Contractors Business Law Exam 2023 Updated Version Questions and Correct Answers Scored 100% A 1120-S form is used with with of the following business entities for filing the companies business income tax returns? - AnsSub Chapter S Corporation
A claimant in Utah MUST file notice to hold and claim a lien within how many days after a substantial protion of the work is completed in a residence? - Ans180 Days
A company will NOT need to file a report for an injury that results in - AnsOnly a minor cut or scratch
A laborer is NOT considered an employee if you - AnsProvide a 1099
A laborer is NOT considered an employee if you - AnsProvide a 1099
A lien is placed on a property, and it was paid so the property can be sold. How many days does the lien holder have to remove it? - Ans10 days
A preliminary notice should be filed by a contractor how many days after the commencement of the day of the project? - Ans20 days
A qualifier must prove DOPL that? - Ansthat they have a management position
A subcontractor has not been paid on a federal job by XYZ General Contractors.According to the MILLER ACT how long from the completion date of the job must the subcontractor wait before filing a lawsuit against the bond XYZ General Contractors? - Ans90 days
According to the OSHA which is the most hazardous? - AnsLead
According to Utah Mechanics Lien Laws, when satisfying liens, who would take first priority of payment? - AnsLaborers who worked on job
After hiring a disabled person, which of the following can't you do, according to the American with Disabilities Act? - AnsRequire a medical examination of just the person you suspect is disabled.
After the division receives an application for licensure, how many days does the division have to decide whether to issue a license to that applicant? - Ans5 days# NASLCA 2nd edition pg E-34 58-55-403
All of the following are considered source documents in an accounting system EXCEPT:
- AnsTax Returns 1 / 2
An employer fails to provide safety equipment for a project and an employee is injured.What additional percentage of the workers compensation claim is the employee entitled to? - Ans15
An employer is required to work overtime but is not paid for the overtime worked. If the secretary of labor brings suit against the employer what amount can the secretary require the employer to pay? - AnsTwice the overtime pay
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? - AnsForm W-4
An employer must submit a completed I-9 form for all employees within how may days of hire date? - Ans3 days
An owner requires a contractor to indemnify the owner for damages of extra costs incurred. If the contractor wants the contract he should? - Anshave the contract reviewed by an insurance agent
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? - AnsJanuary 31st
Construction Contractor's licenses expire on November 30th of each - AnsOdd numbered year
Contractor's license number must be on all of the following except? - AnsBank financing agreeements (loan documents)
Contractors may be required to be bonded before a project can begin. When required what type of bond is used to guarantee the completion of the project? - AnsPerformance Bond
Direct costs are those directly linked with a particular project. Which of the following would NOT be considered a direct cost? - Answarehouse rental
Employers who violate the overtime pay requirements are subject to a civil money penalty of up to how much? - Ans$1,100
General costs that are designated for specific job site are considered to be - Ansproject overhead
Given the following information figure this companies Quick Ratio - Ans1.2 ratio
How do you properly educate your employees on hazardous material - AnsMSDS
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