FL Business and Finance Practice Test Questions and Answers
The owner must prove financial capability no Zoning Ordinances B. Demographic makeup of
later than ________ days prior to the expiration community C. Building Permits D. Flood Prone
of the time for withdrawal of bids. A. 3 B. 5 C.7 Area Maps - -Answer: B. Demographic
D.30 - -Answer: C. 7 - AIA 701.6.2 Makeup - CM 1-15
How many copies of the plans and specifications The bonding cost for a class "B" contract of
shall the contractor maintain on site? A. 1 B. 2 C. $900,000 will cost ________________. A. $9,000
3 D. 4 - -Answer: A. 1 - AIA201 2.3.6 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
Contracts entered into by unlicensed contractors 400x 10%=4,000 Total $12,500
________________. A. are immoral B.are illegal
C. are enforceable D. are unenforceable - -
Answer: D. are unenforceable - CM 2-94 489.128 A project is to be considered abandoned after
_________ days if the contractor just terminates
the project without notification to the owner and
The subcontractor agrees that all work shall be without cause. A. 30 B. 60 C. 45 D. 90 - -
done subject to the final approval of the Answer D. 90 - CM 2-96 , 489.129.1.j
______________________. A. architect B.
contractor C. both A & B are correct D. none of
the above - -Answer: C. A & B are correct - If, at the end of a quarter, a contractor's total
AIA 401.4.2.5 FUTA tax is $150, the contractor
_____________________. A. may add the tax to
the amount for deposit for the next quarter B.
Which of the following is NOT exempt from must deposit the tax during the 1st month after
chapter 489? A. An employee of a licensee who the quarter. C. must deposit the tax during the
is subordinate of a construction licensee acting 2nd month after the quarter D. must deposit the
within the scope. B. Owners of a property with a tax during the 3rd month after the quarter. -
cost of $85,000. C. Contractors in work on -Answer: A. Add the tax for the next quarter
bridges and roads. D. Anybody doing work of a - CM 3-183
minor nature - less $1,000 or less. - -
Answer B. Owners of property $85,000 - CM 2-
63 489.103 Limit is $75,000. Which of the following is a first aid treatment not
to be recorded on an OSHA # 200 log? A.
administering a tetanus immunization B.
The architect has the sole responsibility for administering a rabies immunization C.
ordering __________________. A. Change application of bandages or a butterfly dressing in
orders B. Construction change directives C. any lieu of sutures. D. a minor accident involving a
minor change of work D. any changes loss of consciousness. - -Answer: A.
whatsoever - -Answer: C. any minor Administering a tetanus immunization - CM 7-24
change in work - AIA 201 7.1.2
Which of the following is NOT true about
When considering the location of your office, corporations? A. With an "S" corporation there is
which of the following is not a consideration? A. no corporate tax - you pay taxes individual. B.
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, FL Business and Finance Practice Test Questions and Answers
Closely held corporations operate more Categories on the income statement include all
informally. C. There is no limit of shareholders for the following except ___________________. A.
either a C-type or S-type Corpo. D. C-type corpo Revenues B. Expenses C. Inventory D. Income -
have the possibility of double taxation. - - -Answer: C. Inventory - CM 3-30
Answer: C There is no limit of shareholders - CM
1-13
Unless otherwise required in the Bidding
Documents, the Agreement for the Work will be
What is the term for expenses that are actually written on AIA Document ____________. A.
paid but not recognized as paid until a later A201 B. 401 C. A701 D. A101 - -Answer:
period? A. post paid costs B. deferred assets C. D. A101 - AIA 701 - Article 8
accrued expenses D. long-term liabilities -
-Answer: B. deferred assets - BGA 242
If a construction company's federal employment
taxes for the quarter ending Sept 30th have been
What is the maximum amount of compensation paid on time, the IRS Form 941 for the quarter
that a consumer is entitled to if injured on a ending Sept 30th must be filed not later than
jobsite due to an unlicensed contractors ________________. A. Oct 10th B. Oct 31st C .
negligence? A. 2X the amount of damages. B. 2x Nov 10th D Nov 30th - -Answer: C. Nov
the amount of damages plus attorney fees. C. 3X 10th - CM 3-156
the amount of damages D. 3x the amount of
damages, plus attorney's fees - -Answer:
D. 3x the amount plus attorney fees - CM 2-14 What type of insurance is issued to protect the
contractor for loss of earnings or revenue as a
result of damage to or destruction of buildings or
When developing a project schedule, which of equipment? A. Business Interruption B. Business
the following should not influence the Floater C. General Liability D. Contractor
development of the project shedule? A. Protective Liability - -Answer: A. Business
manpower B. equipment schedules C. Interruption - CM 4-8
completion date D. activity durations - -
Answer: C Completion date - CM 10-63
What are premiums ofr builder's risk insurance
based on? A. minimum value at risk B. actual
A contractor must serve a copy fo the claim of value at risk C. maximum value at risk D. quality
lien on the owner and lender (if any) within how of construction in place - -Answer: C.
