Law Test 2 Flashcards by Trevor Horner

What should be included in every Home Improvement Contract?
a) A right to cancel notice
b) The contractor’s license number
c) The truth-in-lending notice
d) The name of the project

b) The contractor’s license number

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The contractor must substantially begin work within _____days of the date that is specified in the contract when a Home Improvement Contract has been signed?
a) 5 days b) 10 days c) 15 days d) 20 days

d) 20 days

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A contractor employs a registered home improvement salesperson. The sales person negotiates a verbal contract for home improvement work that totals $350. When the sales person tells the contractor of the verbal contract amount, the employer says he will not work for the contracted price.
The Contractor’s License Law states:
a) Verbal home improvement contracts that are under $500 are binding, so the contractor is required by law to abide by the verbal agreement
b) The contractor doesn’t have to abide by the verbal agreement
c) Since the contractor did not negotiate the home improvement contract, the contractor can cancel
the contract
d) Because all home improvement contracts must be in writing, the contractor is not bound by the contract

d) Because all home improvement contracts must be in writing, the contractor is not bound by the contract

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A home solicitation contract can be cancelled by a consumer at any time prior to midnight of the ______business day after the date of the transaction.
a) 1st b) 2nd c) 3rd d) 5th

c) 3rd

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A notice to cancel a home solicitation contract will be effective:
a) When the written notice is deposited in the mail
b) When the owner signs it
c) The day that the owner cancels by telephone
d) When the contractor receives the notice

a) When the written notice is deposited in the mail

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In a joint-control addendum to a contract, which of the below in NOT true?
a) This stops the contractor from being paid more than the value of the work that is completed
b) It requires the contractor to supply lien releases thus safeguarding the consumer’s property from liens
c) It analyzes the contract, plans, a breakdown of costs and prepares an account from which funds will be disbursed
d) The Contractors State License Board controls it

d) The Contractors State License Board controls it

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Which of the following does NOT have to be included in a home improvement contract if a joint control addendum is used?
a) The owner’s signature
b) A schedule of payments
c) A notice to the owner
d) The license number of the contractor

b) A schedule of payments

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Who will NOT benefit from a Contractor’s Bond?
a) A client that is damaged because of regulation violations by the contractor?
b) Any people that are damaged by a contractor due to fraud on the part of the contractor
c) Any subcontractor that is damaged due to an accident
d) All employees damaged because the contractor failed to pay wages

c) Any subcontractor that is damaged due to an accident

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What bond guarantees that a contractor’s work will be free of defects in workmanship and materials for a specific period of time?
a) A Performance bond
b) A Licensure bond
c) A Satisfaction bond
d) A Contractor bond

a) A Performance bond

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Most contractors’ are required to obtain a Contractor’s License Bond in the amount of: a) $2,500
b) $12,500
c) $7,500
d) $25,000

d) $25,000

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When a bond is required on larger jobs, a bond company will charge approximately _____% of its fee based on the contract price.
a) 1-2% b) 10% c) 15% d) 20%

a) 1-2%

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When a contractor’s license number is due to expire, when should the contractor renew it?
a) The day it expires
b) 10 days before it expires
c) 30 days before it expires
d) Within 30 days after it expires

c) 30 days before it expires

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A contractor’s license would be needed for:
a) The moving of a mobile home
b) The owner is the builder
c) A registered architect and/or engineer
d) The installation of finished products that do not become a permanent fixture to the property

a) The moving of a mobile home

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How many times are you allowed to take the contractor’s license exam before your original application is voided?
a) In one year, as many times as it takes to pass the test
b) Three times is all that you allowed
c) Five times
d) In eighteen months, as many times as it takes to pass the test.

d) In eighteen months, as many times as it takes to pass the test.

