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1st HVAC TEST

Authored by Leo Mora

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Used 32+ times

1st HVAC TEST
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70 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A federal Employer Identification Number (EIN) is obtained by contacting the IRS and requesting form:

W-2
W-4
I-9
SS-4

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Federal Employer Identification Numbers (EIN) are issued by the:

Secretary of State
State Contractors Board
Internal Revenue Service (IRS)
County Clerks Office

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Minority Business Enterprise (MBE) company must be at least ___ owned, operated, and directed by a minority or disadvantage individual

50%
51%
90%
100%

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A contractor's business is likely to fail for all the following reasons EXCEPTP:

Lack of precise record keeping
Problems relating to tax issues
Problems relating to financial planning and cash flow
Problems associated with construction

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Since all partners are individually liable for the debts and obligations of the partnership, it is essential that a ____ be drawn up to specify the rights and responsibilities of the partners

Written Agreement
Performance Bond
Partnership Proposal
All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a contractor is operating as the sole proprietor of his business, how must he file his income tax return?

Submit Form 1120 on the 15th day of March
Submit Form 1120-S on the 15th day of March
Submit Form 1065 on the 15th day of April
Submit Schedule C with his individual income tax return

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an advantage of a sole proprietorship?

It is easy to establish and maintain
The owner has full control of the business
Ownership is freely transferable
The owner has unlimited personal liability

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