many days of the date the claim of lien is Maximum value at risk - CM 4-15
recorded? A. 15 B. 30 C. 60 D. 90 - -
Answer: A. 15 CM 9-30
A building inspection may be denied, according
to Contractors Manual, for lack of
According to the Statutes of Limitations, how _____________________. A. an authorized
long does a person have to bring action on a contractor's agent on the job B. a recorded Notice
wage recovery claim? A. 2 yrs B. 5 yrs C. 7 yrs of Commencement posted on the job site C. an
D. 10 yrs - -Answer: A - 2 years - CM 5-30 inspection box provided to protect job documents
D. notification to the owner of the pending
inspection. - -Answer: B. a recorded Notice
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The owner must prove financial capability no Zoning Ordinances B. Demographic makeup of
later than ________ days prior to the expiration community C. Building Permits D. Flood Prone
of the time for withdrawal of bids. A. 3 B. 5 C.7 Area Maps - -Answer: B. Demographic
D.30 - -Answer: C. 7 - AIA 701.6.2 Makeup - CM 1-15
How many copies of the plans and specifications The bonding cost for a class "B" contract of
shall the contractor maintain on site? A. 1 B. 2 C. $900,000 will cost ________________. A. $9,000
3 D. 4 - -Answer: A. 1 - AIA201 2.3.6 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
Contracts entered into by unlicensed contractors 400x 10%=4,000 Total $12,500
________________. A. are immoral B.are illegal
C. are enforceable D. are unenforceable - -
Answer: D. are unenforceable - CM 2-94 489.128 A project is to be considered abandoned after
_________ days if the contractor just terminates
the project without notification to the owner and
The subcontractor agrees that all work shall be without cause. A. 30 B. 60 C. 45 D. 90 - -
done subject to the final approval of the Answer D. 90 - CM 2-96 , 489.129.1.j
______________________. A. architect B.
contractor C. both A & B are correct D. none of
the above - -Answer: C. A & B are correct - If, at the end of a quarter, a contractor's total
AIA 401.4.2.5 FUTA tax is $150, the contractor
_____________________. A. may add the tax to
the amount for deposit for the next quarter B.
Which of the following is NOT exempt from must deposit the tax during the 1st month after
chapter 489? A. An employee of a licensee who the quarter. C. must deposit the tax during the
is subordinate of a construction licensee acting 2nd month after the quarter D. must deposit the
within the scope. B. Owners of a property with a tax during the 3rd month after the quarter. -
cost of $85,000. C. Contractors in work on -Answer: A. Add the tax for the next quarter
bridges and roads. D. Anybody doing work of a - CM 3-183
minor nature - less $1,000 or less. - -
Answer B. Owners of property $85,000 - CM 2-
63 489.103 Limit is $75,000. Which of the following is a first aid treatment not
to be recorded on an OSHA # 200 log? A.
administering a tetanus immunization B.
The architect has the sole responsibility for administering a rabies immunization C.
ordering __________________. A. Change application of bandages or a butterfly dressing in
orders B. Construction change directives C. any lieu of sutures. D. a minor accident involving a
minor change of work D. any changes loss of consciousness. - -Answer: A.
whatsoever - -Answer: C. any minor Administering a tetanus immunization - CM 7-24
change in work - AIA 201 7.1.2
Which of the following is NOT true about
When considering the location of your office, corporations? A. With an "S" corporation there is
which of the following is not a consideration? A. no corporate tax - you pay taxes individual. B.
1/9
, FL Business and Finance Practice Test Questions and Answers
Closely held corporations operate more Categories on the income statement include all
informally. C. There is no limit of shareholders for the following except ___________________. A.
either a C-type or S-type Corpo. D. C-type corpo Revenues B. Expenses C. Inventory D. Income -
have the possibility of double taxation. - - -Answer: C. Inventory - CM 3-30
Answer: C There is no limit of shareholders - CM
1-13
Unless otherwise required in the Bidding
Documents, the Agreement for the Work will be
What is the term for expenses that are actually written on AIA Document ____________. A.
paid but not recognized as paid until a later A201 B. 401 C. A701 D. A101 - -Answer:
period? A. post paid costs B. deferred assets C. D. A101 - AIA 701 - Article 8
accrued expenses D. long-term liabilities -
-Answer: B. deferred assets - BGA 242
If a construction company's federal employment
taxes for the quarter ending Sept 30th have been
What is the maximum amount of compensation paid on time, the IRS Form 941 for the quarter
that a consumer is entitled to if injured on a ending Sept 30th must be filed not later than
jobsite due to an unlicensed contractors ________________. A. Oct 10th B. Oct 31st C .
negligence? A. 2X the amount of damages. B. 2x Nov 10th D Nov 30th - -Answer: C. Nov
the amount of damages plus attorney fees. C. 3X 10th - CM 3-156
the amount of damages D. 3x the amount of
damages, plus attorney's fees - -Answer:
D. 3x the amount plus attorney fees - CM 2-14 What type of insurance is issued to protect the
contractor for loss of earnings or revenue as a
result of damage to or destruction of buildings or
When developing a project schedule, which of equipment? A. Business Interruption B. Business
the following should not influence the Floater C. General Liability D. Contractor
development of the project shedule? A. Protective Liability - -Answer: A. Business
manpower B. equipment schedules C. Interruption - CM 4-8
completion date D. activity durations - -
Answer: C Completion date - CM 10-63
What are premiums ofr builder's risk insurance
based on? A. minimum value at risk B. actual
A contractor must serve a copy fo the claim of value at risk C. maximum value at risk D. quality
lien on the owner and lender (if any) within how of construction in place - -Answer: C.
many days of the date the claim of lien is Maximum value at risk - CM 4-15
recorded? A. 15 B. 30 C. 60 D. 90 - -
Answer: A. 15 CM 9-30
A building inspection may be denied, according
to Contractors Manual, for lack of
According to the Statutes of Limitations, how _____________________. A. an authorized
long does a person have to bring action on a contractor's agent on the job B. a recorded Notice
wage recovery claim? A. 2 yrs B. 5 yrs C. 7 yrs of Commencement posted on the job site C. an
D. 10 yrs - -Answer: A - 2 years - CM 5-30 inspection box provided to protect job documents
D. notification to the owner of the pending
inspection. - -Answer: B. a recorded Notice
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