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When a contractor forgets to renew their license, the expired license may be renewed anytime within_____ after its expiration without reapplying for the license and fulfilling the exam or waiver requirements again.
a) One year
b) Two years
c) Three years
d) Five years

d) Five years

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Alan and Julie have done business as a licensed partnership. If Julie is a general partner, but not qualified, what must she do to get an individual license?
a) If Julie was listed on the license as a partner and was actively in the business for at least five of the last seven years, then she can apply for a waiver of the exam
b) The partnership license must be inactivated, if Julie applies for an individual license
c) Julie would not be entitled to apply for an individual license
d) General partners may automatically obtain an individual license if they are listed on the partnership license

a) If Julie was listed on the license as a partner and was actively in the business for at least five of the last seven years, then she can apply for a waiver of the exam

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An RME can qualify how many companies at one time?
a) Only one company
b) Two companies
c) Three companies
d) As many as the RME is able

a) Only one company

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Don owns his own constructions business and he build decks on the weekends. He also is the RME of ABC Construction Co., where he works all week long. Is this an acceptable practice for Don?
a) Yes, Don can qualify for as many licenses as he desires
b) Yes, as long as Don works more than 32 hours as an RME
c) No, Don must take another qualifying exam for a second license
d) No, Don may qualify only ABC Co.’s license in this case

d) No, Don may qualify only ABC Co.’s license in this case

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A Notice to an Owner is given to inform the owner:
a) When work on the job will begin and end
b) That the contractor is going to improve the property
c) Know that the property can be liened
d) Know that a lien has been filed on the property

c) Know that the property can be liened

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Who is the Preliminary Notice not sent to?
a) The owner
b) The lender
c) The contractor
d) The sub-contractor’s

d) The sub-contractor’s

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What is required to file a mechanics’ lien?
a) The name of the owner and the amount of the claim
b) The kind of labor that was furnished and the person that furnished the work
c) A description of the site that is sufficient for identification
d) All of the above are required

d) All of the above are required

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Which of the following is true of a mechanics’ lien?
a) It is filed in the county that the contractor lives in at the county clerk’s office
b) The lien can be filed by any contractor at any time
c) It is a lien that can be made against private or public land to force payment
d) None of the above

d) None of the above

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Which of the following is true of a stop notice?
a) It is a lien on funds that obligates the person holding the construction funds to withhold sufficient funds to satisfy the amount listed in the stop notice
b) It is used on public and private jobs
c) It must be delivered to the owner personally or left at the owner’s residence with a person in charge or delivered to architect
d) All of the above

d) All of the above

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A Stop Notice is the only single means to force payment for a public-works job. Since a lien cannot be placed on the property, when a Stop Notice on a public-works job needs to be served, it should be served on the: a) The lender b) The prime contractor c) The awarding authority d) The division of payments

c) The awarding authority

When is it ok for a contractor to accept a job, when the owner doesn’t have a pre-approved loan? a) If there is an emergency situation and the owner has a high income and good credit. b) When the owner has a bad credit problem. c) When what the owner has in the bank is equal to the contract cost. d) When the owner seems has a reputation for being honest and kind

a) If there is an emergency situation and the owner has a high income and good credit.

What could cause a difference between the actual inventory and the inventory shown on paper? a) A common occurrence could be because of factors such as theft, natural loss, and mistakes. b) What you have in inventory could always be underestimated. c) You might have calculated what you have in inventory by subtracting only what goes into the finished product. d) There is never a substantial difference.

a) A common occurrence could be because of factors such as theft, natural loss, and mistakes.

When can a worker be considered an employee rather than an independent contractor? a) The employer has the right to tell the worker to do certain work. b) The employer has direct control over the work being performed c) The worker can make a profit or loss on the work. d) The worker doesn't set his own hours.

b) The employer has direct control over the work being performed

When a new contractor is trying to obtain a performance or a bid bond, what is the biggest problem facing the contractor? a) they don't have a broker b) no prior track record c) poor credit d) none of the above

b) no prior track record

Subs who have worked on the early stages of a project can be put in a financial disadvantage when the retention is withheld until substantial completion of the entire job. What would be the best way to remedy this situation? a) Tie the release of the retentions to the completion of the sub's work rather than the entire job. b) Pay the subs when they finish the job, no matter what. c) Contact the owner immediately. d) None of the above.

a) Tie the release of the retentions to the completion of the sub's work rather than the entire job.

