Business and Law Test California CSLB exam with correct answers 2024
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Course
Business and Law Tes
Institution
Business And Law Tes
overhead correct answers The costs of running your business, including office expenses, etc.
Stop notice correct answers A document given for the purpose of stopping, intercepting, or freezing funds that have not yet been paid on a construction project in an attempt to ensure payment.
What ...
overhead correct answers The costs of running your business,
including office
expenses,
etc.
Stop notice correct answers A document given for the purpose of
stopping,
intercepting, or freezing funds that have not yet been paid on a
construction
an attempt toproject
ensurein
payment.
What is required to for a stop notice to take effect? correct answers 20-day
preliminary
notice must have been sent in order for a Stop Payment Notice to
take effect.
What is a Preliminary notice correct answers A preliminary notice is a
document
the beginning sentofata construction job to inform the GC and property owner of
theirproject.
the work on California requires subcontractors and suppliers to send
preliminary
in notice their right to file a mechanics lien if they don't
order to preserve
receive payment.
What is the purpose of a I-9? correct answers A new-hire will fill out an I-9
form to
their verify
employment eligibility
status..
DE-1 forum correct
answers
What is a US-99 correct answers A record that an entity or person paid you.
The out
fills payer
the 1099 form and sends copies to you and the IRS. There are
several
1099 kinds of
forms.
If an employee quits, wages are due within hours. correct
answers 72
Employment Development Department (EDD) correct answers California
government
agency that supports state activities and benefit programs by
collecting and employment-related taxes such as employer-financed
administering
unemployment
insurance; also provides other services to employers and
employees
Franchise Tax Board correct answers CA tax agency that collects and
enforcestax
income state
assessment and collection. In many situations, the FTB operates
similarly to
the
IRS.
Internal Revenue Service (IRS) correct answers Federal agency
responsible
collecting for
income
taxes
Home-Improvement Contract correct answers An agreement between the
contractor
and homeowner that contains all of the terms of the improvement project.
Must
to adhere
state laws and spell out each party's responsibilities
in detail.
,Who does NOT need a California Contractor's State License? correct
answers Sale
installation of or
finished products that do not become a fixed part of
the structure.
When must the prime contractor pay a subcontractor? correct answers 10-
days after
Prime-contractor received
payment.
Prime contractor correct answers Any contractor on a project who has
a contract
directly with the
owner.
sub-contractor correct answers a person such as a plumber or electrician
who part
one performs
of the entire construction
project
Contractors Surety Bond correct answers
$12,500.00
How long will the California Contractors State License Board hold a
contractor
responsible for observable defects? correct answers
4 years
When must a licensed contractor provide their license number? correct
answers On
contracts, all
advertising and 20-Day Preliminary
Notices
Responsible Managing Employee correct answers Full time employee works
at least
hours or32
80% of operating time of biz, whichever is less.May be used to
qualify for partnership, or corp license.Never more than 3 licensees at
individual,
one time.Can
only act as qualifier for 1 license at a time unless either: 1) other licensee is
subsidiary
2) he/she owns at least 20% of licensee 3) majority of officers/partners of
other
are one of
those also
1st
State Disability Insurance is paid by correct answers
Employees only.
A contractor estimates labor and material costs for a job to be $2,500.00.
Allowing
15% for
overhead and an 18% profit, what should the total bid be?
correct answers
Who is responsible for determining when the project is complete? correct
answers The
Building
Inspector.
State Board of Equalization. correct answers Appraises all public utility
properties for
tax
assessment
During a declared state of emergency how much may a contractor
increasecorrect
prices? his/heranswers MAYBE NOT CHECK 15% above the prices just
prior to the
declared state of
emergency
Contract Bond correct answers A surety bond guaranteeing the fulfillment of
obligations
under construction contracts or other types of
contracts
, Responsible Managing Officer (RMO) correct answers The qualifying
individual for a
corporatio
n
Journeyman correct answers A person who has completed an
apprecnticeship
or is an experienced program
worker, not a trainee, and is fully qualified to
perform the trade
without
supervision.
What are penalties for contracting w/out a license correct answers -
Misdemeanor
offense- 1st offense may receive citation from registrar, potential
sentenceinof
months upand/or
jail to 6 $500 fine, which is accompanied by civil penalty of
no less
$200 than
and no more than $15,000. May lessen or waive if contractor
obtainsprescribed
within license period of time.- Felony charges for contracting w/out a
license in projects.- 2nd offense found guilty of criminal offense which is
emergency
punishable
civil penaltyby of 20% contract price or $4,500, whichever is greater, and
county jail min
90
days.
Penalty for advertising for work outside of your license correct answers
fine of $700-
$100
0
Penalty for hiring unlicensed sub or allowing use of license correct
answers
from Citation
registrar and civil penalty up to
$15,000
Penalty for deliberate fraudulent use of contractor's license correct
answers Up
$10,000 to one year
and/or
jail
Bond must be filed with _ within _ days of effective date of bond. correct
;answers CSLB
90
Contractor's Bond amount correct answers
$15,000
Performance Bond correct answers guarantees job will be completed
according
building to and specs. If work is unacceptable or project is
plans
abandoned,
company canbonding
hire another contractor to complete the work or settle for
damages.
Payment Bond correct answers A contract bond guaranteeing that the
project
free of will be
liens.
Contract Bond correct answers Guarantees both job completion and
payment
labor andof all
materials.
Bid Shopping correct answers When prime contractor discloses sub's bid to
other
to getsubs
them to lower their
price.
Contractor's License Bonds correct answers A contractor's license bond is
a type of
commercial surety bond required by the state of California for the
benefit of a
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