North Carolina Contractors License Exams

North Carolina Electrical Specialty Restricted Swimming Pools

Sample Questions for the North Carolina Electrical Specialty Restricted Swimming Pools Exam

  1. A business which keeps accounting records separate from those of its owner but is not legally separate from its owner is called a what?
    1. corporation
    2. limited liability partnership
    3. franchise
    4. proprietorship
  2. Business equity is shown on the financial statement called the:
    1. Summary of operations
    2. Balance sheet
    3. Statement of cash flows
    4. Income statement
  3. When part of each progress billing is held back, it's called:
    1. Accrual
    2. Retainage
    3. deferred income
    4. backup withholding
  4. Wiring which is installed to meet minimum requirements of the National Electrical Code is:
    1. adequate to meet future needs
    2. adequate for present needs
    3. always the most efficient wiring
    4. for all practical purposes safe & free from hazard
  5. 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
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