1|Page
Florida Sheet Metal Contractor Licensing Exam
ACTUAL VERIFIED EXAM COMPLETE QUESTIONS
AND CORRECT ANSWERS LATEST UPDATE THIS
YEAR.pdf||NEWEST EXAM!!!
Three partners, Noah, Evan & Steven form a partnership.
Noah invests $30,000; Steven invests $20,000 and Evan
invests $15,000. In addition, Noah performs specific
management functions for which he is paid $5,000 from
the partnership proceeds. If the partnership earns
$244,000, how much will Noah receive?
A. Less than $70,000
B. Between $70,000 -$90,000
C. Between $90,000-$110,000
D. More than $110,000 - Answer-D. More than $110,000
1-12
If the above partnership were dissolved, showing a net
loss of $60,000, how much would Noah owe?
A. $60,000
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B. $4,666
C. $20,000
D. $0.00 - Answer-A. $60,000
1-13
According to the Contractor's Manual, starting capital
should be enough to cover living expenses for between
which of the following?
A. 3 months to a year
B. 6 months to a year
C. 9 months to a year
D. at least a year - Answer-A. 3 months to a year
1-17
A Partnership will be dissolved if which of the following
applies?
A. UnlawfuI Activity
B. Failing to have a primary qualifying agent
C. A court decree under the partnership act
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D. A and C 1-29 - Answer-D. A and C 1-29
1-29
Which of the following is NOT characteristic about a
General and Limited Partnership?
A. The limited partnership has two types of partners; a
partnership only one.
B. The general partners of a limited partnership have
limited personal liability; the partners of a partnership do
not.
C. In a limited partnership the limited partners have no
management responsibility.
D. The general partner has joint and several liability; the
limited partner does not - Answer-C. In a limited
partnership the limited partners have no management
responsibility.
1-12
Which of the following is NOT true about a sole proprietor,
a/k/a DBA, operating a business in his own name?
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A. A business fictitious name filing is necessary.
B. A business Tax Identification Number filing is necessary.
C. Neither A nor B
D. Both A and B - Answer-D. Both A and B
1-11
A properly registered fictitious name is valid for
________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years - Answer-D. 5 years
1-15
Which of the following would have jurisdiction over
dredging or excavation of navigable waters and wetlands?
A. U.S. Dept. of the Interior
B. Florida Dept. of State
C. Florida Dept.of Transportation
Florida Sheet Metal Contractor Licensing Exam
ACTUAL VERIFIED EXAM COMPLETE QUESTIONS
AND CORRECT ANSWERS LATEST UPDATE THIS
YEAR.pdf||NEWEST EXAM!!!
Three partners, Noah, Evan & Steven form a partnership.
Noah invests $30,000; Steven invests $20,000 and Evan
invests $15,000. In addition, Noah performs specific
management functions for which he is paid $5,000 from
the partnership proceeds. If the partnership earns
$244,000, how much will Noah receive?
A. Less than $70,000
B. Between $70,000 -$90,000
C. Between $90,000-$110,000
D. More than $110,000 - Answer-D. More than $110,000
1-12
If the above partnership were dissolved, showing a net
loss of $60,000, how much would Noah owe?
A. $60,000
,2|Page
B. $4,666
C. $20,000
D. $0.00 - Answer-A. $60,000
1-13
According to the Contractor's Manual, starting capital
should be enough to cover living expenses for between
which of the following?
A. 3 months to a year
B. 6 months to a year
C. 9 months to a year
D. at least a year - Answer-A. 3 months to a year
1-17
A Partnership will be dissolved if which of the following
applies?
A. UnlawfuI Activity
B. Failing to have a primary qualifying agent
C. A court decree under the partnership act
,3|Page
D. A and C 1-29 - Answer-D. A and C 1-29
1-29
Which of the following is NOT characteristic about a
General and Limited Partnership?
A. The limited partnership has two types of partners; a
partnership only one.
B. The general partners of a limited partnership have
limited personal liability; the partners of a partnership do
not.
C. In a limited partnership the limited partners have no
management responsibility.
D. The general partner has joint and several liability; the
limited partner does not - Answer-C. In a limited
partnership the limited partners have no management
responsibility.
1-12
Which of the following is NOT true about a sole proprietor,
a/k/a DBA, operating a business in his own name?
, 4|Page
A. A business fictitious name filing is necessary.
B. A business Tax Identification Number filing is necessary.
C. Neither A nor B
D. Both A and B - Answer-D. Both A and B
1-11
A properly registered fictitious name is valid for
________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years - Answer-D. 5 years
1-15
Which of the following would have jurisdiction over
dredging or excavation of navigable waters and wetlands?
A. U.S. Dept. of the Interior
B. Florida Dept. of State
C. Florida Dept.of Transportation
