A properly registered fictitious name is valid for ________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years - ANSWER D. 5 years
1-15
Which of the following would have jurisdiction over dredging or excavation of navigable wa-
ters and wetlands?
A. U.S. Dept. of the Interior
B. Florida Dept. of State
C. Florida Dept.of Transportation
D. U.S Army Corps of Engineers - ANSWER D. U.S Army Corps of Engineers
1-16
The name of the form which is used to apply for sales tax is?
A. W2
B. DR-1
C. S1
D. W4 - ANSWER B. DR-1
1
,1-21
Which of the following is NOT true about a fictitious name registration?
A. Valid for 5 years.
B. The fictitious name must be advertised at least one time.
C. If a change of ownership occurs, the owner(s) of record must file a cancellation and regis-
tration within 45 days of filing,
D. Fictitious name registration must be renewed between July 1 and December 31 in the ex-
piration year. - ANSWER C. If a change of ownership occurs, the owner(s) of record must
file a cancellation and registration within 45 days of filing,
1-15
Three partners, Noah, Evan & Steven form a partnership. Noah invests $30,000; Steven in-
vests $20,000 and Evan invests $15,000. In addition, Noah performs specific management
functions for which he is paid $5,000 from the partnership proceeds. If the partnership earns
$244,000, how much will Noah receive?
A. Less than $70,000
B. Between $70,000 -$90,000
C. Between $90,000-$110,000
D. More than $110,000 - ANSWER D. More than $110,000
1-12
If the above partnership were dissolved, showing a net loss of $60,000, how much would
Noah owe?
A. $60,000
B. $4,666
C. $20,000
2
,D. $0.00 - ANSWER A. $60,000
1-13
According to the Contractor's Manual, starting capital should be enough to cover living ex-
penses for between which of the following?
A. 3 months to a year
B. 6 months to a year
C. 9 months to a year
D. at least a year - ANSWER A. 3 months to a year
1-17
A Partnership will be dissolved if which of the following applies?
A. UnlawfuI Activity
B. Failing to have a primary qualifying agent
C. A court decree under the partnership act
D. A and C 1-29 - ANSWER D. A and C 1-29
1-29
Which of the following is NOT characteristic about a General and Limited Partnership?
A. The limited partnership has two types of partners; a partnership only one.
B. The general partners of a limited partnership have limited personal liability; the partners
of a partnership do not.
C. In a limited partnership the limited partners have no management responsibility.
D. The general partner has joint and several liability; the limited partner does not - AN-
SWER C. In a limited partnership the limited partners have no management responsibil-
ity.
3
, 1-12
Which of the following is NOT true about a sole proprietor, a/k/a DBA, operating a business
in his own name?
A. A business fictitious name filing is necessary.
B. A business Tax Identification Number filing is necessary.
C. Neither A nor B
D. Both A and B - ANSWER D. Both A and B
1-11
Which of the following is an advantage of owning a corporation?
A. Continuity of existence.
B. Lack of centralized control.
C. sharing of ideas and management responsibility.
D. Easier to create. - ANSWER A. Continuity of existence.
1-11
Unlicensed practice of a profession is punishable by an administrative penalty not to exceed
_______.
A. $500
B. $1,000
C. $5,000
D. $12,500 - ANSWER C. $5,000
455.228(1)
4
A. 1 year
B. 2 years
C. 3 years
D. 5 years - ANSWER D. 5 years
1-15
Which of the following would have jurisdiction over dredging or excavation of navigable wa-
ters and wetlands?
A. U.S. Dept. of the Interior
B. Florida Dept. of State
C. Florida Dept.of Transportation
D. U.S Army Corps of Engineers - ANSWER D. U.S Army Corps of Engineers
1-16
The name of the form which is used to apply for sales tax is?
A. W2
B. DR-1
C. S1
D. W4 - ANSWER B. DR-1
1
,1-21
Which of the following is NOT true about a fictitious name registration?
A. Valid for 5 years.
B. The fictitious name must be advertised at least one time.
C. If a change of ownership occurs, the owner(s) of record must file a cancellation and regis-
tration within 45 days of filing,
D. Fictitious name registration must be renewed between July 1 and December 31 in the ex-
piration year. - ANSWER C. If a change of ownership occurs, the owner(s) of record must
file a cancellation and registration within 45 days of filing,
1-15
Three partners, Noah, Evan & Steven form a partnership. Noah invests $30,000; Steven in-
vests $20,000 and Evan invests $15,000. In addition, Noah performs specific management
functions for which he is paid $5,000 from the partnership proceeds. If the partnership earns
$244,000, how much will Noah receive?
A. Less than $70,000
B. Between $70,000 -$90,000
C. Between $90,000-$110,000
D. More than $110,000 - ANSWER D. More than $110,000
1-12
If the above partnership were dissolved, showing a net loss of $60,000, how much would
Noah owe?
A. $60,000
B. $4,666
C. $20,000
2
,D. $0.00 - ANSWER A. $60,000
1-13
According to the Contractor's Manual, starting capital should be enough to cover living ex-
penses for between which of the following?
A. 3 months to a year
B. 6 months to a year
C. 9 months to a year
D. at least a year - ANSWER A. 3 months to a year
1-17
A Partnership will be dissolved if which of the following applies?
A. UnlawfuI Activity
B. Failing to have a primary qualifying agent
C. A court decree under the partnership act
D. A and C 1-29 - ANSWER D. A and C 1-29
1-29
Which of the following is NOT characteristic about a General and Limited Partnership?
A. The limited partnership has two types of partners; a partnership only one.
B. The general partners of a limited partnership have limited personal liability; the partners
of a partnership do not.
C. In a limited partnership the limited partners have no management responsibility.
D. The general partner has joint and several liability; the limited partner does not - AN-
SWER C. In a limited partnership the limited partners have no management responsibil-
ity.
3
, 1-12
Which of the following is NOT true about a sole proprietor, a/k/a DBA, operating a business
in his own name?
A. A business fictitious name filing is necessary.
B. A business Tax Identification Number filing is necessary.
C. Neither A nor B
D. Both A and B - ANSWER D. Both A and B
1-11
Which of the following is an advantage of owning a corporation?
A. Continuity of existence.
B. Lack of centralized control.
C. sharing of ideas and management responsibility.
D. Easier to create. - ANSWER A. Continuity of existence.
1-11
Unlicensed practice of a profession is punishable by an administrative penalty not to exceed
_______.
A. $500
B. $1,000
C. $5,000
D. $12,500 - ANSWER C. $5,000
455.228(1)
4
