FLORIDA CONTRACTOR LICENSE BUSINESS AND
FINANCE EXAM VERIFIED QUESTIONS AND
ANSWERS GRADED A+
When evaluating an offered job, it is necessary to be able to calculate all costs,
including _______, to determine if it will be profitable.
Ref: Trade Knowledge / BGA 227
man-hours
A builder hires a plumbing contractor to perform the plumbing work on a new
residential dwelling. The plumbing contractor completes the work, but does not
receive payment from the builder. The plumbing contractor records a claim of lien
in the public records.
How much time after the claim of lien was recorded does he have to commence an
action to enforce the construction lien?
Ref: FCM 9-31, 9-86
within 1 year
According to Florida Reemployment Assistance Program Law, reports MUST be
submitted
,FCM 5-278, 5-287, 5-288
Quarterly
What undesirable trait would be reveled when checking into an applicant's past?
Ref: Trade Knowledge
chronic insurance
What entity issues or underwrites bonds
Ref: FCM 4-12 / Trade Knowledge
surety
A tool purchase is a variable overhead expense unless it is
Ref: BGA 143
expensive enough to be treated as an asset
,When is it profitable to pay accounts payable early?
Ref: FCM 3-67
when there is a worthwhile discount for early payment
A system for scheduling use of equipment would NOT need to include entries for
Ref: BGA 159, 160
depreciation expense
Workers' Comp insurance must be provided for all, EXCEPT a
Ref: FCM 6-7
Domestic worker
A registered contractor may apply for " grandfathering " as a certified contractor
after _______ years of experience.
Ref: FCM 2-14, 2-76, 2-138
5
, When making a business plan to start up a business, it is important to know who
and where the _______ are.
Ref: Trade Knowledge
Competitors
having received the list of subcontractors, the architect immediately objects to the
use of plumber X's company. The general contractor promptly proposes using
plumper Y's company at a higher cost of $5,000. What is the general contractor
entitled to?
Ref: AIA A201 - 5.2.3
$5,000 plus a proved time extension
If one of your workers is found to be an employee and not an independent
contractor, which of the following may the IRS determine you are liable to pay?
Ref: FCM 2-24, 2-25
FICA and income tax
FINANCE EXAM VERIFIED QUESTIONS AND
ANSWERS GRADED A+
When evaluating an offered job, it is necessary to be able to calculate all costs,
including _______, to determine if it will be profitable.
Ref: Trade Knowledge / BGA 227
man-hours
A builder hires a plumbing contractor to perform the plumbing work on a new
residential dwelling. The plumbing contractor completes the work, but does not
receive payment from the builder. The plumbing contractor records a claim of lien
in the public records.
How much time after the claim of lien was recorded does he have to commence an
action to enforce the construction lien?
Ref: FCM 9-31, 9-86
within 1 year
According to Florida Reemployment Assistance Program Law, reports MUST be
submitted
,FCM 5-278, 5-287, 5-288
Quarterly
What undesirable trait would be reveled when checking into an applicant's past?
Ref: Trade Knowledge
chronic insurance
What entity issues or underwrites bonds
Ref: FCM 4-12 / Trade Knowledge
surety
A tool purchase is a variable overhead expense unless it is
Ref: BGA 143
expensive enough to be treated as an asset
,When is it profitable to pay accounts payable early?
Ref: FCM 3-67
when there is a worthwhile discount for early payment
A system for scheduling use of equipment would NOT need to include entries for
Ref: BGA 159, 160
depreciation expense
Workers' Comp insurance must be provided for all, EXCEPT a
Ref: FCM 6-7
Domestic worker
A registered contractor may apply for " grandfathering " as a certified contractor
after _______ years of experience.
Ref: FCM 2-14, 2-76, 2-138
5
, When making a business plan to start up a business, it is important to know who
and where the _______ are.
Ref: Trade Knowledge
Competitors
having received the list of subcontractors, the architect immediately objects to the
use of plumber X's company. The general contractor promptly proposes using
plumper Y's company at a higher cost of $5,000. What is the general contractor
entitled to?
Ref: AIA A201 - 5.2.3
$5,000 plus a proved time extension
If one of your workers is found to be an employee and not an independent
contractor, which of the following may the IRS determine you are liable to pay?
Ref: FCM 2-24, 2-25
FICA and income tax
