CSLB Exam Law and Business Questions with 100% Complete Answers, A+

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 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