©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM
Louisiana Contractor's License Exam
Study Guide with Complete Solutions
Cover Page - Answer✔️✔️-contains contact info and a confidentiality statement
Abatement/Mold Remediation License - Answer✔️✔️-requires a 4 hour course in
"unfair trade practices and consumer protection law".
If an employee requests their W2 from an employer after final wages are paid... -
Answer✔️✔️-The employer has 30 days to fulfill their request
OSHA requires employer's to post an annual summary of injuries and illnesses. -
Answer✔️✔️-No later than February 1st of each year.
OSHA Form 300 must be kept for a period of... - Answer✔️✔️-5 years after which
the form pertains.
Occupational License Taxes are required by... - Answer✔️✔️-Cities and Parishes
executive summary - Answer✔️✔️-includes highlights of the business plan and is
meant to gain interest of the reader
1
,©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM
Company Summary - Answer✔️✔️-the company vision and mission, legal structure,
management personnel, business location, and facilities
Products and Services - Answer✔️✔️-your specific products, primary subcontractors
and suppliers, and expansion opportunities
Market Analysis - Answer✔️✔️-your target market, trends and major competitors
are defined here
Market Strategy - Answer✔️✔️-the uniqueness of your product along with your
pricing, advertising, and promotional strategy
Financial Plan - Answer✔️✔️-Financial statements, balance sheet, income statement,
and cash flow statement
Sole Proprietorship - Answer✔️✔️-a business owned and managed by a single
individual
Partnership - Answer✔️✔️-A business in which two or more persons combine their
assets and skills
Limited Liability Corporation - Answer✔️✔️-a type of business with limited liability
for the owners, with the advantage of not paying corporate income tax
2
,©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM
C Corporation - Answer✔️✔️-The most common type of corporation, which is a
legal business entity that offers limited liability to all of its owners, who are called
stockholders
S corporation - Answer✔️✔️-a form of corporation that avoids double taxation by
passing items of income, loss, deduction, and credits through to its shareholders
Joint Venture - Answer✔️✔️-an agreement between two or more companies to share
a business project
business License - Answer✔️✔️-protects the public from unqualified, inexperienced,
incompetent or unethical contractors
Licensing Authorities - Answer✔️✔️-conduct investigations and discipline problem
contractors, levee fines, and even revoke licenses
Louisiana Licensing Board - Answer✔️✔️-15 members appointed by the governor
and represent each voting district.
Commercial Contract - Answer✔️✔️-license is required for $50,000 or more
Electrical and/or Mechanical Contract - Answer✔️✔️-License is required for
$10,000 or more
Residential Contract - Answer✔️✔️-license is required for $75,000 or more
3
, ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM
Abatement contract - Answer✔️✔️-license is required for $1 or more
Home remodel contract - Answer✔️✔️-License required for $7,500 or more
Commercial Project - Answer✔️✔️-any project other than residential
Multi-Resident Contracts - Answer✔️✔️-considered to be a commercial project if in
the same subdivision
Exempt from licensing - Answer✔️✔️-property owners who build for their own use,
donated labor, public utilities, equipment repair, mobile home builders
Penalties for working without a business license - Answer✔️✔️-$500 per day of the
violation, up to 3 months in jail, or both.
Qualifying Party - Answer✔️✔️-The person who will hold the business license.
30 days - Answer✔️✔️-the amount of time you have to notify the board about a
termination of a qualifying party
60 days - Answer✔️✔️-the amount of time you have to replace a qualifying party
Licensing Renewals - Answer✔️✔️-must be submitted 30 days prior to the
anniversary date they were issued
4
