CALIFORNIA CONTRACTORS LAW AND BUSINESS
QUESTIONS AND SOLUTIONS SCORED A+
✔✔any person who is or was at the time of omission named on the license is not
eligible to receive a new license until when ?? - ✔✔until the fund is paid in full
✔✔if any amount is paid from the fund settlement of a claim arising the license will
automatically be suspended by operation of law until when?? - ✔✔until the amount paid
from the fund is repaid in full plus interest of 10% a year
✔✔the liability of the fund shall not exceed how much money - ✔✔200,000 dollars
✔✔what is the equation for the balance sheet - ✔✔assets= liabilities+owners equity
✔✔performance bond - ✔✔guarantees that the contractor will complete a contract
within its time frame and conditions
✔✔what is the equation for the working capital - ✔✔current assets -currents liabilities
=working capital
✔✔how long is the register of a trade name effective for - ✔✔5 years
✔✔how many days do you have to answer a complaint?
what happens if you don't reply - ✔✔you have 10 days to reply.
if you don't reply your license will be suspended or revoked
✔✔how long are az license valid for - ✔✔2 years
✔✔how many employees do you need to have an emergency action plan - ✔✔more
than 10 employees and it must be in writing
✔✔how many employees must you have in order to get works comp?? - ✔✔1 or more
✔✔if death occurs at work how many hours do you have to notify osha - ✔✔within 8
hours
✔✔who is responsible for the material safety data sheets for hazardous materials -
✔✔the manufacturer or the importer
✔✔what are the license categories - ✔✔residential commercial dual
✔✔registration of trademark is effective for how many years - ✔✔10 years
QUESTIONS AND SOLUTIONS SCORED A+
✔✔any person who is or was at the time of omission named on the license is not
eligible to receive a new license until when ?? - ✔✔until the fund is paid in full
✔✔if any amount is paid from the fund settlement of a claim arising the license will
automatically be suspended by operation of law until when?? - ✔✔until the amount paid
from the fund is repaid in full plus interest of 10% a year
✔✔the liability of the fund shall not exceed how much money - ✔✔200,000 dollars
✔✔what is the equation for the balance sheet - ✔✔assets= liabilities+owners equity
✔✔performance bond - ✔✔guarantees that the contractor will complete a contract
within its time frame and conditions
✔✔what is the equation for the working capital - ✔✔current assets -currents liabilities
=working capital
✔✔how long is the register of a trade name effective for - ✔✔5 years
✔✔how many days do you have to answer a complaint?
what happens if you don't reply - ✔✔you have 10 days to reply.
if you don't reply your license will be suspended or revoked
✔✔how long are az license valid for - ✔✔2 years
✔✔how many employees do you need to have an emergency action plan - ✔✔more
than 10 employees and it must be in writing
✔✔how many employees must you have in order to get works comp?? - ✔✔1 or more
✔✔if death occurs at work how many hours do you have to notify osha - ✔✔within 8
hours
✔✔who is responsible for the material safety data sheets for hazardous materials -
✔✔the manufacturer or the importer
✔✔what are the license categories - ✔✔residential commercial dual
✔✔registration of trademark is effective for how many years - ✔✔10 years
