Florida Building Contractor Business and Finance
Exam Prep Latest 2025 with 200 Questions and
Correct Answers/ FL Building Contractor
Business/Finance Practice Test 2025-2026 (Newest!)
A contractor must serve a copy of the claim of lien on the owner and lender (if
any) within how many days of the date the claim of lien is recorded? A. 15 B. 30
C. 60 D. 90 - Answer: A. 15 CM 9-30
According to the Statutes of Limitations, how long does a person have to bring
action on a wage recovery claim? A. 2 yrs B. 5 yrs C. 7 yrs D. 10 yrs - Answer: A -
2 years - CM 5-30
Categories on the income statement include all the following except
___________________. A. Revenues B. Expenses C. Inventory D. Income -
Answer: C. Inventory - CM 3-30
Unless otherwise required in the Bidding Documents, the Agreement for the Work
will be written on AIA Document ____________. A. A201 B. 401 C. A701 D.
A101 - Answer: D. A101 - AIA 701 - Article 8
If a construction company's federal employment taxes for the quarter ending Sept
30th have been paid on time, the IRS Form 941 for the quarter ending Sept 30th
must be filed not later than ________________. A. Oct 10th B. Oct 31st C . Nov
10th D Nov 30th - Answer: C. Nov 10th - CM 3-156
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 equipment? A.
Business Interruption B. Business Floater C. General Liability D. Contractor
Protective Liability - Answer: A. Business Interruption - CM 4-8
pg. 1
,What are premiums ofr builder's risk insurance based on? A. minimum value at
risk B. actual value at risk C. maximum value at risk D. quality of construction in
place - Answer: C. Maximum value at risk - CM 4-15
A building inspection may be denied, according to Contractors Manual, for lack of
_____________________. A. an authorized contractor's agent on the job B. a
recorded Notice of Commencement posted on the job site C. an inspection box
provided to protect job documents D. notification to the owner of the pending
inspection. - Answer: B. a recorded Notice of Commencement posted on the job
site. - CM 9-77 713.135.1.d
Network analysis consists of many separate but interrelated operations. These are
___________________. A. events B. timetables C. activities D. bar charts -
Answer: C. activities - CM 10-70
Which of the following is true regarding a general contractor who is constructing
the main sanitary sewer collection system, the storm collection system, or the
water distribution system on new site development work, but not including
continuation of utility lines? A. the GC may do the work himself. B. the GC must
hire a plumbing subcontractor C. the GC must hire a specialty subcontractor D. the
GC must hire an underground utility subcontractor. - Answer: A - the GC may do
the work himself - CM 2-8 489.113.3.d.e
Supplementary conditions of the contract documents include which of the
following? A. jobsite office requirements B. correction of work C. coordination of
work D. shop drawing requirements - Answer: A. jobsite office requirements - CM
10-12/13
A secondary qualifying agent is responsible for ______________________. A. the
financial matters of the company B. the supervision of field work at sites where the
agent's license was used to obtain the building permit. C. the supervision and
pg. 2
, financial matters of the company where the agent's license was used to obtain the
building permit. D. the supervision of all operations of the business organization
and for all field work. - Answer: B. the supervision of field work where agent's
license was used to obtain permit - CM 2-22,/53 489.1195
Beneficiaries of a worker killed in a workplace accident are entitled to
______________________. A. 2/3s the employee wages for life with 5% annual
cost of living. B. up to $100,000 in death benefits and up to $5,000 in funeral costs.
C. a $5,000 death benefit and $500 in funeral costs D. 2/3s the employee's wages
for 104 weeks plus up to $5,000 in funeral costs. - Answer: B. up to $100,000 in
death benefits and up to $5,000 in funeral costs - CM 6-15
Which of the following documents should be submitted to and approved by the
contractor prior to commencement of work by a subcontractor on a job? A.
affidavit supporting subcontractor's scope of work, performance bond (if required)
and insurance certificate. B. performance bond (if required), subcontract agreement
and insurance certificate. C. insurance certificate, subcontract agreement and
affidavit supporting scope of work. D. subcontract agreement , affidavit supporting
subcontractor's scope of work and performance bond (if required) - Answer: B.
performance bond, subcontract agreement and insurance certificate - CM 10-80
A person may engage in business under a fictitious name by registering the name
with the _______________. A. Construction Licensing Board B. Division of
Corporations C. Dept of Business and Professional Regulation D. Florida Dept of
Sales Tax Division - Answer: B. Divisions of Corporations - CM 1-15
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
pg. 3
Exam Prep Latest 2025 with 200 Questions and
Correct Answers/ FL Building Contractor
Business/Finance Practice Test 2025-2026 (Newest!)
