Florida Air Exam Business and Finance Questions
with Detailed Verified Answers 100% Correct
Answers Already Graded A+
Quiz: 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% Ans: $20.39 Per Hour
Quiz: 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? Ans:
194,400 is the cost of sales
Quiz: 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? Ans: $135,000
Quiz: 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. Ans: $16,341
Quiz: Based on the following statement:
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,-Subcontractor $62,000
-Contract Income $87,560
-Misc. Income $26,344
-Construct. Materials $29,340
-Sale&Overhead $19,670
WHAT IS THE GROSS PROFIT? Ans: $22,164
Quiz: The categories under assets, liabilities, equity, revenues, and expenses
are called? Ans: Accounts
Contractor's Manual 2017 Pg 3-18
Quiz: The total principal and interest that will be due at the end of a term
loan is the ______. Ans: Maturity Value
Contractor's Manual 2017 Pg 3-73
Quiz: In what way can a employee not pay overtime for a employee working
hourly and working over 40hrs in a week? Ans: 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
Quiz: Which insurance will cover materials while in transit or at temporary
storage? Ans: Builder's Risk coverage
Contractors Manual 2017 Pg 4-7
© 2025 Get it right Stuvia US All rights reserved
, Quiz: 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. Ans: 14 days
AIA-A201 Pg 15 Article 3.9.2
Quiz: What is the only way to enforce a lien for period longer than 1 year?
Ans: Filing a suit
Contractors Manual 2017 Pg 9-30
Quiz: A ___ is a book that list by date all the transactions recorded in the
financial statement. Ans: Journal or General Journal
Contractor's Manual 2017 Pg 3-25
Quiz: When a lienor records a claim of lien, the lienor should serve a copy of
the lien to the Owner not later than ____ days from recording. Ans: 15 days
Contractors Manual Pg 9-30
Quiz: What is OSHA maximum penalty amount? Ans: $124,471
Contractors Manual 2017 Pg 7-31
Quiz: What is the cash method system? Ans: Under the cash method
system you only record in the books and records when the money change
hands.
Builder's Accounting Pg 32
© 2025 Get it right Stuvia US All rights reserved
with Detailed Verified Answers 100% Correct
Answers Already Graded A+
Quiz: 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% Ans: $20.39 Per Hour
Quiz: 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? Ans:
194,400 is the cost of sales
Quiz: 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? Ans: $135,000
Quiz: 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. Ans: $16,341
Quiz: Based on the following statement:
© 2025 Get it right Stuvia US All rights reserved
,-Subcontractor $62,000
-Contract Income $87,560
-Misc. Income $26,344
-Construct. Materials $29,340
-Sale&Overhead $19,670
WHAT IS THE GROSS PROFIT? Ans: $22,164
Quiz: The categories under assets, liabilities, equity, revenues, and expenses
are called? Ans: Accounts
Contractor's Manual 2017 Pg 3-18
Quiz: The total principal and interest that will be due at the end of a term
loan is the ______. Ans: Maturity Value
Contractor's Manual 2017 Pg 3-73
Quiz: In what way can a employee not pay overtime for a employee working
hourly and working over 40hrs in a week? Ans: 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
Quiz: Which insurance will cover materials while in transit or at temporary
storage? Ans: Builder's Risk coverage
Contractors Manual 2017 Pg 4-7
© 2025 Get it right Stuvia US All rights reserved
, Quiz: 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. Ans: 14 days
AIA-A201 Pg 15 Article 3.9.2
Quiz: What is the only way to enforce a lien for period longer than 1 year?
Ans: Filing a suit
Contractors Manual 2017 Pg 9-30
Quiz: A ___ is a book that list by date all the transactions recorded in the
financial statement. Ans: Journal or General Journal
Contractor's Manual 2017 Pg 3-25
Quiz: When a lienor records a claim of lien, the lienor should serve a copy of
the lien to the Owner not later than ____ days from recording. Ans: 15 days
Contractors Manual Pg 9-30
Quiz: What is OSHA maximum penalty amount? Ans: $124,471
Contractors Manual 2017 Pg 7-31
Quiz: What is the cash method system? Ans: Under the cash method
system you only record in the books and records when the money change
hands.
Builder's Accounting Pg 32
© 2025 Get it right Stuvia US All rights reserved
