Michigan Contractors License Exams

Michigan Sales Person Contractor

Sample Questions for the Michigan Sales Person Contractors Exam

  1. When budgeting for payroll expenses, you need to remember the following in addition to gross pay:
    1. Employer portions of all payroll taxes
    2. Other deductions, like union dues
    3. The timing of payroll tax deposits with federal and state collecting agencies
    4. All of the above
  2. The state of Michigan must publish the "Do-Not-Call" List for use by telephone solicitors:
    1. Weekly
    2. Monthy
    3. Bi-monthly
    4. Quarterly
  3. Straight line depreciation is computed by:
    1. Dividing the value of the asset by the years in the recovery period, and claiming the same deduction every year
    2. Depreciating the asset only to the extent that it is paid for; so if you finance the asset, you can claim a write-off only to the extent that you pay the bank
    3. Taking the expense as a straight line-item write- off in the year purchased
    4. Writing off the asset only over 35 years
  4. Financial "standards" are:
    1. The regulatory requirements for preparation of financial statements
    2. Developed internally as a method of measuring results
    3. The accepted arrangement of accounts on financial statements
    4. The rules and regulations accountants follow in auditing your books
  5. The best time to control costs is:
    1. Immediately following a monthly project review meeting, when any cost overruns for the past month are explained fully
    2. A type of journal for recording source documents
    3. A means for monitoring, just like a forecast and budget for each job
    4. All of the above
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