South Carolina Business Management and Law Practice Exam

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• What is the maximum time frame in which current assets are expected to flow into cash?
• Which group is primarily affected by workers' compensation policies?
• When total tax liability at the end of the third month is less than $1000, which form should be used for payment?
• When must an employer provide an employee with form W-2 after their employment ends?
• How is straight-line depreciation calculated for an asset?
• For unemployment tax purposes, what amount defines the threshold for an organization to be considered an "employer"?
• If your total FUTA tax liability is $100 or less at the end of any quarter, what is required?
• For federal unemployment taxes, how are they calculated?
• What is the cost to renew a contractor's license in South Carolina?
• Notice of project commitment must be posted with the clerk of court within how many days of the commencement of work?
• The term used to refer to a percentage of progress payments held by the owner until project completion is called what?
• Which estimating method accurately lists all required materials and labor?
• What defines the financial health of a company in the context of working capital?
• The EPA found that construction site runoff is typically how many times greater than that from agricultural land?
• If an employee earns $10.00 per hour and works 50 hours in a week, what is their over-time premium?
• What is the required time frame for obtaining a completed I-9 form from new employees?
• In order to manage business expenses effectively, what should a company do regarding early payment discounts?
• A non-exempt employee works 25 hours one week and 55 hours the next. At a rate of $13 per hour, what would be their total pay for the two weeks?
• Which act mandates the payment of federal employee rates and fringe benefits on federally financed construction contracts?
• Which of the following is a condition that must be met for a contractor's license to remain valid?
• How often is form 941 used to report federal unemployment taxes?
• True or False: An applicant who fails the license exam may take the next exam after paying a re-examination fee.
• What is a common practice for managing contingencies in construction projects?
• Which penalties may be imposed upon a contractor by the Board?
• A new employer has paid $9000 to an employee during the year. What would the state unemployment tax be in South Carolina?
• In a standard construction contract, who is responsible for the work of subcontractors?
• How many days after the last furnishing of labor must court action against an owner for enforcement of a lien be initiated?
• A provision in a contract for a certain part of payments to be held back is called what?
• On what factor is the cost of workers' compensation primarily based?
• If an employer's accumulated liability is less than $1000 for a quarter, when may the taxes be deposited?
• What type of penalty might be imposed for repeated violations by a contractor?
• Which age group is not covered by the Fair Labor Standards Act when it comes to hazardous occupations?
• In estimating construction costs, which type of costs generally includes expenses like tools and equipment?
• What is one reason for establishing a cost control system for a budget?
• What happens if the qualifying party of a licensed contractor does not notify the department of their cessation of duties?
• What does a Gantt chart NOT show in project management?
• What term identifies the time for which an activity can be delayed without affecting project completion?
• Which of the following is not considered as company overhead?
• What is the term for a firm's ability to meet its commitments for financial liabilities?
• What will be the total cost for a job if the contractor has a direct cost of $58,600, receives a bonus for early completion, and the job is valued at $98,500?
• What could be considered a key aspect of a business plan?
• Should a building official issue a permit to an unlicensed builder?
• Using the accrual basis of accounting, what would be the net income for a company in May if it billed out $12,000?
• The project schedule is essentially which of the following?
• If the primary qualifying party ceases to serve, how long does the licensee have to notify the department?
• If a construction job's hard cost is $14,000 and the overhead is $6,000, what would be the estimated cost after applying a 2.5% decrease in hard cost and a 4.5% decrease in overhead?
• Which responsibility does NOT typically fall under a project manager's duties?
• What serious issue at construction sites has been scrutinized by the APA?
• What is a potential consequence for not renewing contractor licenses by October 31?
• What is typically included in the coverage of workers' compensation?
• Which strategy can help manage project costs effectively?
• What factor is crucial in determining straight-line depreciation?
• What is the maximum total cost of construction for which an individual may operate without a contractor's license?
• Which record is typically NOT kept at a construction job site?
• What is the primary benefit of recording income on a cash basis?
• On average, how many weekdays are there in two weeks?
• Who is entitled to an award of attorney fees and litigation expenses in a lien court action?
