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Contractors Business Law Exam: 100% Verified Questions & Answers; Updated A+ Score Solution

Contractors Business Law Exam: 100% Verified Questions & Answers; Updated A+ Score Solution

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

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

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