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Utah General Contractor's Course - Business And La) (Solved Questions 100% AND ANSWERS)
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Utah General Contractor's Course - Business And La) (Solved Questions 100% AND ANSWERS)
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Utah General Contractor's Course -Business and Law Exam Prep
Which business organization is regulated the least by the government?>>> Sole Proprietorship
In a general partnership, each partner is liable for the debt of the company up to the percentage of the
company they own.>>> false
What business organization provides the most financial protection for the owners?>>> Corporation
Sole Proprietorships can issue and sell stock in the company to raise capital.>>> false
Can a corporation actually be listed as the sole owner of a property?>>> yes
Limited Liability Companies have the ability to be passed down to family members when an owner
(member) dies.>>> false
Sub Chapter "S" Corporations can retain their status no matter how many stockholders they have.>>>
false
Start-up and operating costs must be considered when creating a ____________ .>>> financial plan
A _________ provides potential investors with a concrete description of your successes and
qualifications.>>> business plan
A _______________ combines the liability protection of a corporation with the favorable tax treatment
of a partnership or sole proprietorship.>>> LLC
_____________ have a partner who contributes funds and or property to the business, but does not
provide any services or have any say in the day to day business.>>> Limited Partnerships
It is a good idea to research business names through the ___________ website to avoid creating a
business name that is too similar to another registered name.>>> Secretary of State
One pitfall of a General Partnership is that each partner is personally responsible for the debts of the
business, and this debt responsibility is not limited to the percentage of ownership.>>> True
If a corporation is eligible to be taxed as a partnership and chooses to take this option, it is referred to as
___________________.>>> S Corporation
This serves as a reminder to owners, employees, subcontractors, suppliers and customers of what the
company wants to do and become.>>> Mission Statement
,Identifying probable customers and attracting them to your product or service is known as
_______________.>>> Marketing
The Construction Services Commission shall be comprised of ______ members.>>> nine
Which of the following is NOT required from an applicant before being issued a license?>>> proof of
incorporation
Each contractor licensee under a license issued under this chapter shall complete _____ hours of
approved continuing education.>>> 6
Contractor licenses are issued on a _____ renewal cycle.>>> 2 year
If a license has been suspended, the applicant must resolve any and all outstanding fines, citations and
judgements.>>> True
A contractor license number must be attached to which of the following?
1 permit applications
2 bids (when a license is required)
3 contracts
4 all of the above>>> all of the above
Can an independent contractor be a qualifier for a business entity?>>> no
The division must be notified within _______ days, in writing, that a qualifying officer has ceased
association with a company.>>> 10
If a qualifying person leaves a company, the license will remain active for ______ .>>> 60 days
A home owner who builds three residential structures in a five year period is still exempt from licensing
requirements.>>> True
A person engaged in the renovation of a commercial building, who works without compensation, is
exempt from licensure requirements.>>> False
If the total value of a project is greater than $_______, the builder shall file with the division a one-time
affirmation.>>> $1,000
Does a contractor working on a project valued at $2,500, who has filed a one-time affirmation with the
division, have to show proof of public liability insurance?>>> Yes
, Who is responsible for the investigation of persons and activities in violation of the Utah Construction
Trades Licensing Act?>>> the Division of Occupational/Professional Licensing
Which of the following is not considered "unlawful"?>>> deliberate departure from plans or
specifications
Which of the following is considered "unprofessional conduct"?
1 Failing to establish, maintain, or demonstrate financial responsibility while licensed as a contractor
2 Allowing one's license to be used by another
3 Failure to complete a project without the consent of the owner
4 both a and c>>> 4 both a and c
A contractor who submits a bid for a contract outside his/her license classification may have their
license immediately suspended.>>> True
If within ______ calendar days from the service of the citation, the person to whom the citation was
issued fails to request a hearing to contest the citation, the citation becomes the final order.>>> 20
A person who has violated the licensing laws of Utah one time could be fined up to $_______ .>>>
$1,000
Third time offenders can be fined up to $______ for each day of continued offense.>>> $2,000
Which of the following is qualified to perform construction for highways, water supply, flood control and
bridges?>>> General Engineering Contractor
A Residential and Small Commercial Non-Structural Remodeler cannot perform work on a project valued
at more than $________ .>>> $50,000
A Residential and Small Commercial contractor may not perform construction on buildings greater than
_________ square feet.>>> 20,000
Does a lead removal company need to have a contractor's license?>>> No
An applicant for licensure must pass both parts of the state exams with a passing score of _____%.>>>
70%
If you fail the first attempt at the examination, you must wait ____ days before taking the test again.>>>
30
A General Building Contractor applicant must be able to show proof of _____ years experience in the
last 10 years.>>> 4
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