does an employer have to ORALLY report an accident that results in a related
fatality? - 8 hours
By what date must employees send W-2 statements to employees who have had taxes withheld
and who are still working for the employer as of December 31st? - January 31st
Simplified Exam Questions with 100% Correct Answers
What are liquidated damages? - Monetary compensation for loss suffered due to a breach of
contract
According to the OSHA which is the most hazardous? - Lead
Which of the following is not regulated by FLSA? - Vacation and holiday pay
What type of insurance covers contractors for losses due to vandalism and malicious mischeif? -
All-Risk builders risk
The MAXIMUM allowable time to notify the department of Occupational and Professional
Licensing that your qualifier has left the company is: - 10 days
An employer must determine how much income tax to withhold from each employees wages.
What is the document used to determine the amount to be withheld? - Form W-4
What does Commercial Liability cover? - Bodily injury, damage or loss of property, personal
injury and advertising injury.
If you file a claim or lien on A piece of property, how long do you have to notify the owner or
reputed owner - 30 days
According to Utah Mechanics Lien Laws, when satisfying liens, who would take first priority of
payment? - Laborers who worked on job
, How long does form 301 have to be kept? - 5 years
Which of the following is not considered when determining Project Equipment Cost? -
Payroll
Where would you find information about what to do if an employee swallowed a poisonous
substance? - Material Safety Data Sheet Book
A company will NOT need to file a report for an injury that results in - Only a minor cut or
scratch
Mr. White earns $9.65 per hour and worked 52 hours in one week. What is the total amount that
must be withheld for medicare withholding? - $8.12
If you have a note on a truck that is due to be paid off within the year, this is an example of? -
current liability
Given the following information figure this companies Quick Ratio - 1.2 ratio
What is the maximum penalty allowed for willful or repeated violations of OSHA standards? -
$70,000
How much time does an employer have to ORALLY report an accident that results in a related
fatality? - 8 hours
By what date must employees send W-2 statements to employees who have had taxes withheld
and who are still working for the employer as of December 31st? - January 31st
