CSLB Exam Law and Business Questions and Answers Best rated A+ Guaranteed Success Latest Update

How much time does a contractor have to renew his/her license after the expiration date without retaking the license exam? The contractor 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 8/10/25, 11:52 AM CSLB Exam Law and Business Questions Flashcards | Quizlet 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 time wages e 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