LOUISIANA BUSINESS AND LAW
ACTUAL FINAL EXAM 2026/2027 WITH
175 QUESTIONS AND 100% ACCURATE
ANSWERS | ALREADY GRADED A+ |
GUARANTEED PASS | LOUISIANA
BUSINESS AND LAW EXAM 2026/2027
A contractor who is unlicensed may be found guilty of a misdemeanor, and fined
up to ________. - ANSWER-$500 per day of the violation
If an unlicensed contractor causes harm or damage to another in excess of $300,
they can be fined up to ______ and possibly be imprisoned up to _____ . -
ANSWER-$5,000 and 5 years
If a contractor has been ordered to cease and desist work, and fails to do so, that
contractor shall not be permitted to apply for a license for ___________ . -
ANSWER-1 year
A residential contractor must provide all of the following EXCEPT: - ANSWER-
Proof of five years experience
,A contractor who opts to place his license in an inactive status must still submit
proof of insurance coverage. - ANSWER-False
Residential contractors must pay a renewal fee of _____. - ANSWER-$100.00
Residential contractors must pay a license fee of _____. - ANSWER-$100.00
A home improvement project , in excess of _______ MUST have a written
contract between the contractor and the owner. - ANSWER-$7,500
A home improvement contractor is required to register with the Residential
Building Contractors Subcommittee. - ANSWER-True
A residential contractor must complete a minimum of _____ of continuing
education per year. - ANSWER-6 hours
Under LA contractor rules and regulations, all applications must include: -
ANSWER-References
Federal employer identification number
Fees
All of the above
Is it permitted for a company to have more than one qualifying party? - ANSWER-
Yes
An applicant for a home improvement license must provide proof of registration
and proof of _______. - ANSWER-Workers Compensation Insurance
, Who is entitled to file a lien in Louisiana? - ANSWER-laborers
material suppliers
designer
any of the above
A general contractor who is contracted for a private project that is valued at more
than _______ must file a Notice of Contract prior to beginning work. - ANSWER-
$25,000
The Notice of Contract must include all but the following: - ANSWER-when the
work was completed
If a contract is valued at $75,000, what percentage of that amount will an owner
require a contractor to provide as a bond? - ANSWER-50%
Like the Notice of Contract, the Notice of Termination is designed to protect
owners as it shortens the time in which liens must be filed. - ANSWER-True
If a company has Current Assets of $115,000, Fixed Assets of $257,250, Current
Liabilities of $27,350 and Fixed Liabilities of $187,258, what is its Liquidity
Ratio? - ANSWER-4.2 to 1
A project has an estimated labor cost of $162,500 and an estimated material cost of
$225,100, project overhead is estimated at 5% of both labor and material cost and
assigned company overhead of 1.5% of material cost. If the contract is written for
$425,000, what profit margin is the contractor expecting to make? - ANSWER-
3.44%
ACTUAL FINAL EXAM 2026/2027 WITH
175 QUESTIONS AND 100% ACCURATE
ANSWERS | ALREADY GRADED A+ |
GUARANTEED PASS | LOUISIANA
BUSINESS AND LAW EXAM 2026/2027
A contractor who is unlicensed may be found guilty of a misdemeanor, and fined
up to ________. - ANSWER-$500 per day of the violation
If an unlicensed contractor causes harm or damage to another in excess of $300,
they can be fined up to ______ and possibly be imprisoned up to _____ . -
ANSWER-$5,000 and 5 years
If a contractor has been ordered to cease and desist work, and fails to do so, that
contractor shall not be permitted to apply for a license for ___________ . -
ANSWER-1 year
A residential contractor must provide all of the following EXCEPT: - ANSWER-
Proof of five years experience
,A contractor who opts to place his license in an inactive status must still submit
proof of insurance coverage. - ANSWER-False
Residential contractors must pay a renewal fee of _____. - ANSWER-$100.00
Residential contractors must pay a license fee of _____. - ANSWER-$100.00
A home improvement project , in excess of _______ MUST have a written
contract between the contractor and the owner. - ANSWER-$7,500
A home improvement contractor is required to register with the Residential
Building Contractors Subcommittee. - ANSWER-True
A residential contractor must complete a minimum of _____ of continuing
education per year. - ANSWER-6 hours
Under LA contractor rules and regulations, all applications must include: -
ANSWER-References
Federal employer identification number
Fees
All of the above
Is it permitted for a company to have more than one qualifying party? - ANSWER-
Yes
An applicant for a home improvement license must provide proof of registration
and proof of _______. - ANSWER-Workers Compensation Insurance
, Who is entitled to file a lien in Louisiana? - ANSWER-laborers
material suppliers
designer
any of the above
A general contractor who is contracted for a private project that is valued at more
than _______ must file a Notice of Contract prior to beginning work. - ANSWER-
$25,000
The Notice of Contract must include all but the following: - ANSWER-when the
work was completed
If a contract is valued at $75,000, what percentage of that amount will an owner
require a contractor to provide as a bond? - ANSWER-50%
Like the Notice of Contract, the Notice of Termination is designed to protect
owners as it shortens the time in which liens must be filed. - ANSWER-True
If a company has Current Assets of $115,000, Fixed Assets of $257,250, Current
Liabilities of $27,350 and Fixed Liabilities of $187,258, what is its Liquidity
Ratio? - ANSWER-4.2 to 1
A project has an estimated labor cost of $162,500 and an estimated material cost of
$225,100, project overhead is estimated at 5% of both labor and material cost and
assigned company overhead of 1.5% of material cost. If the contract is written for
$425,000, what profit margin is the contractor expecting to make? - ANSWER-
3.44%
