FL Business and Finance – Practice Test, 2026 – Study
Material and Practice Questions
Answer: C. 7 - AIA 701.6.2 - correct answer ✔✔ The owner must prove financial capability no
later than ________ days prior to the expiration of the time for withdrawal of bids. A. 3 B. 5 C.7
D.30
Answer: A. 1 - AIA201 2.3.6 - correct answer ✔✔ How many copies of the plans and
specifications shall the contractor maintain on site? A. 1 B. 2 C. 3 D. 4
Answer: D. are unenforceable - CM 2-94 489.128 - correct answer ✔✔ Contracts entered into by
unlicensed contractors ________________. A. are immoral B.are illegal C. are enforceable D. are
unenforceable
Answer: C. A & B are correct - AIA 401.4.2.5 - correct answer ✔✔ The subcontractor agrees that
all work shall be done subject to the final approval of the ______________________. A.
architect B. contractor C. both A & B are correct D. none of the above
Answer B. Owners of property $85,000 - CM 2-63 489.103 Limit is $75,000. - correct answer
✔✔ Which of the following is NOT exempt from chapter 489? A. An employee of a licensee who
is subordinate of a construction licensee acting within the scope. B. Owners of a property with a
cost of $85,000. C. Contractors in work on bridges and roads. D. Anybody doing work of a minor
nature - less $1,000 or less.
Answer: C. any minor change in work - AIA 201 7.1.2 - correct answer ✔✔ The architect has the
sole responsibility for ordering __________________. A. Change orders B. Construction change
directives C. any minor change of work D. any changes whatsoever
,Answer: B. Demographic Makeup - CM 1-15 - correct answer ✔✔ When considering the
location of your office, which of the following is not a consideration? A. Zoning Ordinances B.
Demographic makeup of community C. Building Permits D. Flood Prone Area Maps
Answer: C. $12,500 CM 4-18 Graduated scale: 1st- 100x25%+ 2,500 2nd 400 x15%+ 6,000 3rd
400x 10%=4,000 Total $12,500 - correct answer ✔✔ The bonding cost for a class "B" contract of
$900,000 will cost ________________. A. $9,000 B. $10,000 C. $12,500 D. $22,500
Answer D. 90 - CM 2-96 , 489.129.1.j - correct answer ✔✔ A project is to be considered
abandoned after _________ days if the contractor just terminates the project without
notification to the owner and without cause. A. 30 B. 60 C. 45 D. 90
Answer: A. Add the tax for the next quarter - CM 3-183 - correct answer ✔✔ If, at the end of a
quarter, a contractor's total FUTA tax is $150, the contractor _____________________. A. may
add the tax to the amount for deposit for the next quarter B. must deposit the tax during the 1st
month after the quarter. C. must deposit the tax during the 2nd month after the quarter D. must
deposit the tax during the 3rd month after the quarter.
Answer: A. Administering a tetanus immunization - CM 7-24 - correct answer ✔✔ Which of the
following is a first aid treatment not to be recorded on an OSHA # 200 log? A. administering a
tetanus immunization B. administering a rabies immunization C. application of bandages or a
butterfly dressing in lieu of sutures. D. a minor accident involving a loss of consciousness.
Answer: C There is no limit of shareholders - CM 1-13 - correct answer ✔✔ Which of the
following is NOT true about corporations? A. With an "S" corporation there is no corporate tax -
you pay taxes individual. B. Closely held corporations operate more informally. C. There is no
limit of shareholders for either a C-type or S-type Corpo. D. C-type corpo have the possibility of
double taxation.
Answer: B. deferred assets - BGA 242 - correct answer ✔✔ What is the term for expenses that
are actually paid but not recognized as paid until a later period? A. post paid costs B. deferred
assets C. accrued expenses D. long-term liabilities
, Answer: D. 3x the amount plus attorney fees - CM 2-14 - correct answer ✔✔ What is the
maximum amount of compensation that a consumer is entitled to if injured on a jobsite due to
an unlicensed contractors negligence? A. 2X the amount of damages. B. 2x the amount of
damages plus attorney fees. C. 3X the amount of damages D. 3x the amount of damages, plus
attorney's fees
Answer: C Completion date - CM 10-63 - correct answer ✔✔ When developing a project
schedule, which of the following should not influence the development of the project shedule?
A. manpower B. equipment schedules C. completion date D. activity durations
Answer: A. 15 CM 9-30 - correct answer ✔✔ A contractor must serve a copy fo the claim of lien
on the owner and lender (if any) within how many days of the date the claim of lien is
recorded? A. 15 B. 30 C. 60 D. 90
Answer: A - 2 years - CM 5-30 - correct answer ✔✔ According to the Statutes of Limitations,
how long does a person have to bring action on a wage recovery claim? A. 2 yrs B. 5 yrs C. 7 yrs
D. 10 yrs
Answer: C. Inventory - CM 3-30 - correct answer ✔✔ Categories on the income statement
include all the following except ___________________. A. Revenues B. Expenses C. Inventory D.
Income
Answer: D. A101 - AIA 701 - Article 8 - correct answer ✔✔ Unless otherwise required in the
Bidding Documents, the Agreement for the Work will be written on AIA Document
____________. A. A201 B. 401 C. A701 D. A101
Answer: C. Nov 10th - CM 3-156 - correct answer ✔✔ If a construction company's federal
employment taxes for the quarter ending Sept 30th have been paid on time, the IRS Form 941
for the quarter ending Sept 30th must be filed not later than ________________. A. Oct 10th B.
