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WV BUSINESS AND LAW FOR CONTRACTORS PRACTICE QUESTIONS - SET 2
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WV BUSINESS AND LAW FOR CONTRACTORS PRACTICE QUESTIONS - SET 2
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WV BUSINESS AND LAW FOR CONTRACTORSPRACTICE QUESTIONS - SET 2
A mechanics lien is a written document that must be signed and verified by the owner
and the tenant. Step 1- obtain legal description of the property, Step 2? Step 3 Find out
if the person requesting the work is the owner. - Answers-Find out the legal name of the
owner and their percent of ownership.
The board may suspend a licensee pending a hearing or appeal after hearing upon a
determination that the licensee poses a clear, significant danger to the public health and
safety. True or False - Answers-True
mechanics lien - Answers-A statutory lien on the real property of another, created to
ensure payment for work performed and materials furnished in the repair or
improvement of real property, such as a building.
FEIN is issued by - Answers-The IRS
The board may accept the voluntary surrender of a license: provided that the license
may not be reissued unless the board determines that the licensee is competent to
resume practice and pays the renewal fee. True or False - Answers-True
Is it legal for employees to take lie detector tests? - Answers-It is not legal for the
contractor, but it would be legal for federal, state or local public agencies to require lie
detectors for their employees.
When a notice of completion has been filed, how may days does an original contractor
have to record a lien? - Answers-100 days
A general contractor can ethically notify a subcontractor that their bid is substantially
lower than other bids submitted in the case in error is suspected but not disclose the
amount of the other bids. True or False - Answers-True
If an employee works 60 hours in 1 week and wage is $12/hr, what are gross wages? -
Answers-$840
A contractor hires a subcontractor to demolish a concrete wall. Who is responsible for
supplying safety goggles. - Answers-The subcontractor
Local building permits can not be issued to any contractor who does not possess a valid
license if the total cost of a job is more than------ residential and more than ------
commercial. - Answers-$5,000, $25,000
You would not obtain a short-term loan for? - Answers-Office rent
, Who pays FICA taxes- Social security and medicare - Answers-50% employee and 50%
employer (7.65% each)
FICA taxes are reported and paid how often? - Answers-Quarterly
True or False You do not have to pay additional tax in a county where the materials
were purchased? - Answers-False- all taxes must be paid according to specified county
rates.
Before beginning work, an employer or contractor must inquire whether asbestos is
present in buildings constructed prior to what year? - Answers-1968
If you are bidding on a public works project. The work will not involve construction,
improvement, or repair of streets, highways, or bridges. You will use subcontractors for
part of the work. If you do not name the subcontractor for any part of the work? -
Answers-It is your responsibility to do the work of the subcontractor.
The strictest measure of liquidity? - Answers-Cash ratio
What are funds withheld to guarantee completion of a project or correction of defects? -
Answers-retention
A contractor must renew their license bond ---- days before it expires to avoid any legal
issues. - Answers-30
OSHA must investigate a complaint charging a serious violation of health and safety
standards within ----- days? - Answers-3
As required by the IRCA Immigration Reform and Control Act, every employee hired on
or after November 7, 1986 must complete an ----- form to verify their employment
eligibility status. - Answers-I-9
Which agency would you report your taxes to? - Answers-IRS
By law, a "hard laborer" may not be younger than ______ years old. - Answers-16
A pre-employment physical is paid by? - Answers-The employer
The supplier of a potentially hazardous product must be able to provide a(n) _________
with that product. - Answers-MSDS
After a job is completed, the owner decides to have additional work done. How should
the contractor proceed? - Answers-The contractor should write a new contract.
What is the maximum allowed travel distance from any point of work area to a fire
extinguisher? - Answers-75 feet
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