FL Business and Finance EXAM LATEST VERSION EXAM
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
The owner must prove financial capability no later than ________ days prior to the
expiration of the time for withdrawal of bids. A. 3 B. 5 C.7 D.30 - ANSWER✔✔-Answer:
C. 7 - AIA 701.6.2
How many copies of the plans and specifications shall the contractor maintain on site?
A. 1 B. 2 C. 3 D. 4 - ANSWER✔✔-Answer: A. 1 - AIA201 2.3.6
Contracts entered into by unlicensed contractors ________________. A. are immoral
B.are illegal C. are enforceable D. are unenforceable - ANSWER✔✔-Answer: D. are
unenforceable - CM 2-94 489.128
The subcontractor agrees that all work shall be done subject to the final approval of the
______________________. A. architect B. contractor C. both A & B are correct D. none of
the above - ANSWER✔✔-Answer: C. A & B are correct - AIA 401.4.2.5
Which of the following is NOT exempt from chapter 489? A. An employee of a licensee
who is subordinate of a construction licensee acting within the scope. B. Owners of a
property with a cost of $85,000. C. Contractors in work on bridges and roads. D.
,Anybody doing work of a minor nature - less $1,000 or less. - ANSWER✔✔-Answer B.
Owners of property $85,000 - CM 2-63 489.103 Limit is $75,000.
The architect has the sole responsibility for ordering __________________. A. Change
orders B. Construction change directives C. any minor change of work D. any changes
whatsoever - ANSWER✔✔-Answer: C. any minor change in work - AIA 201 7.1.2
When considering the location of your office, which of the following is not a
consideration? A. Zoning Ordinances B. Demographic makeup of community C.
Building Permits D. Flood Prone Area Maps - ANSWER✔✔-Answer: B. Demographic
Makeup - CM 1-15
The bonding cost for a class "B" contract of $900,000 will cost ________________. A.
$9,000 B. $10,000 C. $12,500 D. $22,500 - ANSWER✔✔-Answer: C. $12,500 CM 4-18
Graduated scale: 1st- 100x25%+ 2,500 2nd 400 x15%+ 6,000 3rd 400x 10%=4,000 Total
$12,500
A project is to be considered abandoned after _________ days if the contractor just
terminates the project without notification to the owner and without cause. A. 30 B. 60
C. 45 D. 90 - ANSWER✔✔-Answer D. 90 - CM 2-96 , 489.129.1.j
If, at the end of a quarter, a contractor's total FUTA tax is $150, the contractor
_____________________. A. may add the tax to the amount for deposit for the next
quarter B. must deposit the tax during the 1st month after the quarter. C. must deposit
the tax during the 2nd month after the quarter D. must deposit the tax during the 3rd
, month after the quarter. - ANSWER✔✔-Answer: A. Add the tax for the next quarter -
CM 3-183
Which of the following is a first aid treatment not to be recorded on an OSHA # 200
log? A. administering a tetanus immunization B. administering a rabies immunization
C. application of bandages or a butterfly dressing in lieu of sutures. D. a minor accident
involving a loss of consciousness. - ANSWER✔✔-Answer: A. Administering a tetanus
immunization - CM 7-24
Which of the following is NOT true about corporations? A. With an "S" corporation
there is no corporate tax - you pay taxes individual. B. Closely held corporations
operate more informally. C. There is no limit of shareholders for either a C-type or S-
type Corpo. D. C-type corpo have the possibility of double taxation. - ANSWER✔✔-
Answer: C There is no limit of shareholders - CM 1-13
What is the term for expenses that are actually paid but not recognized as paid until a
later period? A. post paid costs B. deferred assets C. accrued expenses D. long-term
liabilities - ANSWER✔✔-Answer: B. deferred assets - BGA 242
What is the maximum amount of compensation that a consumer is entitled to if injured
on a jobsite due to an unlicensed contractors negligence? A. 2X the amount of damages.