If a piece of equipment on a job site, is discovered as being hazardous by a Cal/OSHA inspector, a temporary variance may be granted: a) if the equipment is new and can be fixed before it is used on-site b) if the equipment was repaired recently before being used c) if the equipment can be repaired on-site before it is used d) if the equipment can be recycled before use

a) if the equipment is new and can be fixed before it is used on-site

A contractor must take what precautions with hazardous substances? a) Each employee has to sign a sheet stating that he or she understands the safety and health risks. b) The contractor must hang a safety poster in an area near the time clock. c) The contractor has to adopt a Code of Safe Practices that relates to work at each job site. d) Every employee should be made to wear a dust mask.

c) The contractor has to adopt a Code of Safe Practices that relates to work at each job site.

Which of the following should be specified in a contract? a) That the owner must pay for materials after they are installed. b) That the owner must pay for materials after they are delivered. c) That the owner must deliver the materials to the job site. d) That the owner must pay after the Job is completed

b) That the owner must pay for materials after they are delivered

A perspective client requests a bid package from a contractor. The bid package should include: a) a list of all subcontractors that will work on the job b) a certificate issued from the Building Standards Safety Department c) a copy of a currently issued contractor’s license d) a list of references about the contractor’s job performance

a) a list of all subcontractors that will work on the job

When applying for a permit to re-install wiring that has been removed from an old Victorian house, the minimum license needed is: a) a specialty electrical license b) a general contractor's license c) a remodeler's license d) no specific license would be required

a) a specialty electrical license

When would it make the most sense for a contractor to finance a job? a) When he will not get the job if he doesn’t finance it b) When the owner will go to a competitor if he doesn’t finance the job c) When it is an emergency situation and the owner cannot get the money fast enough. d) When the owner has previous bankruptcies and cannot get a loan.

c) When it is an emergency situation and the owner cannot get the money fast enough.

What would be the best way to make an efficient schedule on a small job ? a) A bar chart b) A critical path method (CPM) c) Talk to your suppliers to arrange around their schedules d) Talk to your subs to arrange around their schedules

a) A bar chart

If you notice that the plans do not specify a fireproof door but you know that one is required, you should: a) report it to the architect immediately b) talk to the owner as soon as possible c) quickly fix it yourself d) install the fireproof door and bill the client

a) report it to the architect immediately

If a contractor has a bad set of plans, he or she should: a) reject the job based on the plans submitted b) do the job anyway based on the plans submitted c) talk to an architect about the plans submitted d) talk to the owner about getting a better set of plan

d) talk to the owner about getting a better set of plan

Which of the following below are the best examples of fixed costs? a) rents, truck payments, insurance payments b) advertising costs, office supplies, and equipment maintenance c) mortgage, fuel costs, and utilities d) rents, utilities, and equipment maintenance

a) rents, truck payments, insurance payments

When obtaining a basic insurance package that meets your construction company's needs, which would not be considered? a) A property insurance policy b) A liability insurance policy c) An umbrella policy d) A workers' compensation policy

c) An umbrella policy

Which of the following below is not considered overhead? a) rent b) storage c) utilities d) advertising

b) storage

When you are demolishing a three-story structure, what agency would you contact first? a) The state b) The local building department c) The county d) The national

b) The local building department

What is the best method of adjusting inventory in the general ledger? a) adding new purchases to the inventory b) averaging last year's inventory c) taking a physical count of the inventory d) subtracting what has been used

c) taking a physical count of the inventory

Which of the following statements below is true? a) a 17 year old can legally drive a forklift at work b) a 17 year old can legally work on a roof on a job c) a 15 year old can legally work in a tunnel on a job d) an 18 year old can legally drive a vehicle as a part of his normal job duties

d) an 18 year old can legally drive a vehicle as a part of his normal job duties

When a job calls for the demolition of an old residence so that a new residence can be built. Which of the following should be done? a) Call an asbestos abatement contractor to check for asbestos in the old residence. b) Have a demolition subcontractor remove any suspected asbestos before the inspector arrives. c) Demolish the building regardless of whether it has asbestos or not. d) Remove any asbestos yourself, and then demolish the building.

a) Call an asbestos abatement contractor to check for asbestos in the old residence.

