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FLORIDA CONTRACTOR LICENSE BUSINESS AND FINANCE STUDY GUIDE 1 (2024) UPDATED 2026/2027 QUESTIONS WITH VERIFIED ANSWERS

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FLORIDA CONTRACTOR LICENSE BUSINESS AND FINANCE STUDY GUIDE 1 (2024) UPDATED 2026/2027 QUESTIONS WITH VERIFIED ANSWERS

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What entity issues or underwrites bonds


Ref: FCM 4-12 / Trade Knowledge


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surety




Which of the following statements is true?


Ref: FCM 9-72


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, if claim of lien is from a non-privity lien or (sub-subcontractor), Notice to
Owner must be served on both the owner and the contractor.




A contractor with serious cash flow problems, but with high volume of work:


Ref: BGA 174


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should first try to improve cash flow through budgeting




With regards to mediation, if the complainant and the subject of the complaint agree
to a resolution of a complaint within _______ days after contact by the mediator, the
mediator shall notify the department of the terms of the resolution.


Ref: FCM 2-46


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14




All of the following would be considerations in preparing a bid except:


Ref: Trade Knowledge


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, the location of the building department




As set for by AIA documents, a construction change directive is a


Ref: AIA A201 7.3.1


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written order prepared by the architect and signed by the owner and
architect




Assistance in identifying sources of available business financing could be obtained
from the
Ref: BGA 318


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Small business administration




What is an advantage of a bad debt reserve?


Ref: BGA 64


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it reduces tax liability for earned profit

, What undesirable trait would be reveled when checking into an applicant's past?


Ref: Trade Knowledge


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chronic insurance




Knowledge of quantities, cost and deliveries of materials can best be achieved by:


Ref: BGA 116, 117 / FCM 3-112


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use of purchase order




How many years back pay may a court award for willful violations under the Equal Pay
Act of 1963?


Ref: FCM 5-39


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3 years




As a company continues to do business, a contractor must regularly review many of
the aspects of management. Which of the following would be one aspect that could

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