Florida Contractor License
Business and finance
Exam Study Guide – Practice
Questions with Answers.
GRADED A+. Latest 2026/2027
Update.
Question
Workers' Comp insurance must be provided for all, EXCEPT a
Ref: FCM 6-7
Domestic worker
Question
A registered contractor may apply for " grandfathering " as a certified
contractor after _______ years of experience.
Ref: FCM 2-14, 2-76, 2-138
5
Question
When making a business plan to start up a business, it is important to know
who and where the _______ are.
Ref: Trade Knowledge
,Competitors
Question
having received the list of subcontractors, the architect immediately objects to
the use of plumber X's company. The general contractor promptly proposes
using plumper Y's company at a higher cost of $5,000. What is the general
contractor entitled to?
Ref: AIA A201 - 5.2.3
$5,000 plus a proved time extension
Question
If one of your workers is found to be an employee and not an independent
contractor, which of the following may the IRS determine you are liable to pay?
Ref: FCM 2-24, 2-25
FICA and income tax
Question
When looking at a business plan and deciding on what type of organization to
form, a partnership has which of the following disadvantages?
Ref: FCM 1-10
fringe benefits are not usually tax deductible
Question
Assistance in identifying sources of available business financing could be
obtained from the
Ref: BGA 318
Small business administration
Question
When evaluating an offered job, it is necessary to be able to calculate all costs,
including _______, to determine if it will be profitable.
Ref: Trade Knowledge / BGA 227
man-hours
, Question
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?
Ref: FCM 9-31, 9-86
within 1 year
Question
According to Florida Reemployment Assistance Program Law, reports MUST be
submitted
FCM 5-278, 5-287, 5-288
Quarterly
Question
What undesirable trait would be reveled when checking into an applicant's
past?
Ref: Trade Knowledge
chronic insurance
Question
What entity issues or underwrites bonds
Ref: FCM 4-12 / Trade Knowledge
surety
Question
Business and finance
Exam Study Guide – Practice
Questions with Answers.
GRADED A+. Latest 2026/2027
Update.
Question
Workers' Comp insurance must be provided for all, EXCEPT a
Ref: FCM 6-7
Domestic worker
Question
A registered contractor may apply for " grandfathering " as a certified
contractor after _______ years of experience.
Ref: FCM 2-14, 2-76, 2-138
5
Question
When making a business plan to start up a business, it is important to know
who and where the _______ are.
Ref: Trade Knowledge
,Competitors
Question
having received the list of subcontractors, the architect immediately objects to
the use of plumber X's company. The general contractor promptly proposes
using plumper Y's company at a higher cost of $5,000. What is the general
contractor entitled to?
Ref: AIA A201 - 5.2.3
$5,000 plus a proved time extension
Question
If one of your workers is found to be an employee and not an independent
contractor, which of the following may the IRS determine you are liable to pay?
Ref: FCM 2-24, 2-25
FICA and income tax
Question
When looking at a business plan and deciding on what type of organization to
form, a partnership has which of the following disadvantages?
Ref: FCM 1-10
fringe benefits are not usually tax deductible
Question
Assistance in identifying sources of available business financing could be
obtained from the
Ref: BGA 318
Small business administration
Question
When evaluating an offered job, it is necessary to be able to calculate all costs,
including _______, to determine if it will be profitable.
Ref: Trade Knowledge / BGA 227
man-hours
, Question
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?
Ref: FCM 9-31, 9-86
within 1 year
Question
According to Florida Reemployment Assistance Program Law, reports MUST be
submitted
FCM 5-278, 5-287, 5-288
Quarterly
Question
What undesirable trait would be reveled when checking into an applicant's
past?
Ref: Trade Knowledge
chronic insurance
Question
What entity issues or underwrites bonds
Ref: FCM 4-12 / Trade Knowledge
surety
Question
