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Florida Building Contractor Business/Finance Study Exam Questions And Answers | Updated Solutions | 100% Correct Answers

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1. How many employees must an employer have before he must apply for workers compensation insurance? 1 or more 2. The most important aspect to consider when bidding is: Profit 3. What does the acronym GAAP signify in accounting? Generally Accepted Accounted Principles 4. If I fail one or more portions of the examination, do I have to retake all parts again? No, only the exams on which he or she failed to achieve a passing score 5. In order to obtain a building permit the following is required: Filling out an application 6. When can you allow your employee to view their personal file? Whenever they wish to 7. A payment bond would be posted by the: Prime contractor or property owner 8. How long after I pass the examinations do I have to apply for Initial Licensure? Four years 9. Are contractors required to qualify a construction business? Yes 8/8/25, 8:49 AM Florida Building Contractor Business/Finance Study Exam Flashcards | Quizlet guarantees that the bonding company will pay valid claims for unpaid bills owed by the ______ posting the bond. Prime contractor or property owner 11. Before the completion of work the person who authorizes a temporary certificate of __________ is the building official. Occupancy 12. Majority for the negotiated construction contracts are on a ________ basis. Cost plus fee 13. What must a contractor do to prevent cash flow problems at the end of a construction project? Obtain a line of credit from a bank 14. What should be done with the contractors IRS form W-2? File a copy in the contractor's office 15. By law, your workers may not be younger than ______ of age. 16 16. Business equity is shown on the financial statement called teh: Balance Sheet 17. State disability and income taxes must be: Reported and paid quarterly

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8/8/25, 8:49 AM Florida Building Contractor Business/Finance Study Exam Flashcards | Quizlet




Florida Building Contractor Business/Finance
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Prime contractor or property owner



Choose an answer



3. What does the acronym GAAP 83. When a contract includes a
1 2
signify in accounting? "complete agreement" clause:



2. The most important aspect to 7. A payment bond would be posted
3 4
consider when bidding is: by the:



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Terms in this set (100)


https://quizlet.com/1064557821/florida-building-contractor-businessfinance-study-exam-flash-cards/?new 1/15

, 8/8/25, 8:49 AM Florida Building Contractor Business/Finance Study Exam Flashcards | Quizlet



1. How many employees 1 or more
must an employer have
before he must apply for
workers compensation
insurance?

2. The most important Profit
aspect to consider when
bidding is:

3. What does the acronym Generally Accepted Accounted Principles
GAAP signify in
accounting?

4. If I fail one or more No, only the exams on which he or she failed to
portions of the achieve a passing score
examination, do I have to
retake all parts again?

5. In order to obtain a Filling out an application
building permit the
following is required:

6. When can you allow Whenever they wish to
your employee to view
their personal file?

7. A payment bond would Prime contractor or property owner
be posted by the:

8. How long after I pass Four years
the examinations do I have
to apply for Initial
Licensure?

9. Are contractors Yes
required to qualify a
construction business?




https://quizlet.com/1064557821/florida-building-contractor-businessfinance-study-exam-flash-cards/?new 2/15

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