WV State

What type of contract requires the contractor to be responsible for both the engineering and construction of a project?

• Traditional

• Design-Build

• Turn Key

• Concession

By what date is an employer required to provide its employees with a W-2?

• January 31

• February 15

• March 31

• April 15

When developing a project schedule, what does WBS stand for?

• Work Breakdown Structure

• Work Building Schedule

• Wall Board System

• Whole Build System

Overtime wages are paid at what percentage of the normal wage rate?

• 150%

• 100%

Using the percentage method of withholding, what is the income tax deducted form an employees wages that earns $1,500 per pay period, is paid bi-weekly, is single and claims no deductions?

• $82.95

• $165.90

• $194.50

• $214.50

What is the penalty for submitting an IRS payroll tax deposit in the amount of $5,000 that is 2 days late?

• $100

• $250

• $500

• $750

The accounting method that recognizes income and expenses only when money is received or paid is called:

• The PCM Method

• The Accrual Method

• The Cash Method

• The Cost-Comparison Method

Employers are required to notify employees of changes in policies affecting all the following EXCEPT:

• Pay Schedules

• Vacation Allowance

• Health Benefits

• Promotion Opportunities

What is the process for obtaining a contractor license if the existing license has lapsed? (Do not consider exceptions)

• Submit a renewal application with the renewal fee.

• Submit a renewal application, renewal fee and a $25 late fee.

• Submit a new license application using test scores from original license.

• Submit a new license application and retake licensing exams.

What does the term "replacement cost" mean relative to insurance coverage?

• The insurer will pay the policy holder an amount sufficient to cover the acquisition of the same tool at today's prices.

• The insurer will pay the policy holder an amount equial to the depreciated value of the tool.

• The insurer will pay the policy holder an amount sufficient to cover the acquisition of a newer model tool at today's prices.

• The insurer will pay the policy holder an amount equal to a negotiated rate for value of a generic tool.