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FLORIDA CONTRACTORS MANUAL FINAL
EXAM 2026 UPDATED ACTUAL EXAM WITH
CORRECT SOLUTIONS.
All of the following are true regarding a general partnership
except: - correct answer- There is a potential taxation on
earnings
A joint venture is: - correct answer- Two or more persons or
entities jointly seeking a profit in some specific venture without
an actual partnership or corporation designation
Which of the following is true regarding a joint venture? -
correct answer- A joint venture is generally limited to a single
transaction
One advantage of a standard corporation is: - correct answer-
Fringe benefits are tax deductible
Which of the following is an advantage of an S Corporation? -
correct answer- As sole proprietors, income or losses are
reported as to an individual taxpayer.
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Which of the following is an advantage of a regular
corporation? - correct answer- tax deductible fringe benefits
Which of the following statements is true concerning an S
Corporation? - correct answer- Only individuals or estates can
be shareholders
Occupational licenses may be required for every business and
are issued by the: - correct answer- Counties and Cities
A person may engage in business under a fictitious name with
the: - correct answer- Division of Corporations
How long is a registered fictitious name valid for? - correct
answer- 5 years
Unless you are a sole proprietor, federal form SS-4 must be
filed on or before the : - correct answer- Seventh day after the
date on which business begins
FLORIDA CONTRACTORS MANUAL FINAL
EXAM 2026 UPDATED ACTUAL EXAM WITH
CORRECT SOLUTIONS.
All of the following are true regarding a general partnership
except: - correct answer- There is a potential taxation on
earnings
A joint venture is: - correct answer- Two or more persons or
entities jointly seeking a profit in some specific venture without
an actual partnership or corporation designation
Which of the following is true regarding a joint venture? -
correct answer- A joint venture is generally limited to a single
transaction
One advantage of a standard corporation is: - correct answer-
Fringe benefits are tax deductible
Which of the following is an advantage of an S Corporation? -
correct answer- As sole proprietors, income or losses are
reported as to an individual taxpayer.
, 2 | Page
Which of the following is an advantage of a regular
corporation? - correct answer- tax deductible fringe benefits
Which of the following statements is true concerning an S
Corporation? - correct answer- Only individuals or estates can
be shareholders
Occupational licenses may be required for every business and
are issued by the: - correct answer- Counties and Cities
A person may engage in business under a fictitious name with
the: - correct answer- Division of Corporations
How long is a registered fictitious name valid for? - correct
answer- 5 years
Unless you are a sole proprietor, federal form SS-4 must be
filed on or before the : - correct answer- Seventh day after the
date on which business begins
