Mississippi Law and Business Free Practice Exam

Is the Mississippi Law and Business Exam Open Book?

Yes, the exam is open book, and candidates are allowed to bring specific reference materials to the exam center. The primary reference is the NASCLA Contractors Guide to Business, Law and Project Management – Mississippi, 6th Edition. It’s highly recommended to tab and highlight your book for quick navigation during the exam. However, make sure the tabs are permanent and that there are no handwritten notes, as PSI strictly monitors reference materials.

Is the Law and Business Exam Hard?

The difficulty of the Mississippi Law and Business Exam depends on your preparation. The exam requires both practical knowledge and familiarity with the reference material. While some find it challenging due to the breadth of topics, an open-book format and solid study habits—featuring tools like our free practice exam—will significantly improve your chances of success.

How Many Questions Are on the Law and Business Exam?

The full Mississippi Law and Business Exam consists of 50 multiple-choice questions. To pass, you must score at least 70%. The practice test mirrors the exam structure, preparing you for the exact format and timing you’ll encounter on test day.

Here’s the breakdown of topics included:

• Licensing
• Estimating and Bidding
• Lien Law
• Financial Management
• Tax Laws
• Labor Laws
• Project Management
• Contracts
• Business Organization
• Risk Management
• Environmental and Safety

Yes, the Mississippi Law and Business exam at PSI is an open book examination. This is perhaps the most important advantage you have as a test-taker. However, don’t let this fool you into thinking the exam is easy. The open book format means you need to know how to navigate your reference materials quickly and efficiently.

The approved reference material for the examination center is the NASCLA Contractors Guide to Business, Law and Project Management – Mississippi, 6th Edition. Candidates are responsible for bringing their own references to the testing center, and these materials may be highlighted, underlined, and indexed before your examination session.

Here’s the catch: references cannot be written in during the exam. Any candidate caught writing in their references will have them confiscated and will be reported to the department. Additionally, you cannot bring any loose papers or additional materials attached to your references. These will be removed and confiscated.

You may use permanent tabs to index your book, but temporary tabs like Post-It notes are not allowed and must be removed before your exam begins. This makes proper preparation even more critical—you need to prepare your reference materials in advance and know exactly where to find specific information.

Here are a few sample questions to give you an idea of what to expect:

1. What is the minimum financial statement required for a Mississippi contractor license?

   • A) Balance Sheet
   • B) Audited Statement
   • C) Reviewed Statement
   • D) Compiled Statement
     Answer: C) Reviewed Statement. Refer to the Mississippi NASCLA guide for this requirement.

2. What is the penalty for working without a license in Mississippi?

   • A) A fine of up to $1,000 per violation
   • B) Immediate suspension of current projects
   • C) Revocation of any pending license applications
   • D) Both A and B
     Answer: D) Both A and B. The Mississippi Board of Contractors enforces strict penalties on unlicensed work.

Take our full free practice exam at any time to explore similar multiple-choice questions across all exam topics.

• Invest in the Correct Reference Material
  Make sure to secure the NASCLA Contractors Guide to Business, Law and Project Management – Mississippi, 6th Edition. Learning to navigate this manual efficiently is one of the most important skills to develop for an open-book exam.
• Highlight, Tab, and Familiarize Yourself
  Organize your reference materials with permanent tabs and underlining or highlighting key sections. Review the table of contents and index thoroughly to locate answers faster.
• Practice Strategic Time Management
  On both the actual exam and our free practice test, budget your time wisely. Answer the questions you know first, skip those you’re unsure about, and return to them later if you have time.
• Take Our Practice Exam Often
  Repeating the Mississippi Law and Business Free Practice Exam will help you get comfortable with the topics, format, and time limits. As a bonus, you’ll be able to track your progress and monitor areas that require more focus.

Here’s a proven strategy: Go through all the questions first and answer the ones you know immediately. Skip the ones that require extensive reference searching. Then go back and tackle the questions you were unsure about. This approach ensures you capture all the easy points before investing time in more challenging questions.

Don’t spend too much time on any single question. If you’re past the three-minute mark and still searching, make your best educated guess, bookmark it if possible, and move on. You can return to it if time permits.

When you’re ready to register for the official PSI Mississippi Law and Business Exam, visit the official registration page. For additional details about licensing requirements and reference materials, refer to the Mississippi State Board of Contractors website and the PSI Candidate Bulletin.

We also offer preparation for a wide range of contractor exams:

• NASCLA Commercial General Building Exam
• Free OSHA 1926 Exam
• Free NASCLA Business Exam

Utilize these free exams to build your knowledge base and gain confidence for success.