Florida Contractors Manual UPDATED
ACTUAL Questions and CORRECT
Answers
A properly registered fictitious name is valid for ________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years - CORRECT ANSWER D. 5 years
1-15
Which of the following would have jurisdiction over dredging or excavation of navigable waters
and wetlands?
A. U.S. Dept. of the Interior
B. Florida Dept. of State
C. Florida Dept.of Transportation
D. U.S Army Corps of Engineers - CORRECT ANSWER D. U.S Army Corps of
Engineers
1-16
The name of the form which is used to apply for sales tax is?
A. W2
B. DR-1
C. S1
D. W4 - CORRECT ANSWER B. DR-1
,1-21
Which of the following is NOT true about a fictitious name registration?
A. Valid for 5 years.
B. The fictitious name must be advertised at least one time.
C. If a change of ownership occurs, the owner(s) of record must file a cancellation and
registration within 45 days of filing,
D. Fictitious name registration must be renewed between July 1 and December 31 in the
expiration year. - CORRECT ANSWER C. If a change of ownership occurs, the owner(s)
of record must file a cancellation and registration within 45 days of filing,
1-15
Three partners, Noah, Evan & Steven form a partnership. Noah invests $30,000; Steven invests
$20,000 and Evan invests $15,000. In addition, Noah performs specific management functions
for which he is paid $5,000 from the partnership proceeds. If the partnership earns $244,000,
how much will Noah receive?
A. Less than $70,000
B. Between $70,000 -$90,000
C. Between $90,000-$110,000
D. More than $110,000 - CORRECT ANSWER D. More than $110,000
1-12
If the above partnership were dissolved, showing a net loss of $60,000, how much would Noah
owe?
A. $60,000
B. $4,666
C. $20,000
,D. $0.00 - CORRECT ANSWER A. $60,000
1-13
According to the Contractor's Manual, starting capital should be enough to cover living expenses
for between which of the following?
A. 3 months to a year
B. 6 months to a year
C. 9 months to a year
D. at least a year - CORRECT ANSWER A. 3 months to a year
1-17
A Partnership will be dissolved if which of the following applies?
A. UnlawfuI Activity
B. Failing to have a primary qualifying agent
C. A court decree under the partnership act
D. A and C 1-29 - CORRECT ANSWER D. A and C 1-29
1-29
Which of the following is NOT characteristic about a General and Limited Partnership?
A. The limited partnership has two types of partners; a partnership only one.
B. The general partners of a limited partnership have limited personal liability; the partners of a
partnership do not.
C. In a limited partnership the limited partners have no management responsibility.
D. The general partner has joint and several liability; the limited partner does not - CORRECT
ANSWER C. In a limited partnership the limited partners have no management
responsibility.
, 1-12
Which of the following is NOT true about a sole proprietor, a/k/a DBA, operating a business in
his own name?
A. A business fictitious name filing is necessary.
B. A business Tax Identification Number filing is necessary.
C. Neither A nor B
D. Both A and B - CORRECT ANSWER D. Both A and B
1-11
Which of the following is an advantage of owning a corporation?
A. Continuity of existence.
B. Lack of centralized control.
C. sharing of ideas and management responsibility.
D. Easier to create. - CORRECT ANSWER A. Continuity of existence.
1-11
Unlicensed practice of a profession is punishable by an administrative penalty not to exceed
_______.
A. $500
B. $1,000
C. $5,000
D. $12,500 - CORRECT ANSWER C. $5,000
455.228(1)
Which of the following applies to a qualifying agent of corporation?
ACTUAL Questions and CORRECT
Answers
A properly registered fictitious name is valid for ________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years - CORRECT ANSWER D. 5 years
1-15
Which of the following would have jurisdiction over dredging or excavation of navigable waters
and wetlands?
A. U.S. Dept. of the Interior
B. Florida Dept. of State
C. Florida Dept.of Transportation
D. U.S Army Corps of Engineers - CORRECT ANSWER D. U.S Army Corps of
Engineers
1-16
The name of the form which is used to apply for sales tax is?
A. W2
B. DR-1
C. S1
D. W4 - CORRECT ANSWER B. DR-1
,1-21
Which of the following is NOT true about a fictitious name registration?
A. Valid for 5 years.
B. The fictitious name must be advertised at least one time.
C. If a change of ownership occurs, the owner(s) of record must file a cancellation and
registration within 45 days of filing,
D. Fictitious name registration must be renewed between July 1 and December 31 in the
expiration year. - CORRECT ANSWER C. If a change of ownership occurs, the owner(s)
of record must file a cancellation and registration within 45 days of filing,
1-15
Three partners, Noah, Evan & Steven form a partnership. Noah invests $30,000; Steven invests
$20,000 and Evan invests $15,000. In addition, Noah performs specific management functions
for which he is paid $5,000 from the partnership proceeds. If the partnership earns $244,000,
how much will Noah receive?
A. Less than $70,000
B. Between $70,000 -$90,000
C. Between $90,000-$110,000
D. More than $110,000 - CORRECT ANSWER D. More than $110,000
1-12
If the above partnership were dissolved, showing a net loss of $60,000, how much would Noah
owe?
A. $60,000
B. $4,666
C. $20,000
,D. $0.00 - CORRECT ANSWER A. $60,000
1-13
According to the Contractor's Manual, starting capital should be enough to cover living expenses
for between which of the following?
A. 3 months to a year
B. 6 months to a year
C. 9 months to a year
D. at least a year - CORRECT ANSWER A. 3 months to a year
1-17
A Partnership will be dissolved if which of the following applies?
A. UnlawfuI Activity
B. Failing to have a primary qualifying agent
C. A court decree under the partnership act
D. A and C 1-29 - CORRECT ANSWER D. A and C 1-29
1-29
Which of the following is NOT characteristic about a General and Limited Partnership?
A. The limited partnership has two types of partners; a partnership only one.
B. The general partners of a limited partnership have limited personal liability; the partners of a
partnership do not.
C. In a limited partnership the limited partners have no management responsibility.
D. The general partner has joint and several liability; the limited partner does not - CORRECT
ANSWER C. In a limited partnership the limited partners have no management
responsibility.
, 1-12
Which of the following is NOT true about a sole proprietor, a/k/a DBA, operating a business in
his own name?
A. A business fictitious name filing is necessary.
B. A business Tax Identification Number filing is necessary.
C. Neither A nor B
D. Both A and B - CORRECT ANSWER D. Both A and B
1-11
Which of the following is an advantage of owning a corporation?
A. Continuity of existence.
B. Lack of centralized control.
C. sharing of ideas and management responsibility.
D. Easier to create. - CORRECT ANSWER A. Continuity of existence.
1-11
Unlicensed practice of a profession is punishable by an administrative penalty not to exceed
_______.
A. $500
B. $1,000
C. $5,000
D. $12,500 - CORRECT ANSWER C. $5,000
455.228(1)
Which of the following applies to a qualifying agent of corporation?
