Business Plumbing Law Exam Questions with Correct Answers
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Course
Plumbing
Institution
Plumbing
Breached - Answer-If any party fails to do anything agreed upon in a contract, then the contract is considered_______
general conditions - Answer-A bidding contractor may get detailed and precise descriptions of the components of a construction project by consulting the ____
90 - Answer-First...
Business Plumbing Law Exam
Questions with Correct Answers
Breached - Answer-If any party fails to do anything agreed upon in a contract, then the
contract is considered_______
general conditions - Answer-A bidding contractor may get detailed and precise
descriptions of the components of a construction project by consulting the ____
90 - Answer-First tier contractors may file claims against a bond if they are not paid
within _______ days after providing the last of their labor or material
Having full control of your work schedule - Answer-An advantage to owning your own
business is _____
loss of property use - Answer-Workers compensation insurance does not cover
false - Answer-Most comprehensive general liability policies will cover contractor
warranties and defects in workmanship
18 - Answer-The minimum age for employment in hazardous locations is___
S corporation with 5 or more employees - Answer-Which of the following is not required
to obtain a federal employer identification number (EIN).______
2.31 - Answer-Using the information supplied, what is the company's liquidity ratio
may not qualify for an adjustment - Answer-A company with 50 employs, accused of a
willful violation and fined $50,000, may have the penalty adjusted down to ________
22.3
11.
New sales = 675,000 + 55,000 = $730,000
old overhead = .22 x 675,000 = $148,500
new over head = 148,500 + 14,000 = $162,500
new overhead rate = 162,500/730,000 = .2226 rounded to 22.3% - Answer-Acme
Plumbing has yearly revenue (sales) of $675,000. Its overhead rate is running 22%.
What is the new overhead rate if next years sales increase by $55,000 and overhead
increases by $14,000?
all - Answer-An employer is responsible for paying _____ of the FUTA on an
employee's wages.
, Form W-4 - Answer-Amounts paid to independent contractors over $600 Must be
reported to the IRS on______
$25,000 per day - Answer-The civil penalty for failure to follow the federal lead based
paint regulations is a fine up to ________.
COBRA - Answer-Which act allows an employee, that quits his/her job, to continue to
keep the companies health insurance coverage for up to 18 months at the employee's
expense
4 - Answer-Time card records must be kept for at least ________years.
16.9%
17.
62,000/367,000 = .1689 rounded to 16.9% - Answer-Acme Plumbing has yearly sales of
$367,000, Its overhead expense is $62,000. What is the percentage of overhead to
sales?
4.71%
18.
profitability ratio = net income/revenue 42,000/890,000 = .047, move decimal 2 places
to right for pecentage = 4.7 - Answer-Using the information supplied what is the
company's profitability ratio
hourly rate - Answer-One consideration when renting equipment is ______
contractor's corporate charter - Answer-When applying for a bond, the surety company
general will not be interested in which of the following items
2 - Answer-The Lead Pre-Renovation Education Rule requires the pamphlet, "Protect
your Family From Lead in Your Home" to be distributed to an adult occupant, if the
home was built before 1978 and more than ____ sq. ft. of surface is to be disturbed
paid for and supplied by the employer - Answer-When respirators are required on lead
laden jobsites, they must be
income payments to injured employees
medical bill payments for injured employees - Answer-Worker's compensation insurance
provides _________
navigable waters - Answer-The Clean Water act regulates the discharge of pollutants
into ____
mortgage - Answer-An example of a long term liability would be a _______.
26.
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