FLORIDA AIR CONDITIONING CONTRACTOR
BUSINESS & FINANCE EXAM
Original Expanded Exam Study Guide • Licensing • Accounting • Estimating • Contracts • Insurance • OSHA • Taxes • Human
Resources • Florida Construction Law
Original-material notice: This study guide is independently written. It does not reproduce the paid Stuvia document, hidden
questions, or proprietary examination content. It is designed as a supplementary study resource.
Current-reference note: Florida DBPR states that construction examinations are open-book and multiple-choice and publishes
separate examination content outlines and candidate information materials. The Business & Finance examination is required for
Florida construction certifications, and the official outline organizes the material into accounting, human resources, government
regulations, and related business functions. ■cite■turn0search1■turn0search35■turn0search36■
Important 2026 update: Florida DBPR currently identifies changes effective July 1, 2026 concerning payment of subcontractors
and suppliers, so candidates should verify current statutes and official DBPR updates before sitting the examination.
■cite■turn0search15■
Florida AC Contractor Business & Finance • Original Study Guide • Page 1
, 1. FLORIDA CONTRACTOR LICENSING FOUNDATIONS
Q1. What agency administers Florida construction contractor licensing?
The Florida Department of Business and Professional Regulation (DBPR), through the Construction Industry Licensing Board
(CILB) and related examination/licensing functions.
Q2. What is the difference between a certified and registered contractor?
A certified contractor is authorized statewide under the applicable certification, while a registered contractor's authority is
generally tied to the local jurisdiction(s) in which the contractor is properly registered.
Q3. What is a qualifying agent?
The individual who qualifies a business to engage in contracting under the applicable Florida licensing requirements and
assumes the responsibilities associated with that role.
Q4. Why is the Business & Finance exam important?
It tests the business-management knowledge required for licensed construction contracting, including accounting, estimating,
contracts, insurance, personnel, taxes, and regulatory compliance.
Q5. Are Florida construction examinations open book?
DBPR states that construction examinations are open book and multiple choice.
Q6. What is the safest approach to exam references?
Use the current DBPR-approved reference list and learn how to locate answers quickly rather than relying on memory alone.
Q7. Why must candidates verify current editions?
Florida statutes, rules, examination references, and administrative requirements can change. An outdated book may contain
information that no longer reflects the examination basis.
2. ACCOUNTING FOUNDATIONS
Q8. What is the accounting equation?
Assets = Liabilities + Owner's Equity.
Q9. What are assets?
Resources controlled by the business that have economic value, such as cash, receivables, equipment, inventory, and certain
prepaid costs.
Q10. What are liabilities?
Obligations owed by the business to others, such as accounts payable, loans, accrued payroll, and taxes payable.
Q11. What is owner's equity?
The owner's residual interest in business assets after liabilities are deducted.
Q12. What is revenue?
Income earned from providing services, selling goods, or performing contractual work.
Q13. What is an expense?
A cost incurred in generating revenue or operating the business.
Q14. What is accrual accounting?
Revenue and expenses are recognized when earned or incurred according to the applicable accounting framework, rather
than solely when cash changes hands.
Florida AC Contractor Business & Finance • Original Study Guide • Page 2
BUSINESS & FINANCE EXAM
Original Expanded Exam Study Guide • Licensing • Accounting • Estimating • Contracts • Insurance • OSHA • Taxes • Human
Resources • Florida Construction Law
Original-material notice: This study guide is independently written. It does not reproduce the paid Stuvia document, hidden
questions, or proprietary examination content. It is designed as a supplementary study resource.
Current-reference note: Florida DBPR states that construction examinations are open-book and multiple-choice and publishes
separate examination content outlines and candidate information materials. The Business & Finance examination is required for
Florida construction certifications, and the official outline organizes the material into accounting, human resources, government
regulations, and related business functions. ■cite■turn0search1■turn0search35■turn0search36■
Important 2026 update: Florida DBPR currently identifies changes effective July 1, 2026 concerning payment of subcontractors
and suppliers, so candidates should verify current statutes and official DBPR updates before sitting the examination.
■cite■turn0search15■
Florida AC Contractor Business & Finance • Original Study Guide • Page 1
, 1. FLORIDA CONTRACTOR LICENSING FOUNDATIONS
Q1. What agency administers Florida construction contractor licensing?
The Florida Department of Business and Professional Regulation (DBPR), through the Construction Industry Licensing Board
(CILB) and related examination/licensing functions.
Q2. What is the difference between a certified and registered contractor?
A certified contractor is authorized statewide under the applicable certification, while a registered contractor's authority is
generally tied to the local jurisdiction(s) in which the contractor is properly registered.
Q3. What is a qualifying agent?
The individual who qualifies a business to engage in contracting under the applicable Florida licensing requirements and
assumes the responsibilities associated with that role.
Q4. Why is the Business & Finance exam important?
It tests the business-management knowledge required for licensed construction contracting, including accounting, estimating,
contracts, insurance, personnel, taxes, and regulatory compliance.
Q5. Are Florida construction examinations open book?
DBPR states that construction examinations are open book and multiple choice.
Q6. What is the safest approach to exam references?
Use the current DBPR-approved reference list and learn how to locate answers quickly rather than relying on memory alone.
Q7. Why must candidates verify current editions?
Florida statutes, rules, examination references, and administrative requirements can change. An outdated book may contain
information that no longer reflects the examination basis.
2. ACCOUNTING FOUNDATIONS
Q8. What is the accounting equation?
Assets = Liabilities + Owner's Equity.
Q9. What are assets?
Resources controlled by the business that have economic value, such as cash, receivables, equipment, inventory, and certain
prepaid costs.
Q10. What are liabilities?
Obligations owed by the business to others, such as accounts payable, loans, accrued payroll, and taxes payable.
Q11. What is owner's equity?
The owner's residual interest in business assets after liabilities are deducted.
Q12. What is revenue?
Income earned from providing services, selling goods, or performing contractual work.
Q13. What is an expense?
A cost incurred in generating revenue or operating the business.
Q14. What is accrual accounting?
Revenue and expenses are recognized when earned or incurred according to the applicable accounting framework, rather
than solely when cash changes hands.
Florida AC Contractor Business & Finance • Original Study Guide • Page 2
