FL Business and Finance Practice Test
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1. The owner must prove financial capability no later Answer: C. 7 - AIA 701.6.2
than ________ days prior to the expiration of the time
for withdrawal of bids. A. 3 B. 5 C.7 D.30
2. How many copies of the plans and specifications Answer: A. 1 - AIA201 2.3.6
shall the contractor maintain on site? A. 1 B. 2 C. 3
D. 4
3. Contracts entered into by unlicensed contractors Answer: D. are unenforceable
________________. A. are immoral B.are illegal C. are - CM 2-94 489.128
enforceable D. are unenforceable
4. The subcontractor agrees that all work shall Answer: C. A & B are correct -
be done subject to the final approval of the AIA 401.4.2.5
______________________. A. architect B. contractor C.
both A & B are correct D. none of the above
5. Which of the following is NOT exempt from chap- Answer B. Owners of property
ter 489? A. An employee of a licensee who is sub- $85,000 - CM 2-63 489.103
ordinate of a construction licensee acting within Limit is $75,000.
the scope. B. Owners of a property with a cost
of $85,000. C. Contractors in work on bridges and
roads. D. Anybody doing work of a minor nature -
less $1,000 or less.
6. The architect has the sole responsibility for ordering Answer: C. any minor change
__________________. A. Change orders B. Construction in work - AIA 201 7.1.2
change directives C. any minor change of work D.
any changes whatsoever
7. When considering the location of your office, which Answer: B. Demographic
of the following is not a consideration? A. Zoning Makeup - CM 1-15
, FL Business and Finance Practice Test
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Ordinances B. Demographic makeup of community
C. Building Permits D. Flood Prone Area Maps
8. The bonding cost for a class "B" contract of $900,000 Answer: C. $12,500 CM
will cost ________________. A. $9,000 B. $10,000 C. 4-18 Graduated scale: 1st-
$12,500 D. $22,500 100x25%+ 2,500 2nd 400
x15%+ 6,000 3rd 400x
10%=4,000 Total $12,500
9. A project is to be considered abandoned after Answer D. 90 - CM 2-96 ,
_________ days if the contractor just terminates the 489.129.1.j
project without notification to the owner and with-
out cause. A. 30 B. 60 C. 45 D. 90
10. If, at the end of a quarter, a contractor's total FUTA Answer: A. Add the tax for the
tax is $150, the contractor _____________________. A. next quarter - CM 3-183
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. must deposit the tax dur-
ing the 2nd month after the quarter D. must deposit
the tax during the 3rd month after the quarter.
11. Which of the following is a first aid treatment not to Answer: A. Administering a
be recorded on an OSHA # 200 log? A. administering tetanus immunization - CM
a tetanus immunization B. administering a rabies 7-24
immunization C. application of bandages or a but-
terfly dressing in lieu of sutures. D. a minor accident
involving a loss of consciousness.
12. Which of the following is NOT true about corpora- Answer: C There is no limit of
tions? A. With an "S" corporation there is no corpo- shareholders - CM 1-13
rate tax - you pay taxes individual. B. Closely held
corporations operate more informally. C. There is no
, FL Business and Finance Practice Test
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limit of shareholders for either a C-type or S-type
Corpo. D. C-type corpo have the possibility of double
taxation.
13. What is the term for expenses that are actually paid Answer: B. deferred assets -
but not recognized as paid until a later period? A. BGA 242
post paid costs B. deferred assets C. accrued expens-
es D. long-term liabilities
14. What is the maximum amount of compensation that Answer: D. 3x the amount plus
a consumer is entitled to if injured on a jobsite due attorney fees - CM 2-14
to an unlicensed contractors negligence? A. 2X the
amount of damages. B. 2x the amount of damages
plus attorney fees. C. 3X the amount of damages D.
3x the amount of damages, plus attorney's fees
15. When developing a project schedule, which of the Answer: C Completion date -
following should not influence the development of CM 10-63
the project shedule? A. manpower B. equipment
schedules C. completion date D. activity durations
16. A contractor must serve a copy fo the claim of lien on Answer: A. 15 CM 9-30
the owner and lender (if any) within how many days
of the date the claim of lien is recorded? A. 15 B. 30
C. 60 D. 90
17. According to the Statutes of Limitations, how long Answer: A - 2 years - CM 5-30
does a person have to bring action on a wage recov-
ery claim? A. 2 yrs B. 5 yrs C. 7 yrs D. 10 yrs
18. Categories on the income statement include all the Answer: C. Inventory - CM
following except ___________________. A. Revenues B. 3-30
Expenses C. Inventory D. Income
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1. The owner must prove financial capability no later Answer: C. 7 - AIA 701.6.2
