Part-1, Florida Contractor Exam, (Buisness And Finance) Exam Questions And Answers

PART-1, FLORIDA CONTRACTOR
EXAM, (BUISNESS AND FINANCE)
EXAM QUESTIONS AND ANSWERS

According AIA, the contractor shall pay the subcontractor within _________ days aft
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er the contractor receives payment form the owner
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. A. three working
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B five calendar
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C. five workingrx rx rx


D. seven working - ANSWERS--D. seven Working days
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A registered contractor may apply for "grandfathering" as certified contractor after__
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____ years of experience. rx rx rx rx


A. 2
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B. 4 rx


C. 5 rx


D. 10 - ANSWERS--c. 5
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When making business plan to start up business, it is imperative to know who and w
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here the ______are. rx rx rx


A. employees rx


B. advertisers rx


C. competitors rx


D. professionals - ANSWERS--C. competitors
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Having received the list of subcontractors, the architect immediately objects to the us
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e of plumber X's company. The general contractor promptly proposes using plumbin
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g Y's company at higher cost of $5,000. What is the general contractor entitled to?
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A. nothing rx rx


B. a time extension only
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C.$5,000 plus approved time extension rx rx rx rx rx


D. contract with owner needs to be renegotiated - ANSWERS--
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C. $5000 plus approved tome extension
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If one of your workers found to be an employee and not an independent contractor,
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which of the following may the IRS determine you are liable to pay?
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A.FICA and income tax rx rx rx


B. accrued vacation time
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C. legal expenses of the workers
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D. Worker's Compensation premiums - ANSWERS--A. FICA and income tax
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A material supplier has offered payment terms of 2% 10 days/
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net 30 days. Assuming the invoice received August 17th for $2,500 is paid August 30
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th, what would be the TOTAL payment?
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A.$2,450 rx

, B. $2,495
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C. $2,500
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D. $2,550 - ANSWERS--C. $2500
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Assistance in identifying sources of available business financing could be obtained fr
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om the rx


A. Department of Revenue
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B. U.S. Internal Revenue Service
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C. Small Business Administration
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D. Florida Department of Commerce and Economic Development - ANSWERS--
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C. Small Buisness Administration
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When evaluating an offered job, it is necessary to be able to calculate all costs, inclu
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ding ______to determine if it will be profitable.
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A. assets
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B. licenses
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C. man-hours
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D. fictitious names - ANSWERS--C. Man-hours
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A builder hires a plumbing contractor to perform the plumbing work on a new residen
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tial dwelling. The plumbing contractor completes the work, but does not receive pay
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ment from the builder. The plumbing contractor records a claim of lien in the public re
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cords. How much time after the claim of lien was recorded does he have to commen
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ce an action to enforce the construction lien?
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A. within 45 days
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B. within 90 days
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C. within 1 year
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D. within 2 years - ANSWERS--C. within 1 year
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According to Florida Reemployment Assistance Program Law, reports MUST be sub
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mitted
A. quarterly
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B. monthly
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C. annually
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D. only when taxes are due - ANSWERS--A quarterly
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What undesirable trait would be reveled when checking into an applicant's past?
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A. upstanding citizen
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B. good family person C. chronic insurance risk
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D. apt to use benefits package - ANSWERS--C. chronic insurance risk
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What entity issues or underwrites bonds?
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A. principle
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B. owner
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C. surety
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D. beneficiary - ANSWERS--C. surety
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What is the MAXIMUM civil penalty for a willful or repeated violation?
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A. $5,345
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B. $13,494
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