WV BUSINESS LAW PRACTICE EXAM ACTUAL FOR

WV BUSINESS LAW PRACTICE EXAM (ACTUAL / ) FOR

CONTRACTORS PRACTICE QUESTIONS AND ANSWERS (100%

PASS

Which of the following bonds would be used to protect the owner from subcontractors, suppliers or laborers that were NOT compensated by the contractor?

• Bid bond
• Performance bond
• Payment bond
• Maintenance bond - ---Answers----c. Payment bond

What is the name of the process whereby an estimate is created containing all the materials required for a project?

• Job analysis
• Takeoff
• WBS
• Cost log - ---Answers----b. Takeoff

A price estimate for performing a job has been compiled and total costs of the project are $775,000. What will be the total bid of the company requires a 23% MARKUP on all costs of the project?

• $178,250
• $630,081 1 / 2

• $953,250
• $1,006,494 - ---Answers----c. $953,250

Which worker is NOT entitled to receive overtime wages?

• Vice President
• Job foreman
• Laborer
• Temporary worker - ---Answers----a. Vice President

A contractor is issued a contractor license on May 1. When will the contractor license expire?

• April 30 each year
• June 30 each year
• July 1 each year
• December 31 each year - ---Answers----a. April 30 each

year

What type of contract requires the builder to finance, initially own and operate the project, and then finally transfer the project to the customer after it has recovered its construction costs?

• Traditional
• Design Build
• Turn Key
• Concession - ---Answers----d. Concession
• / 2