Florida Electrical Business Actual Exam Study Guide with 100% Correct Answers Already Graded A+ | Latest Edition

Florida Electrical Business Actual Exam Study Guide with 100% Correct Answers Already Graded A+ | Latest Edition 1. Subcontractor Termination - ANSWER Materials remain until subcontractor's work is complete 2. Excluded General Conditions - ANSWER Substitutions are not part of general conditions 3. Drug-Free Workplace Act - ANSWER Applies to contracts over $25,000, not always requiring testing 4. Florida DOT Legal Action Timeframe - ANSWER Must be brought within 720 days of work acceptance 5. When hoisting personnel, a safety factor of _______ should be used for rigging operations. a. 5 b. 10 c. 4 d. 12 - ANSWER c. 4 6. The number of employees that will require a contractor to obtain workmen's compensation insurance is __________ or more full or part time employee(s). a. One b. Two c. Four d. Ten - ANSWER a. one 7. The __________ usually prepares the project schedule. a. Architect b. Owner c. Project Manager d. Engineer - ANSWER c. Project manager 8. The type of insurance that covers the contractor for losses of material in transit or at temporary storage facilities is known as __________ insurance. a. Liability b. Builder's Risk c. Auto liability d. Fidelity bond - ANSWER b. Builder's Risk 9. If at all possible, sling angles should be kept greater than __________ degrees. a. 25 b. 45 c. 60 d. 90 - ANSWER b. 45 10. __________ days is the maximum time after commencing construction for the contractor to give notice to the owner of his lien rights. a. 30 b. 45 c. 60 d. 90 - ANSWER b. 45 11. Notice of Commencement Extension - ANSWER Written into the notice or job duration exceeds a year 12. Long Lead Items - ANSWER Needed items identified and ordered early for project 13. Fair Labor Standards Act - ANSWER Limits contractor's liability for overtime pay 14. Leasing Equipment Advantage - ANSWER Reduces front-end cash outlays for contractors 15. Sling Inspection Frequency - ANSWER Chains used as slings inspected once a month 16. Joint Venture Bidding - ANSWER Requires written agreement and approval for bidding 17. Completed Operations Liability - ANSWER Covers damages from finished work 18. Surety Bonding Principle - ANSWER Uses indemnity to spread losses among policy holders 19. License/Certification Requirement - ANSWER Includes number on business proposals 20. Cost-Plus Contract - ANSWER Negotiated and open-ended contract type 21. Compensatory Damages Limit - ANSWER Under Title VII, limited to $250,000 for 95+ employees 22. Secondary Qualifying Agent - ANSWER Supervises electrical contracting at specific sites 23. Real Estate Depreciation - ANSWER May use a straight-line or accelerated method 24. IRS Form 941 Filing Deadline - ANSWER Not later than November 10th for September quarter 25. Cost-Plus Contract Benefit - ANSWER Encourages cost savings and value engineering 26. Workers' Compensation Law Violation Penalty - ANSWER Up to $1,000 for accident reporting violations 27. Unemployment Compensation Benefit Limit - ANSWER Not to exceed $7,325 for eligible individuals 28. Notice to Owner Timing - ANSWER Sent within 45 days after first labor or materials 29. Business Interruption Insurance - ANSWER Recovers earnings lost due to building/equipment damage