FLORIDA AIR EXAM BUSINESS AND FINANCE EXAM |
ALL QUESTIONS AND CORRECT ANSWERS | GRADED A+
| LATEST EXAM | VERIFIED ANSWERS | JUST RELEASED
When estimating labor, what is the total hourly cost of a employee if the hourly pay is
$15.00 per hr?
-Liability Insurance 2.5%
-Social Security & FICA 7.65%
-Unemployment 0.80%
-Worker Comp 15%
-Benefits 10% - ANSWER✔✔-$20.39 Per Hour
A company has estimated income of $360,000 for the past year. To achieve a gross profit
ratio of 46%, what should be the cost of sales? - ANSWER✔✔-194,400 is the cost of sales
A HVAC company's Sales tax in 2017 were $300,000. In order to show a profit of 45%,
the cost of goods sold would be? - ANSWER✔✔-$135,000
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 1
,Using the percentage of completion method, what is the gross profit to date of a
construction project that has a contract amount of $130,000, cost to date is $99,970, and
cost to complete the project is $11,760. - ANSWER✔✔-$16,341
Based on the following statement:
-Subcontractor $62,000
-Contract Income $87,560
-Misc. Income $26,344
-Construct. Materials $29,340
-Sale&Overhead $19,670
WHAT IS THE GROSS PROFIT? - ANSWER✔✔-$22,164
The categories under assets, liabilities, equity, revenues, and expenses are called? -
ANSWER✔✔-Accounts
Contractor's Manual 2017 Pg 3-18
The total principal and interest that will be due at the end of a term loan is the ______. -
ANSWER✔✔-Maturity Value
Contractor's Manual 2017 Pg 3-73
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 2
, In what way can a employee not pay overtime for a employee working hourly and
working over 40hrs in a week? - ANSWER✔✔-Overtime must be paid to any employee
working hourly rates of at least 1 and a 1/2 pay.
Contractor's Manual 2017 Pg 129
Which insurance will cover materials while in transit or at temporary storage? -
ANSWER✔✔-Builder's Risk coverage
Contractors Manual 2017 Pg 4-7
The contractor as soon as practicable after award of the contract shall notify The Owner
and Architect of the name and qualifications of a superintendent. Within ____ days the
Architect or owner may object to the proposed superintendent. - ANSWER✔✔-14 days
AIA-A201 Pg 15 Article 3.9.2
What is the only way to enforce a lien for period longer than 1 year? - ANSWER✔✔-
Filing a suit
Contractors Manual 2017 Pg 9-30
A ___ is a book that list by date all the transactions recorded in the financial statement. -
ANSWER✔✔-Journal or General Journal
Contractor's Manual 2017 Pg 3-25
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 3
ALL QUESTIONS AND CORRECT ANSWERS | GRADED A+
| LATEST EXAM | VERIFIED ANSWERS | JUST RELEASED
When estimating labor, what is the total hourly cost of a employee if the hourly pay is
$15.00 per hr?
-Liability Insurance 2.5%
-Social Security & FICA 7.65%
-Unemployment 0.80%
-Worker Comp 15%
-Benefits 10% - ANSWER✔✔-$20.39 Per Hour
A company has estimated income of $360,000 for the past year. To achieve a gross profit
ratio of 46%, what should be the cost of sales? - ANSWER✔✔-194,400 is the cost of sales
A HVAC company's Sales tax in 2017 were $300,000. In order to show a profit of 45%,
the cost of goods sold would be? - ANSWER✔✔-$135,000
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 1
,Using the percentage of completion method, what is the gross profit to date of a
construction project that has a contract amount of $130,000, cost to date is $99,970, and
cost to complete the project is $11,760. - ANSWER✔✔-$16,341
Based on the following statement:
-Subcontractor $62,000
-Contract Income $87,560
-Misc. Income $26,344
-Construct. Materials $29,340
-Sale&Overhead $19,670
WHAT IS THE GROSS PROFIT? - ANSWER✔✔-$22,164
The categories under assets, liabilities, equity, revenues, and expenses are called? -
ANSWER✔✔-Accounts
Contractor's Manual 2017 Pg 3-18
The total principal and interest that will be due at the end of a term loan is the ______. -
ANSWER✔✔-Maturity Value
Contractor's Manual 2017 Pg 3-73
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 2
, In what way can a employee not pay overtime for a employee working hourly and
working over 40hrs in a week? - ANSWER✔✔-Overtime must be paid to any employee
working hourly rates of at least 1 and a 1/2 pay.
Contractor's Manual 2017 Pg 129
Which insurance will cover materials while in transit or at temporary storage? -
ANSWER✔✔-Builder's Risk coverage
Contractors Manual 2017 Pg 4-7
The contractor as soon as practicable after award of the contract shall notify The Owner
and Architect of the name and qualifications of a superintendent. Within ____ days the
Architect or owner may object to the proposed superintendent. - ANSWER✔✔-14 days
AIA-A201 Pg 15 Article 3.9.2
What is the only way to enforce a lien for period longer than 1 year? - ANSWER✔✔-
Filing a suit
Contractors Manual 2017 Pg 9-30
A ___ is a book that list by date all the transactions recorded in the financial statement. -
ANSWER✔✔-Journal or General Journal
Contractor's Manual 2017 Pg 3-25
COPYRIGHT © 2025 BY OLIVIA GREENWAYS, ALL RIGHTS RESERVED 3
