Florida General Contractor Exam
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Who is Eligible for a SBA Loan? - CORRECT ANSWER
The General Ledger is properly completed when all the: - CORRECT ANSWER
The form used to report and pay annual Federal unemployment taxes is - CORRECT
ANSWER
What method of inventory assume that the first material purchased is used first? - CORRECT
ANSWER
A construction company's sales in 2006 were 200,000. In order to show a profit of 45%, the
cost of goods sold would be? - CORRECT ANSWER
Builder's who have wide variations in their business volume from month to month should use
the ___________ method? - CORRECT ANSWER
The accrual system of bookkeeping takes into account: - CORRECT ANSWER
Ann takes money from petty cash. She should replace it with - CORRECT ANSWER
Bob's financial statement showing his equity in the company is referred to as a/an: -
CORRECT ANSWER
Using the double-entry bookkeeping method, cash accounts would be entered as__________
balances? - CORRECT ANSWER
,The contractor's purchase journal treats total charge purchases as - CORRECT
ANSWER
A construction company wants to determine their net worth. The formula would be -
CORRECT ANSWER
A construction company's income statement may also be referred to as - CORRECT
ANSWER
Current ratio of 2.5 to 1 and current assets of 200,000 would have how much in current
liabilities? - CORRECT ANSWER
All of the following are used to compute taxable wages subject to Federal Unemployment
Tax (FUTA), except - CORRECT ANSWER
The current ratio of 1.5 to 1 mean - CORRECT ANSWER
The ratio favored by loan officers as a good condition of financial health is - CORRECT
ANSWER
What is the function of form 8109? - CORRECT ANSWER
Using the percentage of completion method for recognizing income , what is the gross profit
to date of construction project that has a contract amount of 130,000, cost to date is 99,970,
and cost to complete the projet is 11,760. - CORRECT ANSWER
Based on the following statement:
Subcontractor "A" 62,400
Contractor Income 87,560
Misc Income 26,344
Construction Material s 29,340
, Sales and Overhead 19,670
What is the gross profit? - CORRECT ANSWER
Based on the following statement:
Subcontractor "A" 62,400
Contractor Income 87,560
Misc Income 26,344
Construction Material s 29,340
Sales and Overhead 19,670
What is net profit? - CORRECT ANSWER
Based on the following statement:
Subcontractor "A" 62,400
Contractor Income 87,560
Misc Income 26,344
Construction Material s 29,340
Sales and Overhead 19,670
How much would the owner's equity (net worth) on the balance sheet be increased -
CORRECT ANSWER
Which of the assets cannot be depreciated? - CORRECT ANSWER
According to the Builder's Guide to Accounting, which statement is false? - CORRECT
ANSWER
ACTUAL QUESTIONS AND CORRECT
ANSWERS
Who is Eligible for a SBA Loan? - CORRECT ANSWER
The General Ledger is properly completed when all the: - CORRECT ANSWER
The form used to report and pay annual Federal unemployment taxes is - CORRECT
ANSWER
What method of inventory assume that the first material purchased is used first? - CORRECT
ANSWER
A construction company's sales in 2006 were 200,000. In order to show a profit of 45%, the
cost of goods sold would be? - CORRECT ANSWER
Builder's who have wide variations in their business volume from month to month should use
the ___________ method? - CORRECT ANSWER
The accrual system of bookkeeping takes into account: - CORRECT ANSWER
Ann takes money from petty cash. She should replace it with - CORRECT ANSWER
Bob's financial statement showing his equity in the company is referred to as a/an: -
CORRECT ANSWER
Using the double-entry bookkeeping method, cash accounts would be entered as__________
balances? - CORRECT ANSWER
,The contractor's purchase journal treats total charge purchases as - CORRECT
ANSWER
A construction company wants to determine their net worth. The formula would be -
CORRECT ANSWER
A construction company's income statement may also be referred to as - CORRECT
ANSWER
Current ratio of 2.5 to 1 and current assets of 200,000 would have how much in current
liabilities? - CORRECT ANSWER
All of the following are used to compute taxable wages subject to Federal Unemployment
Tax (FUTA), except - CORRECT ANSWER
The current ratio of 1.5 to 1 mean - CORRECT ANSWER
The ratio favored by loan officers as a good condition of financial health is - CORRECT
ANSWER
What is the function of form 8109? - CORRECT ANSWER
Using the percentage of completion method for recognizing income , what is the gross profit
to date of construction project that has a contract amount of 130,000, cost to date is 99,970,
and cost to complete the projet is 11,760. - CORRECT ANSWER
Based on the following statement:
Subcontractor "A" 62,400
Contractor Income 87,560
Misc Income 26,344
Construction Material s 29,340
, Sales and Overhead 19,670
What is the gross profit? - CORRECT ANSWER
Based on the following statement:
Subcontractor "A" 62,400
Contractor Income 87,560
Misc Income 26,344
Construction Material s 29,340
Sales and Overhead 19,670
What is net profit? - CORRECT ANSWER
Based on the following statement:
Subcontractor "A" 62,400
Contractor Income 87,560
Misc Income 26,344
Construction Material s 29,340
Sales and Overhead 19,670
How much would the owner's equity (net worth) on the balance sheet be increased -
CORRECT ANSWER
Which of the assets cannot be depreciated? - CORRECT ANSWER
According to the Builder's Guide to Accounting, which statement is false? - CORRECT
ANSWER