Oct 31st C . Nov 10th D Nov 30th
Material and Practice Questions
Answer: C. 7 - AIA 701.6.2 - correct answer ✔✔ The owner must prove financial capability no
later than ________ days prior to the expiration of the time for withdrawal of bids. A. 3 B. 5 C.7
D.30
Answer: A. 1 - AIA201 2.3.6 - correct answer ✔✔ How many copies of the plans and
specifications shall the contractor maintain on site? A. 1 B. 2 C. 3 D. 4
Answer: D. are unenforceable - CM 2-94 489.128 - correct answer ✔✔ Contracts entered into by
unlicensed contractors ________________. A. are immoral B.are illegal C. are enforceable D. are
unenforceable
Answer: C. A & B are correct - AIA 401.4.2.5 - correct answer ✔✔ The subcontractor agrees that
all work shall be done subject to the final approval of the ______________________. A.
architect B. contractor C. both A & B are correct D. none of the above
Answer B. Owners of property $85,000 - CM 2-63 489.103 Limit is $75,000. - correct answer
✔✔ Which of the following is NOT exempt from chapter 489? A. An employee of a licensee who
is subordinate of a construction licensee acting within the scope. B. Owners of a property with a
cost of $85,000. C. Contractors in work on bridges and roads. D. Anybody doing work of a minor
nature - less $1,000 or less.
Answer: C. any minor change in work - AIA 201 7.1.2 - correct answer ✔✔ The architect has the
sole responsibility for ordering __________________. A. Change orders B. Construction change
directives C. any minor change of work D. any changes whatsoever
,Answer: B. Demographic Makeup - CM 1-15 - correct answer ✔✔ When considering the
location of your office, which of the following is not a consideration? A. Zoning Ordinances B.
Demographic makeup of community C. Building Permits D. Flood Prone Area Maps
Answer: C. $12,500 CM 4-18 Graduated scale: 1st- 100x25%+ 2,500 2nd 400 x15%+ 6,000 3rd
400x 10%=4,000 Total $12,500 - correct answer ✔✔ The bonding cost for a class "B" contract of
$900,000 will cost ________________. A. $9,000 B. $10,000 C. $12,500 D. $22,500
Answer D. 90 - CM 2-96 , 489.129.1.j - correct answer ✔✔ A project is to be considered
abandoned after _________ days if the contractor just terminates the project without
notification to the owner and without cause. A. 30 B. 60 C. 45 D. 90
Answer: A. Add the tax for the next quarter - CM 3-183 - correct answer ✔✔ If, at the end of a
quarter, a contractor's total FUTA tax is $150, the contractor _____________________. A. may
add the tax to the amount for deposit for the next quarter B. must deposit the tax during the 1st
month after the quarter. C. must deposit the tax during the 2nd month after the quarter D. must
deposit the tax during the 3rd month after the quarter.
Answer: A. Administering a tetanus immunization - CM 7-24 - correct answer ✔✔ Which of the
following is a first aid treatment not to be recorded on an OSHA # 200 log? A. administering a
tetanus immunization B. administering a rabies immunization C. application of bandages or a
butterfly dressing in lieu of sutures. D. a minor accident involving a loss of consciousness.
Answer: C There is no limit of shareholders - CM 1-13 - correct answer ✔✔ Which of the
following is NOT true about corporations? A. With an "S" corporation there is no corporate tax -
you pay taxes individual. B. Closely held corporations operate more informally. C. There is no
limit of shareholders for either a C-type or S-type Corpo. D. C-type corpo have the possibility of
double taxation.
Answer: B. deferred assets - BGA 242 - correct answer ✔✔ What is the term for expenses that
are actually paid but not recognized as paid until a later period? A. post paid costs B. deferred
assets C. accrued expenses D. long-term liabilities
, Answer: D. 3x the amount plus attorney fees - CM 2-14 - correct answer ✔✔ What is the
maximum amount of compensation that a consumer is entitled to if injured on a jobsite due to
an unlicensed contractors negligence? A. 2X the amount of damages. B. 2x the amount of
damages plus attorney fees. C. 3X the amount of damages D. 3x the amount of damages, plus
attorney's fees
Answer: C Completion date - CM 10-63 - correct answer ✔✔ When developing a project
schedule, which of the following should not influence the development of the project shedule?
A. manpower B. equipment schedules C. completion date D. activity durations
Answer: A. 15 CM 9-30 - correct answer ✔✔ A contractor must serve a copy fo the claim of lien
on the owner and lender (if any) within how many days of the date the claim of lien is
recorded? A. 15 B. 30 C. 60 D. 90
Answer: A - 2 years - CM 5-30 - correct answer ✔✔ According to the Statutes of Limitations,
how long does a person have to bring action on a wage recovery claim? A. 2 yrs B. 5 yrs C. 7 yrs
D. 10 yrs
Answer: C. Inventory - CM 3-30 - correct answer ✔✔ Categories on the income statement
include all the following except ___________________. A. Revenues B. Expenses C. Inventory D.
Income
Answer: D. A101 - AIA 701 - Article 8 - correct answer ✔✔ Unless otherwise required in the
Bidding Documents, the Agreement for the Work will be written on AIA Document
____________. A. A201 B. 401 C. A701 D. A101
Answer: C. Nov 10th - CM 3-156 - correct answer ✔✔ If a construction company's federal
employment taxes for the quarter ending Sept 30th have been paid on time, the IRS Form 941
for the quarter ending Sept 30th must be filed not later than ________________. A. Oct 10th B.
Oct 31st C . Nov 10th D Nov 30th