Federal regulations concerning overtime apply to: a) piecework b) hourly employees c) salaried employees d) all of the above

d) all of the above

The best two methods of keeping track of job expenses are with: a) the general ledger and a payroll journal b) the payroll journal and an expense journal c) an expense journal and the general ledger d) the general journal and the general ledger

b) the payroll journal and an expense journal

By law, the maximum hours in a day that a minor may work is: a) 6 hours b) 7 hours c) 8 hours d) 9 hours

c) 8 hours

By law, the maximum hours in a week that a minor may work is: a) 30 hours b) 35 hours c) 40 hours d) 45 hours

c) 40 hours

When it comes to liens against an owner of a job: a) the owner is responsible for paying for the work on a job. b) the subcontractors cannot file a lien. c) you can file a lien at any time on a job. d) the suppliers cannot file a lien.

a) the owner is responsible for paying for the work on a job.

Which of the following type of bond insures that the contractor will pay all labor and material bills and fulfill the terms of the contract? a) A contract bond b) A performance bond c) A materials bond d) A bid bond

a) A contract bond

What should you do, if the job you are working on involves asbestos. a) File for an Asbestos Abatement certificate for the job. b) Stop work immediately on the job. c) Register with DOSH for the job d) Remove any asbestos and keep working on the job.

b) Stop work immediately on the job.

What would be the best method of handling a situation when one of your customer's accounts has gone past 30 days. a) Send the account to a collection agency. b) Tell the customer that you are putting them on a new payment schedule. c) Start charging interest on the balance owed on the customer's account. d) Stop work immediately on the customer’s job.

c) Start charging interest on the balance owed on the customer's account.

What should construction employees wear when they are working at night? a) A bright-colored vest b) A dark-colored jacket c) A light stick on strings around their necks d) A night vision goggle

a) A bright-colored vest

What government agency would a contractor go to verify that building permits were issued for all construction work done on a house? a) The agency that granted the initial permit b) The State Department of Housing c) The OSHA Department d) The County Recorder's office

a) The agency that granted the initial permit

How many times can the qualifying individual take the State license exam before the application is voided? a) It may be taken once b) It may be taken twice c) It may be taken three times d) It may be taken as many times as necessary within 18 months

d) It may be taken as many times as necessary within 18 months

When a contractor is bidding a job, which of the following is the biggest risk factor for the contractor? a) The owner's financial stability b) The change orders c) The small extras d) Finding qualified subs

a) The owner's financial stability

Contractors should always keep good business records: a) for all insurance purposes. b) to determine if the contractor is making a profit c) to monitor the contractor’s change in costs over a five-year period. d) in case the IRS audits contractor.

b) to determine if the contractor is making a profit

A small contractor with no employees is working out of his garage. Which one of the following types of insurance is not necessary at this time? a) A property damage policy b) A general liability policy c) A commercial vehicle policy d) A workers' comp policy

d) A workers' comp policy

Which of the following below is/are grounds for a disciplinary action? a) The failure to provide the owner with a Notice to Owner b) The failure to pay employees after being paid by the owner c) The failure to complete a project for the price in the contract d) any of the above

d) any of the above

In what court do you pursue a lawsuit of exactly $25,000? a) The Small Claims Court b) The Municipal Court c) The Superior Court d) The District Court

b) The Municipal Court

If an employee is fired as a result of a garnishment of wages, he must notify within how many days, if he intends to file a claim disputing lost wages following the firing. a) The employer within 30 b) The employer within 60 c) The Labor Commissioner within 30 d) The Labor Commissioner within 60

a) The employer within 30

When a dispute over an alleged violation is referred to arbitration, the CSLB Registrar looks for what: a) a licensee that has 2 or less violations in the past 10 years. b) a licensee that is in good standing at the time of the alleged violation. c) that all parties have agreed to private arbitration d) if the amount of damage is over $50,000.

b) a licensee that is in good standing at the time of the alleged violation.

