Florida Contractors Manual - 100 Practice Questions
With Complete Solutions
A properly registered fictitious name is valid for ________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years Right Ans - D. 5 years
1-15
Which of the following would have jurisdiction over dredging or excavation of
navigable waters and wetlands?
A. U.S. Dept. of the Interior
B. Florida Dept. of State
C. Florida Dept.of Transportation
D. U.S Army Corps of Engineers Right Ans - D. U.S Army Corps of Engineers
1-16
The name of the form which is used to apply for sales tax is?
A. W2
B. DR-1
C. S1
D. W4 Right Ans - B. DR-1
1-21
Which of the following is NOT true about a fictitious name registration?
A. Valid for 5 years.
B. The fictitious name must be advertised at least one time.
C. If a change of ownership occurs, the owner(s) of record must file a
cancellation and registration within 45 days of filing,
D. Fictitious name registration must be renewed between July 1 and
December 31 in the expiration year. Right Ans - C. If a change of ownership
,occurs, the owner(s) of record must file a cancellation and registration within
45 days of filing,
1-15
Three partners, Noah, Evan & Steven form a partnership. Noah invests
$30,000; Steven invests $20,000 and Evan invests $15,000. In addition, Noah
performs specific management functions for which he is paid $5,000 from the
partnership proceeds. If the partnership earns $244,000, how much will Noah
receive?
A. Less than $70,000
B. Between $70,000 -$90,000
C. Between $90,000-$110,000
D. More than $110,000 Right Ans - D. More than $110,000
1-12
If the above partnership were dissolved, showing a net loss of $60,000, how
much would Noah owe?
A. $60,000
B. $4,666
C. $20,000
D. $0.00 Right Ans - A. $60,000
1-13
According to the Contractor's Manual, starting capital should be enough to
cover living expenses for between which of the following?
A. 3 months to a year
B. 6 months to a year
C. 9 months to a year
D. at least a year Right Ans - A. 3 months to a year
1-17
A Partnership will be dissolved if which of the following applies?
A. UnlawfuI Activity
B. Failing to have a primary qualifying agent
C. A court decree under the partnership act
, D. A and C 1-29 Right Ans - D. A and C 1-29
1-29
Which of the following is NOT characteristic about a General and Limited
Partnership?
A. The limited partnership has two types of partners; a partnership only one.
B. The general partners of a limited partnership have limited personal
liability; the partners of a partnership do not.
C. In a limited partnership the limited partners have no management
responsibility.
D. The general partner has joint and several liability; the limited partner does
not Right Ans - C. In a limited partnership the limited partners have no
management responsibility.
1-12
Which of the following is NOT true about a sole proprietor, a/k/a DBA,
operating a business in his own name?
A. A business fictitious name filing is necessary.
B. A business Tax Identification Number filing is necessary.
C. Neither A nor B
D. Both A and B Right Ans - D. Both A and B
1-11
Which of the following is an advantage of owning a corporation?
A. Continuity of existence.
B. Lack of centralized control.
C. sharing of ideas and management responsibility.
D. Easier to create. Right Ans - A. Continuity of existence.
1-11
Unlicensed practice of a profession is punishable by an administrative penalty
not to exceed _______.
A. $500
B. $1,000
C. $5,000
With Complete Solutions
A properly registered fictitious name is valid for ________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years Right Ans - D. 5 years
1-15
Which of the following would have jurisdiction over dredging or excavation of
navigable waters and wetlands?
A. U.S. Dept. of the Interior
B. Florida Dept. of State
C. Florida Dept.of Transportation
D. U.S Army Corps of Engineers Right Ans - D. U.S Army Corps of Engineers
1-16
The name of the form which is used to apply for sales tax is?
A. W2
B. DR-1
C. S1
D. W4 Right Ans - B. DR-1
1-21
Which of the following is NOT true about a fictitious name registration?
A. Valid for 5 years.
B. The fictitious name must be advertised at least one time.
C. If a change of ownership occurs, the owner(s) of record must file a
cancellation and registration within 45 days of filing,
D. Fictitious name registration must be renewed between July 1 and
December 31 in the expiration year. Right Ans - C. If a change of ownership
,occurs, the owner(s) of record must file a cancellation and registration within
45 days of filing,
1-15
Three partners, Noah, Evan & Steven form a partnership. Noah invests
$30,000; Steven invests $20,000 and Evan invests $15,000. In addition, Noah
performs specific management functions for which he is paid $5,000 from the
partnership proceeds. If the partnership earns $244,000, how much will Noah
receive?
A. Less than $70,000
B. Between $70,000 -$90,000
C. Between $90,000-$110,000
D. More than $110,000 Right Ans - D. More than $110,000
1-12
If the above partnership were dissolved, showing a net loss of $60,000, how
much would Noah owe?
A. $60,000
B. $4,666
C. $20,000
D. $0.00 Right Ans - A. $60,000
1-13
According to the Contractor's Manual, starting capital should be enough to
cover living expenses for between which of the following?
A. 3 months to a year
B. 6 months to a year
C. 9 months to a year
D. at least a year Right Ans - A. 3 months to a year
1-17
A Partnership will be dissolved if which of the following applies?
A. UnlawfuI Activity
B. Failing to have a primary qualifying agent
C. A court decree under the partnership act
, D. A and C 1-29 Right Ans - D. A and C 1-29
1-29
Which of the following is NOT characteristic about a General and Limited
Partnership?
A. The limited partnership has two types of partners; a partnership only one.
B. The general partners of a limited partnership have limited personal
liability; the partners of a partnership do not.
C. In a limited partnership the limited partners have no management
responsibility.
D. The general partner has joint and several liability; the limited partner does
not Right Ans - C. In a limited partnership the limited partners have no
management responsibility.
1-12
Which of the following is NOT true about a sole proprietor, a/k/a DBA,
operating a business in his own name?
A. A business fictitious name filing is necessary.
B. A business Tax Identification Number filing is necessary.
C. Neither A nor B
D. Both A and B Right Ans - D. Both A and B
1-11
Which of the following is an advantage of owning a corporation?
A. Continuity of existence.
B. Lack of centralized control.
C. sharing of ideas and management responsibility.
D. Easier to create. Right Ans - A. Continuity of existence.
1-11
Unlicensed practice of a profession is punishable by an administrative penalty
not to exceed _______.
A. $500
B. $1,000
C. $5,000
