Florida Building Contractor Business/Finance
Study Exam Practice Final Exam 2026: Complete
Exam Prep with Questions, Answers & Detailed
Explanations
1. How many employees must an employer have before
he must apply for workers compensation insurance? -
✔✔ANSWER ✔✔-1 or more
2. The most important aspect to consider when bidding
is: - ✔✔ANSWER ✔✔-Profit
3. What does the acronym GAAP signify in accounting? -
✔✔ANSWER ✔✔-Generally Accepted Accounted
Principles
,4. If I fail one or more portions of the examination, do I
have to retake all parts again? - ✔✔ANSWER ✔✔-No,
only the exams on which he or she failed to achieve a
passing score
5. In order to obtain a building permit the following is
required: - ✔✔ANSWER ✔✔-Filling out an application
6. When can you allow your employee to view their
personal file? - ✔✔ANSWER ✔✔-Whenever they wish to
7. A payment bond would be posted by the: -
✔✔ANSWER ✔✔-Prime contractor or property owner
8. How long after I pass the examinations do I have to
apply for Initial Licensure? - ✔✔ANSWER ✔✔-Four years
9. Are contractors required to qualify a construction
business? - ✔✔ANSWER ✔✔-Yes
,10. A payment bond guarantees that the bonding
company will pay valid claims for unpaid bills owed by
the ______ posting the bond. - ✔✔ANSWER ✔✔-Prime
contractor or property owner
11. Before the completion of work the person who
authorizes a temporary certificate of __________ is the
building official. - ✔✔ANSWER ✔✔-Occupancy
12. Majority for the negotiated construction contracts
are on a ________ basis. - ✔✔ANSWER ✔✔-Cost plus fee
13. What must a contractor do to prevent cash flow
problems at the end of a construction project? -
✔✔ANSWER ✔✔-Obtain a line of credit from a bank
14. What should be done with the contractors IRS form
W-2? - ✔✔ANSWER ✔✔-File a copy in the contractor's
office
, 15. By law, your workers may not be younger than
______ of age. - ✔✔ANSWER ✔✔-16
16. Business equity is shown on the financial statement
called teh: - ✔✔ANSWER ✔✔-Balance Sheet
17. State disability and income taxes must be: -
✔✔ANSWER ✔✔-Reported and paid quarterly
18. The only reason an employer can lawfully deny
employment is _________. - ✔✔ANSWER ✔✔-No work
experience or social security number
19. You are permitted _______ attempts within four
years from the date of the initial licensure examination
to pass all portions of the examinations. - ✔✔ANSWER
✔✔-Four years
Study Exam Practice Final Exam 2026: Complete
Exam Prep with Questions, Answers & Detailed
Explanations
1. How many employees must an employer have before
he must apply for workers compensation insurance? -
✔✔ANSWER ✔✔-1 or more
2. The most important aspect to consider when bidding
is: - ✔✔ANSWER ✔✔-Profit
3. What does the acronym GAAP signify in accounting? -
✔✔ANSWER ✔✔-Generally Accepted Accounted
Principles
,4. If I fail one or more portions of the examination, do I
have to retake all parts again? - ✔✔ANSWER ✔✔-No,
only the exams on which he or she failed to achieve a
passing score
5. In order to obtain a building permit the following is
required: - ✔✔ANSWER ✔✔-Filling out an application
6. When can you allow your employee to view their
personal file? - ✔✔ANSWER ✔✔-Whenever they wish to
7. A payment bond would be posted by the: -
✔✔ANSWER ✔✔-Prime contractor or property owner
8. How long after I pass the examinations do I have to
apply for Initial Licensure? - ✔✔ANSWER ✔✔-Four years
9. Are contractors required to qualify a construction
business? - ✔✔ANSWER ✔✔-Yes
,10. A payment bond guarantees that the bonding
company will pay valid claims for unpaid bills owed by
the ______ posting the bond. - ✔✔ANSWER ✔✔-Prime
contractor or property owner
11. Before the completion of work the person who
authorizes a temporary certificate of __________ is the
building official. - ✔✔ANSWER ✔✔-Occupancy
12. Majority for the negotiated construction contracts
are on a ________ basis. - ✔✔ANSWER ✔✔-Cost plus fee
13. What must a contractor do to prevent cash flow
problems at the end of a construction project? -
✔✔ANSWER ✔✔-Obtain a line of credit from a bank
14. What should be done with the contractors IRS form
W-2? - ✔✔ANSWER ✔✔-File a copy in the contractor's
office
, 15. By law, your workers may not be younger than
______ of age. - ✔✔ANSWER ✔✔-16
16. Business equity is shown on the financial statement
called teh: - ✔✔ANSWER ✔✔-Balance Sheet
17. State disability and income taxes must be: -
✔✔ANSWER ✔✔-Reported and paid quarterly
18. The only reason an employer can lawfully deny
employment is _________. - ✔✔ANSWER ✔✔-No work
experience or social security number
19. You are permitted _______ attempts within four
years from the date of the initial licensure examination
to pass all portions of the examinations. - ✔✔ANSWER
✔✔-Four years
