1|Page
Florida Building Contractor Business and
Finance Exam Prep Latest 2025 with 100
Questions and Correct Answers/ FL
Building Contractor Business/Finance
Practice Test (Newest!)
1. Depreciation is taken on which of the company's assets? p
..........ANSWER.......Fixed assets
2. Special warranty in construction contracts usually applies to
the work of a(n): ..........ANSWER.......Subcontractor
p
3. If a contractor decides to increase the contract price, the
contractor: ..........ANSWER.......The owner must agree to a
p
written and signed change order
4. If a subcontractor signs an unconditional waiver and release,
this would imply that a: ..........ANSWER.......Subcontractor
p
cannot ask anything more of the owner
,2|Page
5. Contractor must renew a contractor bond: p
..........ANSWER.......30 days before it expires
6. What should a contractor do if after starting a home
improvement project the contractor discovers that the details and
specifications do NOT correctly show the existing construction? p
..........ANSWER.......Stop the job and inform the owner or his
agent
7. Keeping good accounting records is important for: p
..........ANSWER.......Maintaining financial statements, obtaining
financing and effective management
8. Who can claim a lien on a property? p
..........ANSWER.......Contractors, laborers, material suppliers,
subs, and professionals (architects, interior designers, landscape
architects, Engineers, etc. )
9. The plans and specifications of a home improvement project
usually describe: ..........ANSWER.......Layout sizes
p
, 3|Page
10. The number of years that an employer must keep records of
FUTA and other federal taxes is: ..........ANSWER.......4 years
p
11. What is the term for a detailed compilation of the quantity of
each elemental work item? ..........ANSWER.......takeoff
p
12. Which company is easiest to set up? ..........ANSWER.......Sole
p
proprietorship
13. If a contractor is offering a job that might last 6 months or
longer what should the contractor state when interviewing for the
job? ..........ANSWER.......The job is temporary
p
14. Before beginning work, an employer or contractor must
inquire whether asbestos is present in any building constructed
prior to: ..........ANSWER.......1978
p
Florida Building Contractor Business and
Finance Exam Prep Latest 2025 with 100
Questions and Correct Answers/ FL
Building Contractor Business/Finance
Practice Test (Newest!)
1. Depreciation is taken on which of the company's assets? p
..........ANSWER.......Fixed assets
2. Special warranty in construction contracts usually applies to
the work of a(n): ..........ANSWER.......Subcontractor
p
3. If a contractor decides to increase the contract price, the
contractor: ..........ANSWER.......The owner must agree to a
p
written and signed change order
4. If a subcontractor signs an unconditional waiver and release,
this would imply that a: ..........ANSWER.......Subcontractor
p
cannot ask anything more of the owner
,2|Page
5. Contractor must renew a contractor bond: p
..........ANSWER.......30 days before it expires
6. What should a contractor do if after starting a home
improvement project the contractor discovers that the details and
specifications do NOT correctly show the existing construction? p
..........ANSWER.......Stop the job and inform the owner or his
agent
7. Keeping good accounting records is important for: p
..........ANSWER.......Maintaining financial statements, obtaining
financing and effective management
8. Who can claim a lien on a property? p
..........ANSWER.......Contractors, laborers, material suppliers,
subs, and professionals (architects, interior designers, landscape
architects, Engineers, etc. )
9. The plans and specifications of a home improvement project
usually describe: ..........ANSWER.......Layout sizes
p
, 3|Page
10. The number of years that an employer must keep records of
FUTA and other federal taxes is: ..........ANSWER.......4 years
p
11. What is the term for a detailed compilation of the quantity of
each elemental work item? ..........ANSWER.......takeoff
p
12. Which company is easiest to set up? ..........ANSWER.......Sole
p
proprietorship
13. If a contractor is offering a job that might last 6 months or
longer what should the contractor state when interviewing for the
job? ..........ANSWER.......The job is temporary
p
14. Before beginning work, an employer or contractor must
inquire whether asbestos is present in any building constructed
prior to: ..........ANSWER.......1978
p
