CSLB Exam Law and Business Questions and Answers 100% Pass

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CSLB Exam Law and Business Questions and Answers 100% Pass How much time does a contractor have to renew his/her license after the expiration date without retaking the license exam? ✔✔The contr... actor is not required to retake the exam if the license is renewed within 5 years, from the expiration date If the contractor unlawfully removes asbestos he/she may be fined.... ✔✔minimum of $1,000 and or have his/her license revoked or suspended when you collect sales tax from your customers goods, to which agency do you report and pay sales tax collected? ✔✔sales tax is a state tax and is payable to the state board of equalization. Who do you pay state income tax to ✔✔state income taxes are payable to the franchise tax board Who collects federal tax ✔✔IRS only collects federal taxes How long is the contractor liable for patent or visible defects ✔✔patent is a visible defect for which the contractor is liable for up to 4 years how long is the contractor liable for latent or structural defects ✔✔latent is an invisible or structural defect for which the contractor is liable for up to 10 years account receivable contains? ✔✔retention, which is usually 10%, it is withheld by the owner from the contract to ensure that the job is done properly and subcontractors are paid. the retention is recorded in accounts receivable which is considered a fixed cost to a contractor a. electricity cost b.part time wages c.office rent d. construction material ✔✔office rent! this is usually a fixed amount that is due monthly. office supplies and construction material is purchased only when necessary, therefore it is a variable cost what is considered a variable cost? office rent construction material accounts payable stockholders equity ✔✔construction material employers must report and pay federal unemployment (FUTA) tax to which agency? ✔✔FUTA is federal unemployment tax and it is payable to the IRS if a home solicitation presentation is made in spanish, then the contract language must be.... ✔✔must be in spanish, consistancy in language is essential on contracts and understandings from clients and license owner if the employer requires a pre employment physical exam, who must pay for the exam? ✔✔employer (Us) how often should a contractor renew his/her license ✔✔contractors should renew their license every 2 years. License becomes void if not renewed within 5 years from expiration date [Show More]

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