Contractors Business Law Exam:
Questions & Answers
If an employer’s Federal Payroll Tax liability is $1000 how may they pay
taxes?
(Ans- quarterly
How many employees does it take for the Fair Labor Act to be applied?
(Ans- 1
What accounting method records income when the service occurs and
expense when they are incurred?
(Ans- Accrual Method
What do the General Conditions of a contract do?
(Ans- Outline roles of the owner, architect, and engineer.
You are purchasing an insurance policy with a monthly premium of $300. If
you implement a safety program you can save 10% on the cost of the
policy. The safety program costs $400 to start and $15 a month to maintain
it. What would be the net difference in cost over three year period with a
safety program?
(Ans- Net saving of $140
Written construction contract change order should include a description of
the modification to be made, any change in contract time and
(Ans- The change in the contract dollar amount
Which of the following is a written agreement between the owner and
contractor to change the contract?
(Ans- change order<\/p>\n\n\n\n
What term identifies money withheld from progress payments to the
contractor and paid after the completion of the project?
(Ans- Retainage
When is final payment due?
(Ans- Final inspection, acceptance by owner and submittal of proper
documentation must occur
After hiring a disabled person, which of the following can’t you do,
according to the American with Disabilities Act?
(Ans- Require a medical examination of just the person you suspect is
disabled.
The percentage of completion method of accounting does what
(Ans- recognizes profit as it is earned
Workers are on a job site where noise is very loud. Who is supposed to
supply the workers with ear protection?
(Ans- contractor (employer)
Where can you get accurate information about tax deposit schedules?
(Ans- IRS Publication Circular E
Which of the following statements correctly describes the cash method of
accounting?
(Ans- Income \/ expenses are recorded at the time they are received \/ paid
What type of workplace insurance provides all the benefits required by law
for employees’ who are killed or injured as a result of their employment
(Ans- Workers Compensation
If an employee is covered by Workers Compensation in the state of Utah
and is doing a job in Colorado and gets injured, are they covered by Utah
Workers Compensation?<\/p>\n","protected":false},"excerpt":{"rendered":"
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