PART-1, FLORIDA CONTRACTOR EXAM, (BUISNESS AND FINANCE) EXAM QUESTIONS AND ANSWERS

PART-1, FLORIDA CONTRACTOR
EXAM, (BUISNESS AND FINANCE)
EXAM QUESTIONS AND ANSWERS

According AIA, the contractor shall pay the subcontractor within _________ day
QC QC QC QC QC QC QC QC QC QC


s after the contractor receives payment form the owner
QC QC QC QC QC QC QC QC


. A. three working
QC QC QC


B five calendar
QC QC


C. five working
QC QC QC


D. seven working - ANSWERS--D. seven Working days
QC QC QC QC QC QC QC




A registered contractor may apply for "grandfathering" as certified contractor aft
QC QC QC QC QC QC QC QC QC QC


er______ years of experience. QC QC QC QC


A. 2
QC QC


B. 4 QC


C. 5 QC


D. 10 - ANSWERS--c. 5
QC QC QC QC




When making business plan to start up business, it is imperative to know who
QC QC QC QC QC QC QC QC QC QC QC QC QC Q


and where the ______are.
C QC QC QC QC


A. employees
QC


B. advertisers
QC


C. competitors
QC


D. professionals - ANSWERS--C. competitors
QC QC QC QC




Having received the list of subcontractors, the architect immediately objects to t
QC QC QC QC QC QC QC QC QC QC QC


he use of plumber X's company. The general contractor promptly proposes usi
QC QC QC QC QC QC QC QC QC QC QC


ng plumbing Y's company at higher cost of $5,000. What is the general contra
QC QC QC QC QC QC QC QC QC QC QC QC QC


ctor entitled to?
QC QC QC


A. nothing
QC QC


B. a time extension only
QC QC QC QC QC


C.$5,000 plus approved time extension
QC QC QC QC QC


D. contract with owner needs to be renegotiated - ANSWERS--
QC QC QC QC QC QC QC QC QC


C. $5000 plus approved tome extension
QC QC QC QC QC




If one of your workers found to be an employee and not an independent contr
QC QC QC QC QC QC QC QC QC QC QC QC QC QC


actor, which of the following may the IRS determine you are liable to pay?
QC QC QC QC QC QC QC QC QC QC QC QC QC QC


A.FICA and income tax QC QC QC


B. accrued vacation time
QC QC QC


C. legal expenses of the workers
QC QC QC QC QC QC


D. Worker's Compensation premiums - ANSWERS--A. FICA and income tax
QC QC QC QC QC QC QC QC QC




A material supplier has offered payment terms of 2% 10 days/
QC QC QC QC QC QC QC QC QC QC


net 30 days. Assuming the invoice received August 17th for $2,500 is paid Au
QC QC QC QC QC QC QC QC QC QC QC QC QC


gust 30th, what would be the TOTAL payment?
QC QC QC QC QC QC QC QC

, A.$2,450 QC


B. $2,495
QC QC


C. $2,500
QC QC


D. $2,550 - ANSWERS--C. $2500
QC QC QC QC




Assistance in identifying sources of available business financing could be obtain
QC QC QC QC QC QC QC QC QC QC


ed from the
QC QC


A. Department of Revenue
QC QC QC


B. U.S. Internal Revenue Service
QC QC QC QC QC


C. Small Business Administration
QC QC QC QC


D. Florida Department of Commerce and Economic Development - ANSWERS--
QC QC QC QC QC QC QC QC QC


C. Small Buisness Administration
QC QC QC




When evaluating an offered job, it is necessary to be able to calculate all cost
QC QC QC QC QC QC QC QC QC QC QC QC QC QC


s, including ______to determine if it will be profitable.
QC QC QC QC QC QC QC QC QC


A. assets
QC


B. licenses
QC


C. man-hours
QC QC


D. fictitious names - ANSWERS--C. Man-hours
QC QC QC QC QC




A builder hires a plumbing contractor to perform the plumbing work on a new r
QC QC QC QC QC QC QC QC QC QC QC QC QC QC


esidential dwelling. The plumbing contractor completes the work, but does not r
QC QC QC QC QC QC QC QC QC QC QC


eceive payment from the builder. The plumbing contractor records a claim of li
QC QC QC QC QC QC QC QC QC QC QC QC


en in the public records. How much time after the claim of lien was recorded
QC QC QC QC QC QC QC QC QC QC QC QC QC QC QC


does he have to commence an action to enforce the construction lien?
QC QC QC QC QC QC QC QC QC QC QC QC


A. within 45 days
QC QC QC QC


B. within 90 days
QC QC QC


C. within 1 year
QC QC QC QC


D. within 2 years - ANSWERS--C. within 1 year
QC QC QC QC QC QC QC QC




According to Florida Reemployment Assistance Program Law, reports MUST be
QC QC QC QC QC QC QC QC QC


submitted
QC


A. quarterly
QC


B. monthly
QC


C. annually
QC QC


D. only when taxes are due - ANSWERS--A quarterly
QC QC QC QC QC QC QC QC




What undesirable trait would be reveled when checking into an applicant's past
QC QC QC QC QC QC QC QC QC QC QC


?
A. upstanding citizen
QC QC QC


B. good family person C. chronic insurance risk
QC QC QC QC QC QC QC QC


D. apt to use benefits package - ANSWERS--C. chronic insurance risk
QC QC QC QC QC QC QC QC QC QC




What entity issues or underwrites bonds?
QC QC QC QC QC


A. principle
QC QC


B. owner
QC


C. surety
QC


D. beneficiary - ANSWERS--C. surety
QC QC QC QC




What is the MAXIMUM civil penalty for a willful or repeated violation?
QC QC QC QC QC QC QC QC QC QC QC QC