Part-1, Florida Contractor Exam,
(Buisness and Finance)
$seven hundred,000. According to the finished settlement approach accounting, what the
whole earnings this is deferred until of entirety? Income for the first year on -12 months
assignment became $four hundred,000. Income for the second yr was
A. $four hundred,000
B. $660,000
C. $seven hundred,000
D. $1,a hundred,000 - ANS-D. $a million
A builder hires a plumbing contractor to carry out the plumbing paintings on a new residential
residing. The plumbing contractor completes the work, but does no longer acquire charge
from the builder. The plumbing contractor information a declare of lien inside the public
records. How plenty time after the declare of lien became recorded does he must commence
an action to put into effect the construction lien?
A. Within 45 days
B. Inside ninety days
C. Within 1 year
D. Inside 2 years - ANS-C. Inside 1 12 months
A contractor encountered distinct situations on sure part of a assignment than were proven
the unique agreement documents. In order to keep the activity on time table, and triumph
over the unknown situations, the contractor purchased an extra $5,000 in substances and
provided an extra $10,000 in hard work. The contractor makes use of 18% of fee for
overhead and income. At the cease of the undertaking (3 months later), the contractor made
a claim for the more fees plus overhead and income related to the differing conditions.
AIA-A201 changed into part of the settlement documents, what is the least quantity the
contractor may be entitled to this extra work?
A. $zero
B. Between $four,000 and $11,000
C. Between $11,001 and $17,000
D. Greater than $17,000 - ANS-A. $zero
A material dealer has presented charge terms of two% 10 days/internet 30 days. Assuming
the bill received August seventeenth for $2,500 is paid August thirtieth, what would be the
TOTAL fee?
A.$2,450
B. $2,495
C. $2,500
D. $2,550 - ANS-C. $2500
, A registered contractor may additionally observe for "grandfathering" as certified contractor
after______ years of enjoy.
A. 2
B. Four
C. 5
D. 10 - ANS-c. 5
A system for scheduling use of system might NOT want to include entries for
A. Depreciation price
B. Hours of operation
C. Process numbers
D. Repair time - ANS-A. Depreciation cost
According AIA, the contractor shall pay the subcontractor inside _________ days after the
contractor receives payment shape the proprietor
. A. Three working
B 5 calendar
C. 5 operating
D. Seven running - ANS-D. Seven Working days
According to Builder's Guide to Accounting, which accounting technique is the maximum
applicable for recording income and expenses for big jobs which remaining longer than one
tax yr?
A. Percent final touch
B. Finished contract
C. Blended accounting
D. Coins accounting - ANS-A. Percent final touch
According to Florida Reemployment Assistance Program Law, reviews MUST be submitted
A. Quarterly
B. Month-to-month
C. Yearly
D. Best while taxes are due - ANS-A quarterly
According to the Statues of Limitations within the Contractors Manual, how lengthy does
man or woman should convey action on wage recuperation claim?
A. 2 years
B. 5 years
C. 7 years
D. 10 years - ANS-A. Two years
Assistance in figuring out assets of available commercial enterprise financing might be
acquired from the
A. Department of Revenue
B. U.S. Internal Revenue Service
C. Small Business Administration
D. Florida Department of Commerce and Economic Development - ANS-C. Small Buisness
Administration
(Buisness and Finance)
$seven hundred,000. According to the finished settlement approach accounting, what the
whole earnings this is deferred until of entirety? Income for the first year on -12 months
assignment became $four hundred,000. Income for the second yr was
A. $four hundred,000
B. $660,000
C. $seven hundred,000
D. $1,a hundred,000 - ANS-D. $a million
A builder hires a plumbing contractor to carry out the plumbing paintings on a new residential
residing. The plumbing contractor completes the work, but does no longer acquire charge
from the builder. The plumbing contractor information a declare of lien inside the public
records. How plenty time after the declare of lien became recorded does he must commence
an action to put into effect the construction lien?
A. Within 45 days
B. Inside ninety days
C. Within 1 year
D. Inside 2 years - ANS-C. Inside 1 12 months
A contractor encountered distinct situations on sure part of a assignment than were proven
the unique agreement documents. In order to keep the activity on time table, and triumph
over the unknown situations, the contractor purchased an extra $5,000 in substances and
provided an extra $10,000 in hard work. The contractor makes use of 18% of fee for
overhead and income. At the cease of the undertaking (3 months later), the contractor made
a claim for the more fees plus overhead and income related to the differing conditions.
AIA-A201 changed into part of the settlement documents, what is the least quantity the
contractor may be entitled to this extra work?
A. $zero
B. Between $four,000 and $11,000
C. Between $11,001 and $17,000
D. Greater than $17,000 - ANS-A. $zero
A material dealer has presented charge terms of two% 10 days/internet 30 days. Assuming
the bill received August seventeenth for $2,500 is paid August thirtieth, what would be the
TOTAL fee?
A.$2,450
B. $2,495
C. $2,500
D. $2,550 - ANS-C. $2500
, A registered contractor may additionally observe for "grandfathering" as certified contractor
after______ years of enjoy.
A. 2
B. Four
C. 5
D. 10 - ANS-c. 5
A system for scheduling use of system might NOT want to include entries for
A. Depreciation price
B. Hours of operation
C. Process numbers
D. Repair time - ANS-A. Depreciation cost
According AIA, the contractor shall pay the subcontractor inside _________ days after the
contractor receives payment shape the proprietor
. A. Three working
B 5 calendar
C. 5 operating
D. Seven running - ANS-D. Seven Working days
According to Builder's Guide to Accounting, which accounting technique is the maximum
applicable for recording income and expenses for big jobs which remaining longer than one
tax yr?
A. Percent final touch
B. Finished contract
C. Blended accounting
D. Coins accounting - ANS-A. Percent final touch
According to Florida Reemployment Assistance Program Law, reviews MUST be submitted
A. Quarterly
B. Month-to-month
C. Yearly
D. Best while taxes are due - ANS-A quarterly
According to the Statues of Limitations within the Contractors Manual, how lengthy does
man or woman should convey action on wage recuperation claim?
A. 2 years
B. 5 years
C. 7 years
D. 10 years - ANS-A. Two years
Assistance in figuring out assets of available commercial enterprise financing might be
acquired from the
A. Department of Revenue
B. U.S. Internal Revenue Service
C. Small Business Administration
D. Florida Department of Commerce and Economic Development - ANS-C. Small Buisness
Administration