How many employees must an employer have before he must obtain workers compensation insurance? a) 0 b) I or more c) 2 or more d) 3 or more

b) I or more

How much can a contractor legally raise his prices during a declared state of emergency and not be guilty of price-gouging? a) By 5% b) By 10% c) By 15 % d) By 20%

b) By 10%

What is the maximum penalty for a contractor that is working with a license that has been revoked, suspended, or that has lapsed? a) 3 years probation sentence b) I year in jail sentence c) I year in jail sentence and a $15,000 fine d) 3 years in prison sentence

c) I year in jail sentence and a $15,000 fine

A payment bond should be posted by the: a) the prime contractor or the property owner. b) the prime contractor or the subcontractor. c) the subcontractor or the material supplier. d) the property owner or the material supplier.

a) the prime contractor or the property owner.

To prevent cash flow problems towards the end of a construction project, the contractor should: a) obtain a line of credit from his bank. b) order all materials before beginning the work. c) seriously consider changing the payment schedule. d) ask the owner to make payments before they are due.

a) obtain a line of credit from his bank.

Which of the following below is not a misdemeanor? a) A home improvement salesperson that failed to disclose the name of the contractor on a home improvement contract form. b) A home improvement salesperson that gave a homeowner $20 for each new customer that the homeowner referred to the salesperson. c) A home improvement salesperson failed to give the contractor a $50 down payment that the salesperson received from the customer. d) A home improvement salesperson that gave a prospective customer an unconditional gift valued at $5 as part of a sales promotion.

d) A home improvement salesperson that gave a prospective customer an unconditional gift valued at $5 as part of a sales promotion.

What is the deadline date for filing this year's employee W-2s with the Social Security Administration? a) January I b) February 28 c) April 15 d) July I

b) February 28

What is a likely penalty for contracting for jobs with an inactive contractor’s license? a) A permanent revocation of license b) A fine, one-year license suspension, and a minimum of six months in jail c) A fine and/or license suspension for up to one year d) A temporary suspension of license only

c) A fine and/or license suspension for up to one year

A schedule of payments in a home improvement contract must include which of the following details? a) An amount of each payment as a sum in dollars and cents b) A specific reference to the amount of work and services to be performed c) A specific reference to the materials and equipment to be supplied d) All of the above

d) All of the above

Which of the following would be the most important factor with respect to a schedule of payments? a) The date b) The amount c) Keeping the lender informed of job progress d) The phase

b) The amount

New contractors need to establish credit with suppliers as well as a certain amount of start-up capital. The most common source of start-up capital for a small contracting business is? a) The Small Business Administration b) A short-term loan c) From Equity funds d) long-term loan

c) From Equity funds

When a contractor wants to establish a line of credit with a local bank. What will the banker need to determine if the contractor is eligible for a line of credit? a) Balance sheets for the current and prior years b) Income statements for the current and prior years c) Information from the contractor for any uncompleted contracts d) All of the above

d) All of the above

You need a loan from a bank to buy supplies for a job. You can pay back the loan within 90 days, acceptance of your loan will depend on: a) A high quick ration b) The fact that you have the short term liquidity c) The fact that you have the ability to pay the loan back within 90 days d) All of the above

d) All of the above

Which statement concerning accounting systems is correct? a) An accrual method is the easiest way to keep financial records b) When using the cash method, financial statements and management reports do not reflect current financial conditions c) An accrual method recognizes cash received but not earned, as a liability and not as income d) None of these are correct

c) An accrual method recognizes cash received but not earned, as a liability and not as income

When you are starting a new business. Which of the ones below would be the best decision? a) Maintain your own books b) Have anyone other than yourself handle the books c) Hire a professional bookkeeper to do books for you d) Initially don’t keep any books, as it is too time consuming

c) Hire a professional bookkeeper to do books for you

A new contractor purchased a new truck. If the contractor pays cash for the truck, how will the transaction be recorded? a) Credit trucks, debit cash b) Debit trucks, credit cash c) Debit trucks, debit cash d) Credit trucks, credit cash

b) Debit trucks, credit cash

A contractor should incorporate the chart of accounts into his: a) General journal b) General ledger c) Fixed journal d) Journals and ledgers

d) Journals and ledgers

Don has been managing all the phase of his business for about 5 years. He is studying his financial statements to determine the financial condition of his company. What does an intelligent construction manager do to determine his financial position? a) He compare the data for the current year with the data of the previous year b) He compares the data of his company with the data of other similar companies, if the data is available c) He uses ratios to analyze his financial data d) All of the above

