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law Alabama 3rd Edition Exam Questions
And Answers
Sole Proprietorship - correct answer ✅a business owned and managed by a single individual If doing business not under Sole proprietorship you need to file a "doing business as" to? - correct answer ✅Alabama Secretary of State what are the 2 types of partnerships - correct answer ✅1.General 2.Limited Each partner is responsible for the acts of the other partners when they act in the name of business - correct answer ✅General Partnership liable only for the previously agreed upon contribution to or investment in the business - correct answer ✅Limited Partners
law Alabama 3rd Edition Exam Questions
And Answers
What is a LLP or L.L.P.? - correct answer ✅Limited Liability Partnership When does a business assume corporate identity? - correct answer ✅when it files as a corporation with the probate judges office in the county it is located. A foreign corporation is allowed to conduct business in Alabama when it files with whom? - correct answer ✅The secretary of state office (Alabama) What type of corporation receives "double taxation" - correct answer ✅C Corporation Limited Liability Company (LLC) - correct answer ✅characteristics of both a sole proprietorship and corporation Home Builder - correct answer ✅to construct or manage the construction, repair or
law Alabama 3rd Edition Exam Questions
And Answers
Miller Act of 1935 - correct answer ✅requires contractors who do over $100, (previously $25,000) of work on public buildings to protect the government with performance bonds and to protect those who directly supply labor and materials with payment bonds An invitation to bid - correct answer ✅gives a brief overview of the project, deadlines and general requirements bid inst - correct answer ✅contain specifics of how the bid should be done and submitted Estimating framework - correct answer ✅defining the phases of the project and listing each task and materials needed for each phase
law Alabama 3rd Edition Exam Questions
And Answers
Labor Cost for tasks Formula - correct answer ✅Required labor hours per task X labor rate=Labor cost per task Labor burden - correct answer ✅incurred costs as employer for insurance and employment taxes (SS,workers comp,benifits) Project overhead - correct answer ✅Needed to run the project but not directly associated with labor or materials. Appx 5 to 10% over all bid (Dumpster,utilities,toilet) Company overhead - correct answer ✅expenses needed to run company (Office, phone, tax,admin labor) between 5 and 20% according to what you have/need what is standard mark up in todays industry? - correct answer ✅15%
law Alabama 3rd Edition Exam Questions
And Answers
immaterial breach - correct answer ✅less serious violation, doesn't end in termination of contract, and can only sue for value of damage Addenda - correct answer ✅changes prior to contract being awarded Modifications - correct answer ✅changes after contract is signed and executed Are oral contracts binding? - correct answer ✅difficult to prove upon dispute. Best to have everything in writing. What are types of scheduling methods? - correct answer ✅Bar chart Calendar Critical path method
law Alabama 3rd Edition Exam Questions
And Answers
What is the purpose of New Hire Reporting? - correct answer ✅establish and enforce child support orders detect unemployment fraud detect workers compensation fraud detect fraud in other government programs (Welfare ,Food stamps,Etc) Fair Labor Standards Act - correct answer ✅standards for minimum wage and overtime pay pay for overtime compensation is - correct answer ✅one and one half time the regular rate after 40 hr of work in the workweek. Emergency action plan is required to be in writing, if you have how many employees? - correct answer ✅ 10 OSHA records must be kept for how many years? - correct answer ✅ 5
law Alabama 3rd Edition Exam Questions
And Answers
What is the penalty for not complying with LEAD regulations? - correct answer ✅fines up to $37,500 per day for each violation. if intentionally violating one year in prison. What is a source document? - correct answer ✅Proof a transaction to place 3 types of financial statements - correct answer ✅balance sheet, income statement, statement of cash flows An income statement is often referred to as - correct answer ✅Profit and loss statement (P&L) Income-Cost of Goods Sold= - correct answer ✅Gross Profit Gross Profit-Expenses= - correct answer ✅Net Income
law Alabama 3rd Edition Exam Questions
And Answers
What is the corporate income tac rate for Alabama? - correct answer ✅6.5% LLCs and LLPs must file and pay Alabama business privilege tax no later than how many months after the beginning of the taxpayers taxable year? - correct answer ✅three and a half
