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