d) All of the above

Which of the below is a tangible asset? a) Notes Due b) Materials c) Mortgage d) Rent

b) Materials

What is the truth about liabilities? a) They can be either current or long-term b) They are obligations to pay money or to render services c) They can consist of accounts payable, payroll and mortgage d) All of the above

d) All of the above

The “Net worth” on a corporate balance sheet represents: a) The difference between current assets and current liabilities b) The claim of the owner on the assets the business has c) Ration of assets to liabilities d) Difference between sales of residence and total operating expenses

b) The claim of the owner on the assets the business has

What is the probable cause of an error on the balance sheet that is found to be divisible by 9? a) By transposing number b) By putting a credit on the debit side c) By putting a debit on the credit side d) By entering a number twice on the credit side

a) By transposing number

An income and expense statement for a company, is also called: a) A profit and loss statement b) An income statement c) A P&L statement d) All of the above

d) All of the above

What are direct costs? a) Costs for labor and materials b) Costs that are charged directly to the job site c) Both A & B d) Costs that are charged directly to expenses

c) Both A & B

Labor costs consist of: a) Gross wages that are paid to an employee b) Gross wages, payroll taxes, health and welfare benefits, insurance and vacation benefits c) Gross wages, payroll taxes, health and welfare benefits and insurance benefits d) None of the above

b) Gross wages, payroll taxes, health and welfare benefits, insurance and vacation benefits

What does direct labor burden include? a) The payroll taxes b) The insurance for employees c) Both A & B d) The payroll

c) Both A & B

The relationship between overhead and fixed costs is: a) Overhead is generally a fixed cost b) They have no relationship c) They are opposite costs d) Both of them are found on a balance sheet

a) Overhead is generally a fixed cost

To a contractor, why is overhead so important? a) Overhead represents the amount of money it costs to run a company and it is important in determining accurate bids b) Overhead is important to know the true value of the labor and material when the contractor makes bids c) Overhead lets the contractor know the true profit the company is making and helps determine the correct ration of operation d) A bank needs to know overhead costs in determining the ability to pay back the loan when taking out a loan with the bank

a) Overhead represents the amount of money it costs to run a company and it is important in determining accurate bids

The overhead percentage is greater for: a) The original contractors b) The small contractors c) The Large contractors d) The subcontractors

b) The small contractors

To calculate new profit, you would: a) Add up all the expenses and subtract federal income taxes b) Deduct expenses first from the net income and then subtract federal income tax c) Add all of the expenses, include provision for federal income taxes and deduct that total from sales d) Subtract total operating expenses from the sales of residence

c) Add all of the expenses, include provision for federal income taxes and deduct that total from sales

Where is the depreciation listed? a) It is in the income and expense statement b) It is in the balance statement c) It is in the profit and loss statement d) All of the above

d) All of the above

The depreciation is shown on an income statement as: a) In the expense statement section b) In the plant and property section c) In the income statement section d) The depreciation is not shown on the income statement

a) In the expense statement section

If you include the depreciation on your income statement in the 1st year of business, but it is not included in the 2nd year. How will this affect the net income? a) It would be illegal to omit depreciation b) The net income would be the same for both years c) The net income would be less than it should be d) The net income would now be greater than it should be in the 2nd year

d) The net income would now be greater than it should be in the 2nd year

What is the best way for a contractor to insure that he will have sufficient money at the end of a construction project is to: a) The contractor should borrow all the money he estimates that he will need for the entire year b) He should only borrow money after he finds he can no longer meet his expenses c) He should establish a line of credit beforehand with a bank d) He should avoid expensive jobs

c) He should establish a line of credit beforehand with a bank

A budget can show you what you need to do to make your business a success and keep control over your expenses. Select the most accurate statement a budget and what its purpose is. a) That expenses should meet projections by the end of each month b) A budget can be adjusted based upon your anticipated income c) A budget is used to help set goals to work toward d) A budget can allow you to perform a quick ratio

c) A budget is used to help set goals to work toward

When you owe money on charge accounts, these are: a) Known as notes due b) Known as accrued expenses c) Known as accounts payable d) Known as accounts receivable

c) Known as accounts payable