FLORIDA STATE BUSINESS AND FINANCE 2025 QUESTIONS
WITH ANSWERS RATED A+
✔✔Things owned by a company are called - ✔✔assets
✔✔Claims by others are called - ✔✔liabilities
✔✔Assets == - ✔✔liabilities + equity
✔✔To qualify for expansion financing, some programs and financial institutions require
you be in business minimum of _______ but preferred to have ______ - ✔✔2, 5
✔✔Four basic types of contracts - ✔✔fixed, unit price, cost plus, time and material
✔✔Completed Contract Method - ✔✔complete is recognized at 98 or 99 %
✔✔Retainage is usually what percent - ✔✔10%
✔✔Four basic methods available to contractors - ✔✔cash method, accrual basis,
percentage of completion, completed contract method
✔✔Front end loading - ✔✔progress billings are accelerated (more money up front)
✔✔Davis Bacon Act - ✔✔excess of 2,000
✔✔Keep all records of employment taxes for _______ years - ✔✔4
✔✔Furnish what tax forms by January 31st? - ✔✔1099, W-2, Form 941, Form 944
✔✔Social security and medicare tax rate - ✔✔7.65%
✔✔Automobile rates are based on - ✔✔size of vehicle, gross weight of vehicle, distance
traveled
✔✔What is a bid bond - ✔✔guarantee that the contractor is awarded the bid, he will
enter into a contract at the price stipulated in the bid.
✔✔Forfeiture Obligation - ✔✔if you are the low bidder and you DO not enter into the
contract, then you forfeit the bid amount
✔✔Payment Bond - ✔✔a guarantee the contractor will pay all of the subs, labor, and
material suppliers
, ✔✔Maintenance Bond - ✔✔contractors work will be free from defects in materials and
workmanship.
✔✔The three C's of underwriting - ✔✔character, capacity, and capital
✔✔Age discrimination act starts at what age - ✔✔40
✔✔How many hours in a workweek - ✔✔168
✔✔Whats a hard record - ✔✔payroll, employment contracts, agreements, sales, and
purchases records must be kept 3 years
✔✔What is a soft record - ✔✔time cards and time sheets, and must be kept 2 years
✔✔The I-9 must be kept for how long? - ✔✔for terminated employees its 3 years after
the date of hire or or 1 year after the date the individual no longer works there. Which
ever is longer
✔✔Re-employment Tax - ✔✔initial 2.7% or standard 5.4%
✔✔The employee has how many days to tell the employer about an accident? - ✔✔30
days
✔✔Death of an employee how long do you have to report to the division of workers
comp - ✔✔24 hours
✔✔The employer must report the accident to the division of workers comp within how
many days - ✔✔7 days
✔✔If an employer does not not have a drug testing program, he must give how many
days notice that a drug testing is being implemented? - ✔✔60 days
✔✔Temporary disability is paid what percent of their salary - ✔✔66%
✔✔Base penalties before adjusting for posting requirement violations - ✔✔OSHA Notice
1,000
Annual Summary 1,000
Failure to post Citations 3,000
✔✔In case of willful violations the initial proposed penalty is between - ✔✔$4,988 and
$124,709
WITH ANSWERS RATED A+
✔✔Things owned by a company are called - ✔✔assets
✔✔Claims by others are called - ✔✔liabilities
✔✔Assets == - ✔✔liabilities + equity
✔✔To qualify for expansion financing, some programs and financial institutions require
you be in business minimum of _______ but preferred to have ______ - ✔✔2, 5
✔✔Four basic types of contracts - ✔✔fixed, unit price, cost plus, time and material
✔✔Completed Contract Method - ✔✔complete is recognized at 98 or 99 %
✔✔Retainage is usually what percent - ✔✔10%
✔✔Four basic methods available to contractors - ✔✔cash method, accrual basis,
percentage of completion, completed contract method
✔✔Front end loading - ✔✔progress billings are accelerated (more money up front)
✔✔Davis Bacon Act - ✔✔excess of 2,000
✔✔Keep all records of employment taxes for _______ years - ✔✔4
✔✔Furnish what tax forms by January 31st? - ✔✔1099, W-2, Form 941, Form 944
✔✔Social security and medicare tax rate - ✔✔7.65%
✔✔Automobile rates are based on - ✔✔size of vehicle, gross weight of vehicle, distance
traveled
✔✔What is a bid bond - ✔✔guarantee that the contractor is awarded the bid, he will
enter into a contract at the price stipulated in the bid.
✔✔Forfeiture Obligation - ✔✔if you are the low bidder and you DO not enter into the
contract, then you forfeit the bid amount
✔✔Payment Bond - ✔✔a guarantee the contractor will pay all of the subs, labor, and
material suppliers
, ✔✔Maintenance Bond - ✔✔contractors work will be free from defects in materials and
workmanship.
✔✔The three C's of underwriting - ✔✔character, capacity, and capital
✔✔Age discrimination act starts at what age - ✔✔40
✔✔How many hours in a workweek - ✔✔168
✔✔Whats a hard record - ✔✔payroll, employment contracts, agreements, sales, and
purchases records must be kept 3 years
✔✔What is a soft record - ✔✔time cards and time sheets, and must be kept 2 years
✔✔The I-9 must be kept for how long? - ✔✔for terminated employees its 3 years after
the date of hire or or 1 year after the date the individual no longer works there. Which
ever is longer
✔✔Re-employment Tax - ✔✔initial 2.7% or standard 5.4%
✔✔The employee has how many days to tell the employer about an accident? - ✔✔30
days
✔✔Death of an employee how long do you have to report to the division of workers
comp - ✔✔24 hours
✔✔The employer must report the accident to the division of workers comp within how
many days - ✔✔7 days
✔✔If an employer does not not have a drug testing program, he must give how many
days notice that a drug testing is being implemented? - ✔✔60 days
✔✔Temporary disability is paid what percent of their salary - ✔✔66%
✔✔Base penalties before adjusting for posting requirement violations - ✔✔OSHA Notice
1,000
Annual Summary 1,000
Failure to post Citations 3,000
✔✔In case of willful violations the initial proposed penalty is between - ✔✔$4,988 and
$124,709
