CSLB LAW AND BUSINESS | Exam Revision Questions and Correct
Answers With 100% Correct Answers | Latest 2025 Update.
Employer pays futa tax to - ANSWER- IRS
Service and repair contracts - ANSWER- Have no down payments, and payment is due when
work is done
Balance Sheet - ANSWER- Shows assets & Liabilities at certain time
What is FICA - ANSWER- FICA is paid 50% employee & 50% employer
-Reported and paid quarterly
What is a general ledger - ANSWER- Contains all accounts for recording transactions relating
to company's assets,liabilities,owners equity revenue and expenses
Sole proprietor license - ANSWER- Belongs to the company
Cash flow statement - ANSWER- Analyzes income and outflow of cash during period of time
What is notice to owner - ANSWER- Informs owner property can be liened
1099-misc - ANSWER- Given to non employees that did services over 600.00
Waiver and release form - ANSWER- Gives up right to lien construction funds
What is equity - ANSWER- Total current assets minus (-) total current liabilities
Answers With 100% Correct Answers | Latest 2025 Update.
Employer pays futa tax to - ANSWER- IRS
Service and repair contracts - ANSWER- Have no down payments, and payment is due when
work is done
Balance Sheet - ANSWER- Shows assets & Liabilities at certain time
What is FICA - ANSWER- FICA is paid 50% employee & 50% employer
-Reported and paid quarterly
What is a general ledger - ANSWER- Contains all accounts for recording transactions relating
to company's assets,liabilities,owners equity revenue and expenses
Sole proprietor license - ANSWER- Belongs to the company
Cash flow statement - ANSWER- Analyzes income and outflow of cash during period of time
What is notice to owner - ANSWER- Informs owner property can be liened
1099-misc - ANSWER- Given to non employees that did services over 600.00
Waiver and release form - ANSWER- Gives up right to lien construction funds
What is equity - ANSWER- Total current assets minus (-) total current liabilities
