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FL Business and Finance Practice Test
Questions with Detailed Verified
Answers
Question: The owner must prove financial capability no later than ________
days prior to the expiration of the time for withdrawal of bids. A. 3 B. 5 C.7
D.30
Ans: Answer: C. 7 - AIA 701.6.2
Question: How many copies of the plans and specifications shall the
contractor maintain on site? A. 1 B. 2 C. 3 D. 4
Ans: Answer: A. 1 - AIA201 2.3.6
Question: Contracts entered into by unlicensed contractors
________________. A. are immoral B.are illegal C. are enforceable D. are
unenforceable
Ans: Answer: D. are unenforceable - CM 2-94 489.128
Question: The subcontractor agrees that all work shall be done subject to the
final approval of the ______________________. A. architect B. contractor C.
both A & B are correct D. none of the above
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Ans: Answer: C. A & B are correct - AIA 401.4.2.5
Question: Which of the following is NOT exempt from chapter 489? A. An
employee of a licensee who is subordinate of a construction licensee acting
within 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.
Ans: Answer B. Owners of property $85,000 - CM 2-63 489.103 Limit is
$75,000.
Question: 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
Ans: Answer: C. any minor change in work - AIA 201 7.1.2
Question: 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
Ans: Answer: B. Demographic Makeup - CM 1-15
Question: 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
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Ans: 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
Question: 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
Ans: Answer D. 90 - CM 2-96 , 489.129.1.j
Question: 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. must deposit the tax during the 2nd month after the quarter D.
must deposit the tax during the 3rd month after the quarter.
Ans: Answer: A. Add the tax for the next quarter - CM 3-183
Question: Which of the following is a first aid treatment not to be recorded on
an OSHA # 200 log? A. administering a tetanus immunization B.
administering a rabies immunization C. application of bandages or a butterfly
dressing in lieu of sutures. D. a minor accident involving a loss of
consciousness.
Ans: Answer: A. Administering a tetanus immunization - CM 7-24
Question: Which of the following is NOT true about corporations? A. With an
"S" corporation there is no corporate tax - you pay taxes individual. B. Closely
held corporations operate more informally. C. There is no limit of shareholders
FL Business and Finance Practice Test
Questions with Detailed Verified
Answers
Question: The owner must prove financial capability no later than ________
days prior to the expiration of the time for withdrawal of bids. A. 3 B. 5 C.7
D.30
Ans: Answer: C. 7 - AIA 701.6.2
Question: How many copies of the plans and specifications shall the
contractor maintain on site? A. 1 B. 2 C. 3 D. 4
Ans: Answer: A. 1 - AIA201 2.3.6
Question: Contracts entered into by unlicensed contractors
________________. A. are immoral B.are illegal C. are enforceable D. are
unenforceable
Ans: Answer: D. are unenforceable - CM 2-94 489.128
Question: The subcontractor agrees that all work shall be done subject to the
final approval of the ______________________. A. architect B. contractor C.
both A & B are correct D. none of the above
, Page | 2
Ans: Answer: C. A & B are correct - AIA 401.4.2.5
Question: Which of the following is NOT exempt from chapter 489? A. An
employee of a licensee who is subordinate of a construction licensee acting
within 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.
Ans: Answer B. Owners of property $85,000 - CM 2-63 489.103 Limit is
$75,000.
Question: 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
Ans: Answer: C. any minor change in work - AIA 201 7.1.2
Question: 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
Ans: Answer: B. Demographic Makeup - CM 1-15
Question: 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
, Page | 3
Ans: 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
Question: 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
Ans: Answer D. 90 - CM 2-96 , 489.129.1.j
Question: 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. must deposit the tax during the 2nd month after the quarter D.
must deposit the tax during the 3rd month after the quarter.
Ans: Answer: A. Add the tax for the next quarter - CM 3-183
Question: Which of the following is a first aid treatment not to be recorded on
an OSHA # 200 log? A. administering a tetanus immunization B.
administering a rabies immunization C. application of bandages or a butterfly
dressing in lieu of sutures. D. a minor accident involving a loss of
consciousness.
Ans: Answer: A. Administering a tetanus immunization - CM 7-24
Question: Which of the following is NOT true about corporations? A. With an
"S" corporation there is no corporate tax - you pay taxes individual. B. Closely
held corporations operate more informally. C. There is no limit of shareholders
