Download California Contractors License Test Class Questions and Answers (Verified Answers) Latest and more Exams Nursing in PDF only on Docsity!
Answers (Verified Answers) Latest Update 2023
Who does not need a contractors License? - Correct Answers ✅someone who does certain construction on commercial agricultural property The contractor surety Bond necessary for most contractors to obtain their license is in the amount of - Correct Answers ✅$15, When licensed as a Sole Proprietor the license belongs to - Correct Answers ✅the Company Which is true of an inactive license? - Correct Answers ✅Must be renewed every 4 Years How many classifications can an RME apply for? - Correct Answers ✅As many classifications as he or she can qualify for. A prime contractor shall pay his or her subcontractors - Correct Answers ✅within 7 days of receipt of each progress payment
Answers (Verified Answers) Latest Update 2023
A contractor wants to use a fictitious name as a business name style. When does the fictitious name statement needed to be filed? - Correct Answers ✅Before conducting Business During a declared state of emergency how much may a contractor increase his prices? - Correct Answers ✅10%above the price just prior to the declared state of emergency. If John Burroughs the sole proprietor of a pluming company is applying for a license as am individual, which of the following name styles is not permitted? - Correct Answers ✅permitted: John Burroughs Burroughs Plumbing Co. J.B. Co. Not-Permitted: John Burroughs Inc. Active licenses must be registered every------ and inactive licenses should be registered every----- - Correct Answers ✅2 years, 4 years
Answers (Verified Answers) Latest Update 2023
Correct Answers ✅Require the Prime Contractor to Supply a performance and Payment Bond. CSLB established the State Wide Investigative Fraud Team (SWIFT). CSLB'S SWIFT has the authority to: - Correct Answers ✅Cite those not properly licensed Which is not part of the Home Improvement Contract? - Correct Answers ✅Preliminary Notice What us the purpose of the Preliminary Notice? - Correct Answers ✅Assert Mechanic Liens and Stop notice Rights Preliminary Notices are filed? - Correct Answers ✅within 20 days from first furnishing labor or materials. Which of the following is the most important practices to follow when trying to avoid disagreements with an owner? - Correct Answers ✅Be sure to include a detailed description of the project and everything that is to be done in the contract.
Answers (Verified Answers) Latest Update 2023
Why should a contractor keep a record of all Change Orders? - Correct Answers ✅State law Requires It Which of the following people file a Stop Notice? - Correct Answers ✅a subcontractor contracted to do specialty trade and was not paid. Who signs a "Joint Control Agreement"? - Correct Answers ✅The lender, the property owner and the Prime Contractor. How long will the CSLB hold a contractor responsible for observable defects?
- Correct Answers ✅4 years The CSLB offers a free voluntary arbitration program for disputes alleged damages: - Correct Answers ✅Between $15,000 and $50, If a contractor includes provision in a contract for use of private arbitration and a dispute between the owner and the contractor makes an arbitration necessary, who will bare the cost of a private arbitrator? - Correct Answers ✅The Owner and contractor will slit the cost of the arbitration.
Answers (Verified Answers) Latest Update 2023
In drawing up "Home Improvement Contracts," contractors should pay attention to the requirements of print typeface and point size of the notices and disclosures. Unless a larger typeface is specified in the law (Business and professions Code) text in any printed form should be: - Correct Answers ✅10-pt Typeface and the headers should be at least 10-pt Boldface The costs of running your business including office expenses etc, is called: - Correct Answers ✅Overhead expenses Direct Labor is compromised of: - Correct Answers ✅cost for labor and payroll taxes Which of the following is an asset in the Balance sheet? - Correct Answers ✅Accounts Receivable Direct Costs Consist of: - Correct Answers ✅Direct Labor, Direct labor burden, direct materials and other direct costs. Good Cash Flow is achieved when: - Correct Answers ✅current liabilities are less than current assets
Answers (Verified Answers) Latest Update 2023
Equity is: - Correct Answers ✅Total assets less total liabilities Networking Capital is: - Correct Answers ✅the difference between current assets and current liabilities A contractor is preparing a bid for repairs and the contractor estimates his direct costs to b $1,000. the contractor knows that his overhead is 25% and the contractor wants a 5% profit the contractor should submit a bid for: - Correct Answers ✅$1,428.57 (1,000/.70) a contractor estimates labor and materials to be $2,500. Allowing for 15% overhead and 5% profit. what should the total bid be? - Correct Answers ✅$3,125 (2,500/.8) When business is bad which of the following - Correct Answers ✅Bid on jobs only if you can make a profit Unresolved conflicts will result in extra costs and loss time for which of the following? - Correct Answers ✅the client, contractor, and state.
