Florida Contractors Manual UPDATED ACTUAL Questions and CORRECT Answer
C. fringe benefits are tax
1. One of the advantages of a standard corporation is:
deductible
A. taxation is limited
B. record keeping is not extensive
C. fringe benefits are tax deductible
D. not an expensive form of business to organize
2. All of the following are true regarding a general part- D. there is a potential of
nership except: double taxation on earn-
A. a partnership is terminated upon the death of a ings
partner
B. general partners have unlimited personal liability
C. fringe benefits are not generally tax deductible
D. there is a potential of double taxation on earnings
3. A joint venture is: C. two or more persons
A. two or more companies combining their resources or entities jointly seeking
and business skills to form an unlimited liability cor- a profit in some specific
poration for one project only
B. two or more companies joining together seeking venture without an
a profit in under a corporation agreement for one actual partnership or cor-
project only poration designation
C. two or more persons or entities jointly seeking a
profit in some specific venture without an actual part-
nership or corporation designation
D. two or more entities or persons seeking a profit
with immunity from liability
4. Which of the following is true regarding a joint ven-
ture?
C. a joint venture is gen-
,erally limited to a single transaction
, A. a joint venture is generally limited to a single project
but with the approval of the Construction Licensing
Board up to three more projects can be done
B. the persons or entities in a joint venture are not
governed by the same rules as a partnership
C. a joint venture is generally limited to a single trans-
action
D. a joint venture is usually created for the general
transaction of business of a
particular type
5. Which of the following is an advantage of an S Corpo- D. as sole proprietors, in-
come or losses are report-
ration?
ed as to an individual tax-
A. unlimited number of share-holders allowed payer.
B. S Corporations can have multiple stock classes
C. S Corporations can be part of another organization
D. as sole proprietors, income or losses are reported
as to an individual taxpayer.
6. Which of the following is an advantage of a regular
corporation? C. tax deductible fringe
benefits
A. limited taxation
B. reduced record keeping
C. tax deductible fringe benefits
D. closely regulated
7. Which of the following statements is true concerning
an S Corporation? B.Only individuals or es-
A. An S Corporation can have both Class I and Class II
tates can be shareholders
stocks.
, B. Only individuals or estates can be shareholders.
C. The business must be in operation 3 years to qualify
for S Corp status.
D. 80% of the business revenue must be domestic.
8. Occupational licenses may be required for every busi- B. counties and cities
ness and are issued by the:
A. State of Florida
B. counties and cities
C. federal government
D. Construction Industry Licensing Board
9. A person may engage in business under a fictitious B.Division of Corporation
name by registering the name with the:
A. Construction Licensing Board
B. Division of Corporations
C. Department of Business and Professional Regula-
tion
D. Florida Department of Sales Tax Division
10. How long is a registered fictitious name valid for? A. 5 years
A. 5 years
B. 4 years
C. 3 years
D. 2 years
11. Unless you are a sole proprietor, federal form SS-4
must be filed on or before the: A. seventh day after the
A. seventh day after the date on which business be-
date on which business
begins
C. fringe benefits are tax
1. One of the advantages of a standard corporation is:
deductible
A. taxation is limited
B. record keeping is not extensive
C. fringe benefits are tax deductible
D. not an expensive form of business to organize
2. All of the following are true regarding a general part- D. there is a potential of
nership except: double taxation on earn-
A. a partnership is terminated upon the death of a ings
partner
B. general partners have unlimited personal liability
C. fringe benefits are not generally tax deductible
D. there is a potential of double taxation on earnings
3. A joint venture is: C. two or more persons
A. two or more companies combining their resources or entities jointly seeking
and business skills to form an unlimited liability cor- a profit in some specific
poration for one project only
B. two or more companies joining together seeking venture without an
a profit in under a corporation agreement for one actual partnership or cor-
project only poration designation
C. two or more persons or entities jointly seeking a
profit in some specific venture without an actual part-
nership or corporation designation
D. two or more entities or persons seeking a profit
with immunity from liability
4. Which of the following is true regarding a joint ven-
ture?
C. a joint venture is gen-
,erally limited to a single transaction
, A. a joint venture is generally limited to a single project
but with the approval of the Construction Licensing
Board up to three more projects can be done
B. the persons or entities in a joint venture are not
governed by the same rules as a partnership
C. a joint venture is generally limited to a single trans-
action
D. a joint venture is usually created for the general
transaction of business of a
particular type
5. Which of the following is an advantage of an S Corpo- D. as sole proprietors, in-
come or losses are report-
ration?
ed as to an individual tax-
A. unlimited number of share-holders allowed payer.
B. S Corporations can have multiple stock classes
C. S Corporations can be part of another organization
D. as sole proprietors, income or losses are reported
as to an individual taxpayer.
6. Which of the following is an advantage of a regular
corporation? C. tax deductible fringe
benefits
A. limited taxation
B. reduced record keeping
C. tax deductible fringe benefits
D. closely regulated
7. Which of the following statements is true concerning
an S Corporation? B.Only individuals or es-
A. An S Corporation can have both Class I and Class II
tates can be shareholders
stocks.
, B. Only individuals or estates can be shareholders.
C. The business must be in operation 3 years to qualify
for S Corp status.
D. 80% of the business revenue must be domestic.
8. Occupational licenses may be required for every busi- B. counties and cities
ness and are issued by the:
A. State of Florida
B. counties and cities
C. federal government
D. Construction Industry Licensing Board
9. A person may engage in business under a fictitious B.Division of Corporation
name by registering the name with the:
A. Construction Licensing Board
B. Division of Corporations
C. Department of Business and Professional Regula-
tion
D. Florida Department of Sales Tax Division
10. How long is a registered fictitious name valid for? A. 5 years
A. 5 years
B. 4 years
C. 3 years
D. 2 years
11. Unless you are a sole proprietor, federal form SS-4
must be filed on or before the: A. seventh day after the
A. seventh day after the date on which business be-
date on which business
begins
