FLORIDA BUILDING CONTRACTOR BUSINESS/FINANCE STUDY EXAM QUESTONS AND ANSWERS

FLORIDA BUILDING CONTRACTOR
BUSINESS/FINANCE STUDY EXAM
QUESTONS AND ANSWERS
1. How many employees must an employer have before he must apply for wor
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kers compensation insurance? - ANSWERS--1 or more
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2. The most important aspect to consider when bidding is: - ANSWERS--Profit
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3. What does the acronym GAAP signify in accounting? - ANSWERS--
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Generally Accepted Accounted Principles
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4. If I fail one or more portions of the examination, do I have to retake all par
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ts again? - ANSWERS--
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No, only the exams on which he or she failed to achieve a passing score
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5. In order to obtain a building permit the following is required: - ANSWERS--
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Filling out an application
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6. When can you allow your employee to view their personal file? -
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ANSWERS--Whenever they wish to
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7. A payment bond would be posted by the: - ANSWERS--
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Prime contractor or property owner
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8. How long after I pass the examinations do I have to apply for Initial Licens
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ure? - ANSWERS--Four years
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9. Are contractors required to qualify a construction business? - ANSWERS--
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Yes

10. A payment bond guarantees that the bonding company will pay valid claim
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s for unpaid bills owed by the ______ posting the bond. - ANSWERS--
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Prime contractor or property owner
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11. Before the completion of work the person who authorizes a temporary certi
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ficate of __________ is the building official. - ANSWERS--Occupancy
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12. Majority for the negotiated construction contracts are on a ________ basis.
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- ANSWERS--Cost plus fee
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13. What must a contractor do to prevent cash flow problems at the end of a
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construction project? - ANSWERS--Obtain a line of credit from a bank
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14. What should be done with the contractors IRS form W-2? - ANSWERS--
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File a copy in the contractor's office
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, 15. By law, your workers may not be younger than ______ of age. -
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ANSWERS--16
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16. Business equity is shown on the financial statement called teh: -
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ANSWERS--Balance Sheet
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17. State disability and income taxes must be: - ANSWERS--
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Reported and paid quarterly QC QC QC




18. The only reason an employer can lawfully deny employment is _________.
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- ANSWERS--No work experience or social security number
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19. You are permitted _______ attempts within four years from the date of the
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initial licensure examination to pass all portions of the examinations. -
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ANSWERS--Four years
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20. The only time a contractor does not have to be licensed is if: -
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ANSWERS--If you are working on a minor project and not compensated
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21. When is the best time to let your attorney see your construction contract?
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- ANSWERS--After the contract is prepared but before you sign it
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22. Is compensation payable if an employee refuses to use a safety appliance
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like a hard hat, safety goggles or observe a safety rule? - ANSWERS--
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Yes, but the benefits may be reduced by 25%
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23. One reason why a contractor keeps change order on file is: - ANSWERS--
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By law QC




24. Which form authorizes a contractor to proceed with work until a formal cha
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nge order can be processed? - ANSWERS--Field Order
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25. Under the Worker's Compensation Drug-
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Free Workplace Program, can a Contractor conduct random drug testing of his/
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her employees? - ANSWERS--
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The law does not prohibit a private employer from conducting random testing o
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r any other lawful testing of employees
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26. A permit is required from OSHA for trenches that are ______ or more in d
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epth. - ANSWERS--5 feet
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27. In a cost-QC QC QC


incentive contract, the most common share of savings awarded to a contractor
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is _______ percent? - ANSWERS--50%
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28. What if an employee refuses to take a drug test? - ANSWERS--
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The employer is permitted to discharge or discipline the employee or may refu
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se to hire the applicant
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