Utah Contractor Business and Law Exam Questions and Answers |Complete Solutions Graded
A+ |100% Correct
which type of bond ensures the owner that a contractor will enter into a contract according to
their bid bid bond
once a contractor has been paid by a project owner, how long do they have to pay their
subcontractors before utah law will require them to pay interest on the amount due? 30
days
a contract includes a liquidated damages clause that awards the project owner $1,000 per day
for each day the job exceeds 90 days. it also awards the contractor a bonus of $1,000 per day
for each day the job is completed before 90 days. the job is delayed 7 days by weather and is
completed on day 94. no extension of the time was requested or granted. which of the
following is true? the contractor owes $4,000 in liquidated damages
how much time does an employer have to complete a form I-9 when a new employee is hired?
section 1 on the first day of employment; entire form within 3 days.
Title VII of the Cicil Rights Act of 1963 applies to employers with what number of employees?
15 or more
How long does the Fair Labor Standards Act require employers to keep copies of employee
wage statements? 3 years
The penalty if an employer does not carry workers compensation insurance is: $1,000 or 3
times the premium amount
A laborer employee earns $10 per hour. During a 2-week period, the employee works 35 hours
in week 1 and 45 hours in week 2. what will their gross pay be for the 2 weeks? $825
, The main purpose of the Fair Labor Standards Act is: To establish minimum wage and
overtime standards.
A Utah employer must report new hires and rehires to the Department of Workforce Services
within how many days of hire or rehire? 20
Federal form 941 taxes may be deposited monthly if for the previous 4 quarters a company's
total tax liability for 941 taxes was: $50,000 or less
utah business must pay sales tax on a monthly basis via electronic funds transfer if their liability
is over: 96,000
a C Corporation has gross revenue of $120,000 and deductible expenses of $70,000. The
corporate tax rate is a flat 21%. What is the corporations after-tax profit? $39,500
The withholding rate for social security is: 6.2%
Not making federal payroll tax deposits in a timely manner can result in penalties of: 2% to
100% of the amount due
The due date for a federal tax return falls on Sunday, April 30. The return must be filed by:
Monday, May 1
When must employers with more than 10 employees post OSHA form 300A? February 1 -
April 30
If there is a fatality or serious injury to a worker, when must the employer notify OSHA?
Within 8 hours
A+ |100% Correct
which type of bond ensures the owner that a contractor will enter into a contract according to
their bid bid bond
once a contractor has been paid by a project owner, how long do they have to pay their
subcontractors before utah law will require them to pay interest on the amount due? 30
days
a contract includes a liquidated damages clause that awards the project owner $1,000 per day
for each day the job exceeds 90 days. it also awards the contractor a bonus of $1,000 per day
for each day the job is completed before 90 days. the job is delayed 7 days by weather and is
completed on day 94. no extension of the time was requested or granted. which of the
following is true? the contractor owes $4,000 in liquidated damages
how much time does an employer have to complete a form I-9 when a new employee is hired?
section 1 on the first day of employment; entire form within 3 days.
Title VII of the Cicil Rights Act of 1963 applies to employers with what number of employees?
15 or more
How long does the Fair Labor Standards Act require employers to keep copies of employee
wage statements? 3 years
The penalty if an employer does not carry workers compensation insurance is: $1,000 or 3
times the premium amount
A laborer employee earns $10 per hour. During a 2-week period, the employee works 35 hours
in week 1 and 45 hours in week 2. what will their gross pay be for the 2 weeks? $825
, The main purpose of the Fair Labor Standards Act is: To establish minimum wage and
overtime standards.
A Utah employer must report new hires and rehires to the Department of Workforce Services
within how many days of hire or rehire? 20
Federal form 941 taxes may be deposited monthly if for the previous 4 quarters a company's
total tax liability for 941 taxes was: $50,000 or less
utah business must pay sales tax on a monthly basis via electronic funds transfer if their liability
is over: 96,000
a C Corporation has gross revenue of $120,000 and deductible expenses of $70,000. The
corporate tax rate is a flat 21%. What is the corporations after-tax profit? $39,500
The withholding rate for social security is: 6.2%
Not making federal payroll tax deposits in a timely manner can result in penalties of: 2% to
100% of the amount due
The due date for a federal tax return falls on Sunday, April 30. The return must be filed by:
Monday, May 1
When must employers with more than 10 employees post OSHA form 300A? February 1 -
April 30
If there is a fatality or serious injury to a worker, when must the employer notify OSHA?
Within 8 hours