• Which of the following classifications represents exempt employees under FLSA?
• For how many years should all employment tax records be maintained?
• Which statement is true about the bar chart in project management?
• If a supervisor is salaried at $720 per week and works 8 hours on a Saturday, what is his gross pay for that week?
• What is the maximum number of days a leaner has to serve a written notice of non-payment to the contractor and the surety?
• What type of cost is calculated as a percentage of direct costs in job estimates?
• Is it true that a contract may be written or oral?
• In a project affected by weather events causing delays, what should a contractor account for in terms of the contract?
• What does a sole proprietorship typically not protect the owner from?
• When must federal unemployment tax be calculated?
• What is the financial outcome if the total job cost is $122,500 but the actual costs exceed it?
• Who is required to keep payroll records?
• Who is responsible for paying workers' compensation?
• Which of the following is not deducted from employee pay?
• What is the working capital for a company with current assets of $90,000 and current liabilities of $26,500?
• How much does a laborer earn if they work 60 hours in a week at a rate of $350 per weekday?
• All of the following employees are non-exempt and governed by FLSA except:
• What is a common misperception regarding workers' compensation costs?
• Within how many days must liens be filed after the last furnishing of labor or materials at the project?
• How long would it take six men to complete a job that three men can finish in 40 hours?
• Under child labor laws, which age group is allowed to work as clerks after school hours?
• Which document is essential for managing safety on a job site?
• Which type of bond is specifically associated with guaranteeing payment to subcontractors and suppliers?
• According to state law, a company must carry workmen's compensation insurance if it has how many or more employees?
• For unemployment tax purposes, what amount qualifies an employer as such based on wages paid in any calendar quarter?
• Any residential construction exceeding what monetary amount requires a license?
• What is the maximum taxable amount of wages per employee for FUTA?
• What type of construction doesn't require a residential builders license if below the threshold?
• What does a project manager primarily oversee in a construction project?
• Which of the following is NOT a reason for revoking a builder's license?
• What is the single most important initial step when starting a business?
• Which party is NOT responsible for attorney fees in a lien enforcement action?
• What type of business organization is designed to avoid double taxation on income?
• The Americans with Disabilities Act (ADA) applies to all of the following except:
• Which publication outlines all federal payroll reporting and depositing requirements?
• What portion of the cost of workers' compensation insurance is paid by employees?
• How many days of float time are available if a project estimated at 10 days must be completed by December 31 and starts after obtaining a permit on December 3?
• What is the primary duty of a building official?
• For a project with $450,000 in revenues, estimated profits, and overhead, what is the possible profit before taxes?
• What percentage of the state unemployment compensation tax is paid by employees?
• Which of the following are needed to make a contract binding?
• Who is the most critical personnel for ensuring that the planned schedule is followed when it is first made?
• True or False: Any license that has expired requires additional renewal fees.
• Which aspect of project management is crucial for scheduling success?
• What is the primary duty of a building official?
• What is the main purpose of workman's compensation insurance?
• What is the fundamental equation of a balance sheet?
• After the initial appointment of the board by the governor, how long are the terms for members of the residential board?
• What is the appropriate bid range if a contractor has a combined profit and overhead of 33% on specified unit costs?
• What is the total cost if a job experiences a change leading to a reduction of $1,200 in labor and $240 in overhead costs?
• What does a balance sheet summarize?
• What was the net amount paid out by the contractor after winning a court case for $5,000, considering attorney's fees?
• Initially, what was the focus of the Clean Water Act?
• Which of the following best defines a "lienor"?
• Which of the following describes the mechanism of compensating injured employees?
• What is the federal minimum wage established by the Fair Labor Standards Act (FLSA) called?
• What is the primary purpose of workers' compensation?
• Which business structure limits owner liabilities to their investment in the entity?
• The average profit margin in the construction industry over the past few years has been about _____%?
• What type of insurance is necessary to protect completed portions of a construction project?
• If a contractor’s bid includes both profit and overhead, what should a contractor consider when calculating total project costs?
• What is the salvage value in the context of straight-line depreciation?