A contractor must serve a copy of the claim of lien on the owner and lender (if
any) within how many days of the date the claim of lien is recorded? A. 15 B. 30
C. 60 D. 90 - Answer: A. 15 CM 9-30
According to the Statutes of Limitations, how long does a person have to bring
action on a wage recovery claim? A. 2 yrs B. 5 yrs C. 7 yrs D. 10 yrs - Answer: A -
2 years - CM 5-30
Categories on the income statement include all the following except
___________________. A. Revenues B. Expenses C. Inventory D. Income -
Answer: C. Inventory - CM 3-30
Unless otherwise required in the Bidding Documents, the Agreement for the Work
will be written on AIA Document ____________. A. A201 B. 401 C. A701 D.
A101 - Answer: D. A101 - AIA 701 - Article 8
If a construction company's federal employment taxes for the quarter ending Sept
30th have been paid on time, the IRS Form 941 for the quarter ending Sept 30th
must be filed not later than ________________. A. Oct 10th B. Oct 31st C . Nov
10th D Nov 30th - Answer: C. Nov 10th - CM 3-156
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 equipment? A.
Business Interruption B. Business Floater C. General Liability D. Contractor
Protective Liability - Answer: A. Business Interruption - CM 4-8
pg. 1
,What are premiums ofr builder's risk insurance based on? A. minimum value at
risk B. actual value at risk C. maximum value at risk D. quality of construction in
place - Answer: C. Maximum value at risk - CM 4-15
A building inspection may be denied, according to Contractors Manual, for lack of
_____________________. A. an authorized contractor's agent on the job B. a
recorded Notice of Commencement posted on the job site C. an inspection box
provided to protect job documents D. notification to the owner of the pending
inspection. - Answer: B. a recorded Notice of Commencement posted on the job
site. - CM 9-77 713.135.1.d
Network analysis consists of many separate but interrelated operations. These are
___________________. A. events B. timetables C. activities D. bar charts -
Answer: C. activities - CM 10-70
Which of the following is true regarding a general contractor who is constructing
the main sanitary sewer collection system, the storm collection system, or the
water distribution system on new site development work, but not including
continuation of utility lines? A. the GC may do the work himself. B. the GC must
hire a plumbing subcontractor C. the GC must hire a specialty subcontractor D. the
GC must hire an underground utility subcontractor. - Answer: A - the GC may do
the work himself - CM 2-8 489.113.3.d.e
Supplementary conditions of the contract documents include which of the
following? A. jobsite office requirements B. correction of work C. coordination of
work D. shop drawing requirements - Answer: A. jobsite office requirements - CM
10-12/13
A secondary qualifying agent is responsible for ______________________. A. the
financial matters of the company B. the supervision of field work at sites where the
agent's license was used to obtain the building permit. C. the supervision and
pg. 2
, financial matters of the company where the agent's license was used to obtain the
building permit. D. the supervision of all operations of the business organization
and for all field work. - Answer: B. the supervision of field work where agent's
license was used to obtain permit - CM 2-22,/53 489.1195
Beneficiaries of a worker killed in a workplace accident are entitled to
______________________. A. 2/3s the employee wages for life with 5% annual
cost of living. B. up to $100,000 in death benefits and up to $5,000 in funeral costs.
C. a $5,000 death benefit and $500 in funeral costs D. 2/3s the employee's wages
for 104 weeks plus up to $5,000 in funeral costs. - Answer: B. up to $100,000 in
death benefits and up to $5,000 in funeral costs - CM 6-15
Which of the following documents should be submitted to and approved by the
contractor prior to commencement of work by a subcontractor on a job? A.
affidavit supporting subcontractor's scope of work, performance bond (if required)
and insurance certificate. B. performance bond (if required), subcontract agreement
and insurance certificate. C. insurance certificate, subcontract agreement and
affidavit supporting scope of work. D. subcontract agreement , affidavit supporting
subcontractor's scope of work and performance bond (if required) - Answer: B.
performance bond, subcontract agreement and insurance certificate - CM 10-80
A person may engage in business under a fictitious name by registering the name
with the _______________. A. Construction Licensing Board B. Division of
Corporations C. Dept of Business and Professional Regulation D. Florida Dept of
Sales Tax Division - Answer: B. Divisions of Corporations - CM 1-15
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
pg. 3