than ________ days prior to the expiration of the time
for withdrawal of bids. A. 3 B. 5 C.7 D.30
2. How many copies of the plans and specifications Answer: A. 1 - AIA201 2.3.6
shall the contractor maintain on site? A. 1 B. 2 C. 3
D. 4
3. Contracts entered into by unlicensed contractors Answer: D. are unenforceable
________________. A. are immoral B.are illegal C. are - CM 2-94 489.128
enforceable D. are unenforceable
4. The subcontractor agrees that all work shall Answer: C. A & B are correct -
be done subject to the final approval of the AIA 401.4.2.5
______________________. A. architect B. contractor C.
both A & B are correct D. none of the above
5. Which of the following is NOT exempt from chap- Answer B. Owners of property
ter 489? A. An employee of a licensee who is sub- $85,000 - CM 2-63 489.103
ordinate of a construction licensee acting within Limit is $75,000.
the scope. B. Owners of a property with a cost
of $85,000. C. Contractors in work on bridges and
roads. D. Anybody doing work of a minor nature -
less $1,000 or less.
6. The architect has the sole responsibility for ordering Answer: C. any minor change
__________________. A. Change orders B. Construction in work - AIA 201 7.1.2
change directives C. any minor change of work D.
any changes whatsoever
7. When considering the location of your office, which Answer: B. Demographic
of the following is not a consideration? A. Zoning Makeup - CM 1-15
, FL Business and Finance Practice Test
Study online at https://quizlet.com/_8ir6bq
Ordinances B. Demographic makeup of community
C. Building Permits D. Flood Prone Area Maps
8. The bonding cost for a class "B" contract of $900,000 Answer: C. $12,500 CM
will cost ________________. A. $9,000 B. $10,000 C. 4-18 Graduated scale: 1st-
$12,500 D. $22,500 100x25%+ 2,500 2nd 400
x15%+ 6,000 3rd 400x
10%=4,000 Total $12,500
9. A project is to be considered abandoned after Answer D. 90 - CM 2-96 ,
_________ days if the contractor just terminates the 489.129.1.j
project without notification to the owner and with-
out cause. A. 30 B. 60 C. 45 D. 90
10. If, at the end of a quarter, a contractor's total FUTA Answer: A. Add the tax for the
tax is $150, the contractor _____________________. A. next quarter - CM 3-183
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. must deposit the tax dur-
ing the 2nd month after the quarter D. must deposit
the tax during the 3rd month after the quarter.
11. Which of the following is a first aid treatment not to Answer: A. Administering a
be recorded on an OSHA # 200 log? A. administering tetanus immunization - CM
a tetanus immunization B. administering a rabies 7-24
immunization C. application of bandages or a but-
terfly dressing in lieu of sutures. D. a minor accident
involving a loss of consciousness.
12. Which of the following is NOT true about corpora- Answer: C There is no limit of
tions? A. With an "S" corporation there is no corpo- shareholders - CM 1-13
rate tax - you pay taxes individual. B. Closely held
corporations operate more informally. C. There is no
, FL Business and Finance Practice Test
Study online at https://quizlet.com/_8ir6bq
limit of shareholders for either a C-type or S-type
Corpo. D. C-type corpo have the possibility of double
taxation.
13. What is the term for expenses that are actually paid Answer: B. deferred assets -
but not recognized as paid until a later period? A. BGA 242
post paid costs B. deferred assets C. accrued expens-
es D. long-term liabilities
14. What is the maximum amount of compensation that Answer: D. 3x the amount plus
a consumer is entitled to if injured on a jobsite due attorney fees - CM 2-14
to an unlicensed contractors negligence? A. 2X the
amount of damages. B. 2x the amount of damages
plus attorney fees. C. 3X the amount of damages D.
3x the amount of damages, plus attorney's fees
15. When developing a project schedule, which of the Answer: C Completion date -
following should not influence the development of CM 10-63
the project shedule? A. manpower B. equipment
schedules C. completion date D. activity durations
16. A contractor must serve a copy fo the claim of lien on Answer: A. 15 CM 9-30
the owner and lender (if any) within how many days
of the date the claim of lien is recorded? A. 15 B. 30
C. 60 D. 90
17. According to the Statutes of Limitations, how long Answer: A - 2 years - CM 5-30
does a person have to bring action on a wage recov-
ery claim? A. 2 yrs B. 5 yrs C. 7 yrs D. 10 yrs
18. Categories on the income statement include all the Answer: C. Inventory - CM
following except ___________________. A. Revenues B. 3-30
Expenses C. Inventory D. Income