• In actions brought to enforce a lien, who is responsible for their attorneys' fees?
• To whom must an employer make advance EIC payments?
• If a contractor has a Commercial General Liability policy with a $1,000 deductible and faces $2,000 in code violations, who is liable for the costs?
• What is one of the penalties a builder may face under state licensing?
• What is usually the consequence for delayed payment of tax liability?
• What is typically required of employers regarding overtime payment under FLSA?
• When must general and residential contractor licenses be renewed in this state?
• What is the purpose of keeping payroll records?
• What can be considered a potential factor in determining the cost of construction projects?
• What regulatory rules cover stormwater runoff for a 3 acre construction site?
• How is contractor liability insurance best described?
• What may result from practicing as an unlicensed contractor?
• Under which chapter of state laws are residential builders covered?
• With a residential builder’s license, what is the maximum value of commercial construction a builder can do?
• For what reasons might the Board choose to suspend a contractor's license?
• What factor determines whether an employer needs to make FUTA tax deposits?
• What does the term "hard costs" primarily refer to in construction?
• How long must employee time card records be signed and maintained?
• What does insurance primarily protect contractors against?
• Which act requires the payment of minimum wage and overtime payments?
• Which of the following entities can be considered a "lienor"?
• If a court awards a contractor $5,000 and the offer was $7,500 with an original bid of $3,750, who pays the attorney's fees?
• What is typically regarded as the most challenging aspect of the estimating process?
• What is the most important reason for a thorough understanding of contracts and proper usage?
• What is the primary purpose of liability insurance in construction?
• What aspect of contractors liability insurance covers unforeseen accidents?
• What percentage of overhead was accounted for in the overall costs of a job?
• Which type of insurance is essential for a contractor to cover claims for bodily injury to third parties?
• True or False: Licensed state builders must adhere to building codes regardless of local authorities.
• Which method considers the relationships between various activities in a project?
• Which of the following represents a company's long-term liabilities?
• According to state law, how many employees must a company have to be required to carry workers' compensation insurance?
• Who is typically protected by Comprehensive General Liability Insurance?
• Which accounting method records income when money is received?
• Workman's compensation insurance provides coverage for which of the following?
• In a 50-50 partnership where each partner invests $15,000, what is the liability for debts if the business closes owing $45,000?
• What is typically the maximum bond amount for a single project?
• Which of the following is not a factor affecting a contractor's ability to obtain bonds?
• What best describes a lien?
• In contractual language, what does 'consideration' refer to?
• What is the taxable wage amount for each employee during a calendar year?
• How long must OSHA forms 300 or 300A be retained?
• What is the purpose of the notice of project commitment?
• What does working capital indicate for a business?
• What type of bond ensures that a project will be completed as per the contract terms?
• Which among the following is not classified as a project condition cost?
• According to the Fair Labor Standards Act (FLSA), what is the minimum age for employees working in hazardous occupations?
• What is necessary for a contract to be enforced?
• At what age can youths generally begin working in non-hazardous jobs under U.S. labor laws?
• Which form of business is recognized for being easy to establish but entails personal liability?
• What is the savings over three years if insurance costs $400 per month, with a 12% discount for early payments?
• What is the liability of partners in a partnership for business debts?
• Which of the following insurance policies is essential for contractors to deal with potential work-related injuries?
• If a contractor faces liquidated damages of $750 a day for overextending the project by eight days, what is the total amount due considering four days were caused by rain?
• When calculating net income, which of the following should be included?
• Which agency's mission is to protect human health and safeguard the natural environment?
• A construction lien is placed on property for what reason?
• How many employees at any time in 20 calendar weeks requires an employer to file a return to the state employment security commission?
• How is workers' compensation typically structured?
• At what level is workers' compensation policy typically handled?
• Which of the following is true about the responsibilities regarding attorney fees in lien cases?
• What type of agreement guarantees that a contractor will perform work according to the contract?
• What does workers' compensation aim to prevent for employers?
• What is the maximum penalty for failing to correct a violation after the abatement date?
• What is the consequence of not filing a lien within the required days?