Business and Law Test California CSLB Questions & Answers (GRADED A+)

overhead - ANSWERSThe costs of running your business, including office expenses, etc. Stop notice - ANSWERSA 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 is required to for a stop notice to take effect? - ANSWERS20-day preliminary notice must have been sent in order for a Stop Payment Notice to take effect. What is a Preliminary notice - ANSWERSA preliminary notice is a document sent at the beginning of a construction job to inform the GC and property owner of their work on the project. California requires subcontractors and suppliers to send preliminary notice in order to preserve their right to file a mechanics lien if they don't receive payment. What is the purpose of a I-9? - ANSWERSA new-hire will fill out an I-9 form to verify their employment eligibility status.. DE-1 forum - ANSWERS What is a US-99 - ANSWERSA record that an entity or person paid you. The payer fills out the 1099 form and sends copies to you and the IRS. There are several kinds of 1099 forms. If an employee quits, wages are due within ___ hours. - ANSWERS72 Employment Development Department (EDD) - ANSWERSCalifornia government agency that supports state activities and benefit programs by collecting and administering employment-related taxes such as employer-financed unemployment insurance; also provides other services to employers and employees Franchise Tax Board - ANSWERSCA tax agency that collects and enforces state income tax assessment and collection. In many situations, the FTB operates similarly to the IRS. Internal Revenue Service (IRS) - ANSWERSFederal agency responsible for collecting income taxes Home-Improvement Contract - ANSWERSAn agreement between the contractor and homeowner that contains all of the terms of the improvement project. Must adhere to state laws and spell out each party's responsibilities in detail. Who does NOT need a California Contractor's State License? - ANSWERSSale or installation of finished products that do not become a fixed part of the structure. When must the prime contractor pay a subcontractor? - ANSWERS10-days after Prime-contractor received payme Business and Law Test California CSLB Questions & Answers (GRADED A+)