B. 2x the amount of damages plus attorney fees. C. 3X the amount of damages D. 3x the
amount of damages, plus attorney's fees - ANSWER✔✔-Answer: D. 3x the amount plus
attorney fees - CM 2-14
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
The owner must prove financial capability no later than ________ days prior to the
expiration of the time for withdrawal of bids. A. 3 B. 5 C.7 D.30 - ANSWER✔✔-Answer:
C. 7 - AIA 701.6.2
How many copies of the plans and specifications shall the contractor maintain on site?
A. 1 B. 2 C. 3 D. 4 - ANSWER✔✔-Answer: A. 1 - AIA201 2.3.6
Contracts entered into by unlicensed contractors ________________. A. are immoral
B.are illegal C. are enforceable D. are unenforceable - ANSWER✔✔-Answer: D. are
unenforceable - CM 2-94 489.128
The subcontractor agrees that all work shall be done subject to the final approval of the
______________________. A. architect B. contractor C. both A & B are correct D. none of
the above - ANSWER✔✔-Answer: C. A & B are correct - AIA 401.4.2.5
Which of the following is NOT exempt from chapter 489? A. An employee of a licensee
who is subordinate of a construction licensee acting within the scope. B. Owners of a
property with a cost of $85,000. C. Contractors in work on bridges and roads. D.
,Anybody doing work of a minor nature - less $1,000 or less. - ANSWER✔✔-Answer B.
Owners of property $85,000 - CM 2-63 489.103 Limit is $75,000.
The architect has the sole responsibility for ordering __________________. A. Change
orders B. Construction change directives C. any minor change of work D. any changes
whatsoever - ANSWER✔✔-Answer: C. any minor change in work - AIA 201 7.1.2
When considering the location of your office, which of the following is not a
consideration? A. Zoning Ordinances B. Demographic makeup of community C.
Building Permits D. Flood Prone Area Maps - ANSWER✔✔-Answer: B. Demographic
Makeup - CM 1-15
The bonding cost for a class "B" contract of $900,000 will cost ________________. A.
$9,000 B. $10,000 C. $12,500 D. $22,500 - ANSWER✔✔-Answer: C. $12,500 CM 4-18
Graduated scale: 1st- 100x25%+ 2,500 2nd 400 x15%+ 6,000 3rd 400x 10%=4,000 Total
$12,500
A project is to be considered abandoned after _________ days if the contractor just
terminates the project without notification to the owner and without cause. A. 30 B. 60
C. 45 D. 90 - ANSWER✔✔-Answer D. 90 - CM 2-96 , 489.129.1.j
If, at the end of a quarter, a contractor's total FUTA tax is $150, the contractor
_____________________. A. may add the tax to the amount for deposit for the next
quarter B. must deposit the tax during the 1st month after the quarter. C. must deposit
the tax during the 2nd month after the quarter D. must deposit the tax during the 3rd
, month after the quarter. - ANSWER✔✔-Answer: A. Add the tax for the next quarter -
CM 3-183
Which of the following is a first aid treatment not to be recorded on an OSHA # 200
log? A. administering a tetanus immunization B. administering a rabies immunization
C. application of bandages or a butterfly dressing in lieu of sutures. D. a minor accident
involving a loss of consciousness. - ANSWER✔✔-Answer: A. Administering a tetanus
immunization - CM 7-24
Which of the following is NOT true about corporations? A. With an "S" corporation
there is no corporate tax - you pay taxes individual. B. Closely held corporations
operate more informally. C. There is no limit of shareholders for either a C-type or S-
type Corpo. D. C-type corpo have the possibility of double taxation. - ANSWER✔✔-
Answer: C There is no limit of shareholders - CM 1-13
What is the term for expenses that are actually paid but not recognized as paid until a
later period? A. post paid costs B. deferred assets C. accrued expenses D. long-term
liabilities - ANSWER✔✔-Answer: B. deferred assets - BGA 242
What is the maximum amount of compensation that a consumer is entitled to if injured
on a jobsite due to an unlicensed contractors negligence? A. 2X the amount of damages.
B. 2x the amount of damages plus attorney fees. C. 3X the amount of damages D. 3x the
amount of damages, plus attorney's fees - ANSWER✔✔-Answer: D. 3x the amount plus
attorney fees - CM 2-14
