FL Business and Finance Practice Test 100% Correct

FL Business and Finance Practice Test 100% Correct 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 Answer: C. 7 - AIA 701.6.2 How many copies of the plans and specifications shall the contractor maintain on site? A. 1 B. 2 C. 3 D. 4 Answer: A. 1 - AIA201 2.3.6 Contracts entered into by unlicensed contractors ________________. A. are immoral B.are illegal C. are enforceable D. are unenforceable Answer: D. are unenforceable - CM 2-94 489.128 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 Answer: C. A & B are correct - AIA 401.4.2.5 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. Answer B. Owners of property $85,000 - CM 2-63 489.103 Limit is $75,000. 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 Answer: C. any minor change in work - AIA 201 7.1.2 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 Answer: B. Demographic Makeup - CM 1-15 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 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 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 Answer D. 90 - CM 2-96 , 489.129.1.j 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. Answer: A. Add the tax for the next quarter - CM 3-183 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. Answer: A. Administering a tetanus immunization - CM 7-24 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 for either a C-type or S-type Corpo. D. C-type corpo have the possibility of double taxation. Answer: C There is no limit of shareholders - CM 1-13 What is the term for expenses that are actually paid but not recognized as paid until a later period? A. post paid costs B. deferred assets C. accrued expenses D. long-term liabilities Answer: B. deferred assets - BGA 242 What is the maximum amount of compensation that a consumer is entitled to if injured on a jobsite due 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 Answer: D. 3x the amount plus