CA Contractors license test questions Business and Law 68 Questions And Answers

How much time does a contractor have to renew his license after the expiration date without retaking the exam? - ️️5 year When you collect sales tax from your customer for goods, which agency do you report and pay sales tax collected? - ️️State board of equalization Sales tax is a state tax. State income taxes are payable to the franchise tax board. IRS only collects federal taxes How long is the contractor liable for patent or visible defects? - ️️4 years How long is the contractorr liable for latent or structural defects - ️️Latent is an invisible or structural defect liable for up to 10 years Accounts receivable contains - ️️Retention Retention usually 10%; it is withheld by the owner from the contract to ensure that the job is done properly and subcontractors are paid. What is considered a fixed cost to a contractor? - ️️Office rent What is considered a variable cost to contractors? - ️️Construction material If a home solicitation presentation is made in spanish, the contract language must be - ️️spanish