CSLB Exam Law and Business 2024-2025 Questions with v v v v v v v
100% Correct Answers v v v
How much time doesRa contractor have to renew his/her license after the expiration date without retaki ng
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the license exam? - correct answer-
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The contractor isRnotRrequired to retake the exam if the license is renewed within 5 years, from the expir
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ation date
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If the contractor unlawfully removes asbestos he/she may be fined.... - correct answer- minimum
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of $1,000 and or have his/her license revoked or suspended
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when you collect sales tax from your customers goods, to which agency do you report and pay sales tax
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collected? - correct answer-sales tax is a state tax and is payable to the state board of equalization.
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Who do you pay state income tax to - correct answer- state
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income taxes are payable to the franchise taxRboard
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Who collects federal tax - correct answer-IRS only collects federal taxes
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How long is the contractor liable for patent or visibleRdefects - correct answer- patent is
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a visible defect for which the contractor is liable for up to 4 years
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how long is the contractor liable for latent or structural defects - correct answer-
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latent is an invisible or structural defect for which the contractor isRliable for up to 10 years
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account receivable contains? - correct answer- v v v v v
retention, which is usually 10%, it is withheld by the owner from the contract to ensure that the job is d one
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properly and subcontractors are paid. the retention is recorded in accounts receivable
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which is considered a fixed cost to a contractor
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a. electricity cost
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v b.part time wages v v
100% Correct Answers v v v
How much time doesRa contractor have to renew his/her license after the expiration date without retaki ng
v v v v v v v v v v v v v v v v
the license exam? - correct answer-
v v v v v v
The contractor isRnotRrequired to retake the exam if the license is renewed within 5 years, from the expir
v v v v v v v v v v v v v v v v v
ation date
v v
If the contractor unlawfully removes asbestos he/she may be fined.... - correct answer- minimum
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of $1,000 and or have his/her license revoked or suspended
v v v v v v v v v v
when you collect sales tax from your customers goods, to which agency do you report and pay sales tax
v v v v v v v v v v v v v v v v v v
collected? - correct answer-sales tax is a state tax and is payable to the state board of equalization.
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Who do you pay state income tax to - correct answer- state
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income taxes are payable to the franchise taxRboard
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Who collects federal tax - correct answer-IRS only collects federal taxes
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How long is the contractor liable for patent or visibleRdefects - correct answer- patent is
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a visible defect for which the contractor is liable for up to 4 years
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how long is the contractor liable for latent or structural defects - correct answer-
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latent is an invisible or structural defect for which the contractor isRliable for up to 10 years
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account receivable contains? - correct answer- v v v v v
retention, which is usually 10%, it is withheld by the owner from the contract to ensure that the job is d one
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properly and subcontractors are paid. the retention is recorded in accounts receivable
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which is considered a fixed cost to a contractor
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a. electricity cost
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v b.part time wages v v
