FL BUSINESS AND FINANCE PRACTICE TEST
EXAM WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS
LATEST 2025 - 2026 ALREADY GRADED A+
Within how many days of the date the claim of lien is recorded, must a
contractor serve a copy of the claim of lien on the owner and lender (if any)?
A. 15
B. 30
C. 60
D. 90 - ANSWERS-Answer: A. 15 CM 9-30 INDEX/LIEN/HOW TO SERVE
According to Contractors Manual, CSI Master format divides the specifications
into how many specific divisions? - ANSWERS-Answer: 50 CM 10-9 INDEX/CSI
MASTERFORMAT
,First aid cases, according to the Florida Worker's Compensation Law, requiring
treatment on site
that do not require medical treatment for which charges will be incurred, and
do not disable the
employee for more than , do not need to be reported.
A. 3 hours
B. 8 hours
C. 5 days
D. 7 days - ANSWERS-Answer: 3 hours - ???
What is a reserve of bad debt?
a. A reduction in your current assets
b. A general ledger entry that reflects a budgeted reserve for bad debts
c. A loss of cash on hand
d. Both A and B - ANSWERS-ANSWER:
d. Both A and B BGA 68 Index/Bad Debt
What guaranty does a contractor make through the issuance of a surety bond?
a. He will complete the project as per the contract documents
b. He will hold the architect harmless for delays
, c. He will assign any benefits awarded under the bond to his subcontractors
d. He will reimburse the surety company if he fails to perform according to
contract - ANSWERS-Answer: D. He will reimburse the surety company if he fails
to perform according to contract. CM 4-12 Index/Surety Bond
The architect has the sole responsibility for ordering __________________. A.
Change orders B. Construction change directives C. any minor change of work D.
any changes whatsoever - ANSWERS-Answer: C. any minor change in work - AIA
201 7.1.2
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 - ANSWERS-Answer: B. Demographic
Makeup - CM 1-15
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 - ANSWERS-
Answer: C. $12,500 CM 4-18 Graduated scale: 1st- 100x25%+ 2,500 2nd 400
x15%+ 6,000 3rd 400x 10%=4,000 Total $12,500
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 B. 60 C. 45 D. 90 - ANSWERS-Answer D. 90 - CM 2-96 , 489.129.1.j
If, at the end of a quarter, a contractor's total FUTA tax is $150, the contractor
_____________________. A. may add the tax to the amount for deposit for the
next quarter B. must deposit the tax during the 1st month after the quarter. C.
EXAM WITH CORRECT ACTUAL QUESTIONS
AND CORRECTLY WELL DEFINED ANSWERS
LATEST 2025 - 2026 ALREADY GRADED A+
Within how many days of the date the claim of lien is recorded, must a
contractor serve a copy of the claim of lien on the owner and lender (if any)?
A. 15
B. 30
C. 60
D. 90 - ANSWERS-Answer: A. 15 CM 9-30 INDEX/LIEN/HOW TO SERVE
According to Contractors Manual, CSI Master format divides the specifications
into how many specific divisions? - ANSWERS-Answer: 50 CM 10-9 INDEX/CSI
MASTERFORMAT
,First aid cases, according to the Florida Worker's Compensation Law, requiring
treatment on site
that do not require medical treatment for which charges will be incurred, and
do not disable the
employee for more than , do not need to be reported.
A. 3 hours
B. 8 hours
C. 5 days
D. 7 days - ANSWERS-Answer: 3 hours - ???
What is a reserve of bad debt?
a. A reduction in your current assets
b. A general ledger entry that reflects a budgeted reserve for bad debts
c. A loss of cash on hand
d. Both A and B - ANSWERS-ANSWER:
d. Both A and B BGA 68 Index/Bad Debt
What guaranty does a contractor make through the issuance of a surety bond?
a. He will complete the project as per the contract documents
b. He will hold the architect harmless for delays
, c. He will assign any benefits awarded under the bond to his subcontractors
d. He will reimburse the surety company if he fails to perform according to
contract - ANSWERS-Answer: D. He will reimburse the surety company if he fails
to perform according to contract. CM 4-12 Index/Surety Bond
The architect has the sole responsibility for ordering __________________. A.
Change orders B. Construction change directives C. any minor change of work D.
any changes whatsoever - ANSWERS-Answer: C. any minor change in work - AIA
201 7.1.2
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 - ANSWERS-Answer: B. Demographic
Makeup - CM 1-15
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 - ANSWERS-
Answer: C. $12,500 CM 4-18 Graduated scale: 1st- 100x25%+ 2,500 2nd 400
x15%+ 6,000 3rd 400x 10%=4,000 Total $12,500
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 B. 60 C. 45 D. 90 - ANSWERS-Answer D. 90 - CM 2-96 , 489.129.1.j
If, at the end of a quarter, a contractor's total FUTA tax is $150, the contractor
_____________________. A. may add the tax to the amount for deposit for the
next quarter B. must deposit the tax during the 1st month after the quarter. C.
