CSLB Law & Business 1 Exam Questions With Correct Answers A+

What is the main weakness of a time scale or bar chart? - It does not show the interdependency of the activities. The primary topics that should be included in a Business Plan are: - A description of the goals of the business, markets and marketing, finances, and management. Who prepares and distributes the punch list? - Project manager Which of the following statement(s) is/are true regarding the Employer Identification Number? - -It is required when applying for a partnership license -It is recorded by the CSLB upon application for a license -It is obtained from the IRS Which of the following should a contractor do if they fall behind on project's time schedule? - Extend deadlines if the owner accepts these terms Which business structure has a board of directors? - Corporation When should the project be scheduled? - After obtaining building permits If a company takes on multiple projects, and each project contains multiple phases, what is the most effective way to complete these projects? - Plan ahead and create a construction schedule Which of the following types of job scheduling methods is generally considered to be most effective? - The critical path method Which of the following would benefit office employees the LEAST? - A GPS tracker What is the recommended practice after a contractor receives an approved set of plans? - Double check the plans for any errors or discrepancies To declare themselves a corporation, LLC or Limited Partnership in California, the principals must file formation documents with what agency? - Secretary of State What is the main advantage of an S-Corporation? - The Corporation avoids double taxation