Part-1, Florida Contractor Exam,
(Buisness and Finance)
According AIA, the contractor shall pay the subcontractor within days
after the contractor receives payment form the owner
. A. three
working B five
calendar
C. five working
D. seven
working correct
answersD.
seven Working
days
A registered contractor may apply for "grandfathering" as certified
contractor after years of experience.
A. 2
B. 4
C. 5
D. 10 correct answersc. 5
When making business plan to start up business, it is imperative to
know who and where the are.
A. employees
B. advertisers
C. competitors
D. professionals correct answersC. competitors
Having received the list of subcontractors, the architect immediately objects
to the use of plumber X's company. The general contractor promptly
proposes using plumbing Y's company at higher cost of $5,000. What is the
general contractor entitled to?
A. nothing
B. a time extension only
C.$5,000 plus approved time extension
D. contract with owner needs to be renegotiated correct answersC.
$5000 plus approved tome extension
If one of your workers found to be an employee and not an independent
contractor, which of the following may the IRS determine you are liable
to pay?
A.FICA and income tax
B. accrued vacation time
C. legal expenses of the workers
D. Worker's Compensation premiums correct answersA. FICA and income
tax
, A material supplier has offered payment terms of 2% 10 days/net 30 days.
Assuming the invoice received August 17th for $2,500 is paid August
30th, what would be the TOTAL payment?
A.$2,450
B. $2,495
C. $2,500
D. $2,550 correct answersC. $2500
Assistance in identifying sources of available business financing could be
obtained from the
A. Department of Revenue
B. U.S. Internal Revenue Service
C. Small Business Administration
D. Florida Department of Commerce and Economic Development correct
answersC. Small Buisness Administration
When evaluating an offered job, it is necessary to be able to
calculate all costs, including to determine if it will be profitable.
A. assets
B. licenses
C. man-hours
D. fictitious names correct answersC. Man-hours
A builder hires a plumbing contractor to perform the plumbing work on a
new residential dwelling. The plumbing contractor completes the work, but
does not receive payment from the builder. The plumbing contractor records
a claim of lien in the public records. How much time after the claim of lien
was recorded does he have to commence an action to enforce the
construction lien?
A. within 45 days
B. within 90 days
C. within 1 year
D. within 2 years correct answersC. within 1 year
According to Florida Reemployment Assistance Program Law, reports
MUST be submitted
A. quarterly
B. monthly
C. annually
D. only when taxes are due correct answersA quarterly
What undesirable trait would be reveled when checking into an
applicant's past?
A. upstanding citizen
B. good family person C. chronic insurance risk
D. apt to use benefits package correct answersC. chronic insurance
risk
What entity issues or underwrites bonds?
(Buisness and Finance)
According AIA, the contractor shall pay the subcontractor within days
after the contractor receives payment form the owner
. A. three
working B five
calendar
C. five working
D. seven
working correct
answersD.
seven Working
days
A registered contractor may apply for "grandfathering" as certified
contractor after years of experience.
A. 2
B. 4
C. 5
D. 10 correct answersc. 5
When making business plan to start up business, it is imperative to
know who and where the are.
A. employees
B. advertisers
C. competitors
D. professionals correct answersC. competitors
Having received the list of subcontractors, the architect immediately objects
to the use of plumber X's company. The general contractor promptly
proposes using plumbing Y's company at higher cost of $5,000. What is the
general contractor entitled to?
A. nothing
B. a time extension only
C.$5,000 plus approved time extension
D. contract with owner needs to be renegotiated correct answersC.
$5000 plus approved tome extension
If one of your workers found to be an employee and not an independent
contractor, which of the following may the IRS determine you are liable
to pay?
A.FICA and income tax
B. accrued vacation time
C. legal expenses of the workers
D. Worker's Compensation premiums correct answersA. FICA and income
tax
, A material supplier has offered payment terms of 2% 10 days/net 30 days.
Assuming the invoice received August 17th for $2,500 is paid August
30th, what would be the TOTAL payment?
A.$2,450
B. $2,495
C. $2,500
D. $2,550 correct answersC. $2500
Assistance in identifying sources of available business financing could be
obtained from the
A. Department of Revenue
B. U.S. Internal Revenue Service
C. Small Business Administration
D. Florida Department of Commerce and Economic Development correct
answersC. Small Buisness Administration
When evaluating an offered job, it is necessary to be able to
calculate all costs, including to determine if it will be profitable.
A. assets
B. licenses
C. man-hours
D. fictitious names correct answersC. Man-hours
A builder hires a plumbing contractor to perform the plumbing work on a
new residential dwelling. The plumbing contractor completes the work, but
does not receive payment from the builder. The plumbing contractor records
a claim of lien in the public records. How much time after the claim of lien
was recorded does he have to commence an action to enforce the
construction lien?
A. within 45 days
B. within 90 days
C. within 1 year
D. within 2 years correct answersC. within 1 year
According to Florida Reemployment Assistance Program Law, reports
MUST be submitted
A. quarterly
B. monthly
C. annually
D. only when taxes are due correct answersA quarterly
What undesirable trait would be reveled when checking into an
applicant's past?
A. upstanding citizen
B. good family person C. chronic insurance risk
D. apt to use benefits package correct answersC. chronic insurance
risk
What entity issues or underwrites bonds?
