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FLORIDA CONTRACTOR-S LICENSE BUSINESS AND FINANCE STUDY GUIDE 2 (2024) UPDATED 2026/2027 QUESTIONS WITH VERIFIED ANSWERS

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FLORIDA CONTRACTOR-S LICENSE BUSINESS AND FINANCE STUDY GUIDE 2 (2024) UPDATED 2026/2027 QUESTIONS WITH VERIFIED ANSWERS

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In the case of material purchase, vendor invoices should be matched with _________ prior
to payment of the invoice


Ref: FCM 10-54


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receiving notices




As it relates to the construction industry, the Drug-Free Workplace Act is applicable
to which contractor on a government project?


Ref: FCM 5-50


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, prime contractor




What is the MOST useful for controlling inventory?


Ref: BGA 118


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purchase journal




When a construction company is applying for a loan, most banks require all the
following items except:


Ref: BGA 317


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last year's state income tax return




Which is the best method to check an estimate in order to eliminate as many errors as
possible?


Ref: BGA 11 & 225


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, compare the original estimate with an estimate from a similar project




Which of the following do not have lien rights?


Ref: FCM 9-19


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materialman supplying materials to another materialman




Which of the following best describes the accrual method of accounting?


Ref: BGA


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revenues are recognized when earned, even though no cash has been
received




According to Builder's Guide to Accounting, which statement is true?


Ref: BGA 248 / FCM 3-108


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, an income statement is a summary of revenue and expenses for a given
period




When figuring overhead, which is a fixed expense?


Ref: BGA 142


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advertising




On which of the following items must Florida sales tax be paid by a prime contractor,
if it is not included on the invoice?


Ref: FCM 3-97, 3-98


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invoice from a concrete supplier




Which of the following is NOT an accomplishment of a complete cash budget?


Ref: BGA 173, 174


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