Tn Business And Law Exam Questions With Correct Answers

Contract Price {Ans: the amount agreed upon bu the contracting parties for performing all labor and furnishing all materials contemplated by their contract, and shall be increased by the price of "extras" as defined in this section, or diminished by allowances made because of altered specifications or defects in workmanship or materials}FUTA {Ans: Federal Unemployment Tax Act}The Accounting Cycle {Ans: a process that happens each reporting period, which starts with recording financial transactions and goes through analyzing financial statements}OSHA Recordkeeping {Ans: needed for 10 or more employees}Disadvantages to a C Corporation {Ans: complex and expensive organization, limitations on corporations activities and decisions by the corporate charter, extensive record keeping and regulation, double taxation}allowance {Ans: a specified amount designated in an estimate for items that are not specified in the project pans, such as finish materials}