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Florida Business and Finance practice exam #1
Questions and Correct Answers/ Latest Update /
Already Graded
"Hard Records", such as payroll, employment contracts, sales and purchase
records must be retained for ____ years.
Ans: 3
"Soft Records", such as time cards and time sheets must be retained for
____years.
Ans: 2
FS 489 requires complete financial and business records to be retained for _____
years.
Ans: 3
OSHA logs 300/300A must be retained for ____ colander years.
Ans: 5
Per IRS, records of employment taxes must be retained for _____ years. Bc
Ans: 4
The Department, for boards under its jurisdiction, shall have the authority to
close and terminate deficient license application files ____ year(s) after the board
or board or the department notifies the applicant of the deficiency.
Ans: 2
I-9 forms must be retained _____.
© 2025/ 2026 | ® All rights reserved
, 2 | Page
Ans: (Either A or B) whichever is the latest date
Tests, inspections, and approvals of work shall be paid for by the ______ ; if tests
are failed, additional costs shall be borne by _____.
Ans: Owner; Contractor
The max hours of work allowed per week for a 16-year old while school is in
session is _____ hours.
Ans: 30
A job has a cost to date of $34,000. The cost to complete is estimated to be
$91,000. If the contractor wanted to make a 12% profit, the contract price would
be _____.
Ans: $140,000
The ______ regulates the FLSA.
Ans: Department of Labor
Atleast _____ days before the end of a licensure cycle, the dept shall forward
notice of pending cancellation of licensure to a delinquent status licensee at the
licensees last known address of record or email provided to the department.
Ans: 90
______ would probably not be subject to the overtime regulations.
Ans: Employees who are employed in the capacity of outside salesman
The Buy American Act does not include _______ .
© 2025/ 2026 | ® All rights reserved
, 3 | Page
Ans: Brazil
Per FLSA, an executive employee ______ .
Ans: All the above
An individual who smokes in a non-smoking area is subject to a fine of _____ for
a repeat offense.
Ans: 500
A ______ would be most likely to receive a Limited License.
Ans: Retired professional
_____ is responsible to post OSHA posters on a multi-contractor project.
Ans: Each contractor
_______, duly authorized agents and employees of DBPR may inspect premises
of any establishment at all reasonable hours.
Ans: When the services offered at the premises include authorization to
prescribe controlled substances
Unless the applicant notifies the department at least ______ days prior to an
examination hearing of the applicants inability to attend, the department may
require an applicant to pay reasonable attorneys fees, costs, and court costs of
the department for the examination hearing.
Ans: 5
© 2025/ 2026 | ® All rights reserved
Florida Business and Finance practice exam #1
Questions and Correct Answers/ Latest Update /
Already Graded
"Hard Records", such as payroll, employment contracts, sales and purchase
records must be retained for ____ years.
Ans: 3
"Soft Records", such as time cards and time sheets must be retained for
____years.
Ans: 2
FS 489 requires complete financial and business records to be retained for _____
years.
Ans: 3
OSHA logs 300/300A must be retained for ____ colander years.
Ans: 5
Per IRS, records of employment taxes must be retained for _____ years. Bc
Ans: 4
The Department, for boards under its jurisdiction, shall have the authority to
close and terminate deficient license application files ____ year(s) after the board
or board or the department notifies the applicant of the deficiency.
Ans: 2
I-9 forms must be retained _____.
© 2025/ 2026 | ® All rights reserved
, 2 | Page
Ans: (Either A or B) whichever is the latest date
Tests, inspections, and approvals of work shall be paid for by the ______ ; if tests
are failed, additional costs shall be borne by _____.
Ans: Owner; Contractor
The max hours of work allowed per week for a 16-year old while school is in
session is _____ hours.
Ans: 30
A job has a cost to date of $34,000. The cost to complete is estimated to be
$91,000. If the contractor wanted to make a 12% profit, the contract price would
be _____.
Ans: $140,000
The ______ regulates the FLSA.
Ans: Department of Labor
Atleast _____ days before the end of a licensure cycle, the dept shall forward
notice of pending cancellation of licensure to a delinquent status licensee at the
licensees last known address of record or email provided to the department.
Ans: 90
______ would probably not be subject to the overtime regulations.
Ans: Employees who are employed in the capacity of outside salesman
The Buy American Act does not include _______ .
© 2025/ 2026 | ® All rights reserved
, 3 | Page
Ans: Brazil
Per FLSA, an executive employee ______ .
Ans: All the above
An individual who smokes in a non-smoking area is subject to a fine of _____ for
a repeat offense.
Ans: 500
A ______ would be most likely to receive a Limited License.
Ans: Retired professional
_____ is responsible to post OSHA posters on a multi-contractor project.
Ans: Each contractor
_______, duly authorized agents and employees of DBPR may inspect premises
of any establishment at all reasonable hours.
Ans: When the services offered at the premises include authorization to
prescribe controlled substances
Unless the applicant notifies the department at least ______ days prior to an
examination hearing of the applicants inability to attend, the department may
require an applicant to pay reasonable attorneys fees, costs, and court costs of
the department for the examination hearing.
Ans: 5
© 2025/ 2026 | ® All rights reserved
