Florida Business and Finance Practice
Test | Complete Verified Exam
Questions, Correct Answers & Rationales
- Latest Updated Exam 2026/2027
Question 1
The owner must prove financial capability no later than ________ days prior to the
expiration of the time for withdrawal of bids.
A. 3
B. 5
C. 7
D. 30
Answer: C
Rationale: Per AIA 701.6.2, the owner must prove financial capability at least 7 days
prior to the expiration of the bid withdrawal period.
Question 2
How many copies of the plans and specifications shall the contractor maintain on site?
A. 1
B. 2
C. 3
D. 4
Answer: A
Rationale: Per AIA 201 2.3.6, the contractor shall maintain at least one copy of the
plans and specifications on the project site.
Question 3
Contracts entered into by unlicensed contractors ________________.
A. Are immoral
B. Are illegal
pg. 1
,C. Are enforceable
D. Are unenforceable
Answer: D
Rationale: Per CM 2-94 489.128, contracts entered into by unlicensed contractors are
unenforceable. The unlicensed contractor cannot recover payment for work performed.
Question 4
The subcontractor agrees that all work shall be done subject to the final approval of the
______________________.
A. Architect
B. Contractor
C. Both A & B are correct
D. None of the above
Answer: C
Rationale: Per AIA 401.4.2.5, all subcontractor work is subject to the final approval of
both the architect and the contractor.
Question 5
Which of the following is NOT exempt from chapter 489?
A. An employee of a licensee who is subordinate of a construction licensee acting within
the scope
B. Owners of a property with a cost of $85,000
C. Contractors in work on bridges and roads
D. Anybody doing work of a minor nature - less than $1,000 or less
Answer: B
Rationale: Per CM 2-63 489.103, the exemption limit for property owners is $75,000,
not $85,000. Therefore, an owner with an $85,000 project is NOT exempt from Chapter
489.
Question 6
The architect has the sole responsibility for ordering __________________.
A. Change orders
B. Construction change directives
C. Any minor change in work
D. Any changes whatsoever
pg. 2
, Answer: C
Rationale: Per AIA 201 7.1.2, the architect has the sole responsibility for ordering any
minor change in the work.
Question 7
When considering the location of your office, which of the following is not a
consideration?
A. Zoning Ordinances
B. Demographic makeup of community
C. Building Permits
D. Flood Prone Area Maps
Answer: B
Rationale: Demographic makeup is not a primary consideration for office location
when planning construction. Zoning ordinances, building permits, and flood maps are
all regulatory considerations.
Question 8
The bonding cost for a class "B" contract of $900,000 will cost ________________.
A. $9,000
B. $10,000
C. $12,500
D. $22,500
Answer: C
Rationale: CM 4-18 Graduated scale:
• First $100,000 × 25% = $2,500
• Next $400,000 × 15% = $6,000
• Remaining $400,000 × 10% = $4,000
• Total = $12,500
Question 9
A project is to be considered abandoned after _________ days if the contractor just
terminates the project without notification to the owner and without cause.
A. 30
pg. 3
Test | Complete Verified Exam
Questions, Correct Answers & Rationales
- Latest Updated Exam 2026/2027
Question 1
The owner must prove financial capability no later than ________ days prior to the
expiration of the time for withdrawal of bids.
A. 3
B. 5
C. 7
D. 30
Answer: C
Rationale: Per AIA 701.6.2, the owner must prove financial capability at least 7 days
prior to the expiration of the bid withdrawal period.
Question 2
How many copies of the plans and specifications shall the contractor maintain on site?
A. 1
B. 2
C. 3
D. 4
Answer: A
Rationale: Per AIA 201 2.3.6, the contractor shall maintain at least one copy of the
plans and specifications on the project site.
Question 3
Contracts entered into by unlicensed contractors ________________.
A. Are immoral
B. Are illegal
pg. 1
,C. Are enforceable
D. Are unenforceable
Answer: D
Rationale: Per CM 2-94 489.128, contracts entered into by unlicensed contractors are
unenforceable. The unlicensed contractor cannot recover payment for work performed.
Question 4
The subcontractor agrees that all work shall be done subject to the final approval of the
______________________.
A. Architect
B. Contractor
C. Both A & B are correct
D. None of the above
Answer: C
Rationale: Per AIA 401.4.2.5, all subcontractor work is subject to the final approval of
both the architect and the contractor.
Question 5
Which of the following is NOT exempt from chapter 489?
A. An employee of a licensee who is subordinate of a construction licensee acting within
the scope
B. Owners of a property with a cost of $85,000
C. Contractors in work on bridges and roads
D. Anybody doing work of a minor nature - less than $1,000 or less
Answer: B
Rationale: Per CM 2-63 489.103, the exemption limit for property owners is $75,000,
not $85,000. Therefore, an owner with an $85,000 project is NOT exempt from Chapter
489.
Question 6
The architect has the sole responsibility for ordering __________________.
A. Change orders
B. Construction change directives
C. Any minor change in work
D. Any changes whatsoever
pg. 2
, Answer: C
Rationale: Per AIA 201 7.1.2, the architect has the sole responsibility for ordering any
minor change in the work.
Question 7
When considering the location of your office, which of the following is not a
consideration?
A. Zoning Ordinances
B. Demographic makeup of community
C. Building Permits
D. Flood Prone Area Maps
Answer: B
Rationale: Demographic makeup is not a primary consideration for office location
when planning construction. Zoning ordinances, building permits, and flood maps are
all regulatory considerations.
Question 8
The bonding cost for a class "B" contract of $900,000 will cost ________________.
A. $9,000
B. $10,000
C. $12,500
D. $22,500
Answer: C
Rationale: CM 4-18 Graduated scale:
• First $100,000 × 25% = $2,500
• Next $400,000 × 15% = $6,000
• Remaining $400,000 × 10% = $4,000
• Total = $12,500
Question 9
A project is to be considered abandoned after _________ days if the contractor just
terminates the project without notification to the owner and without cause.
A. 30
pg. 3
