Florida Contractor License Business and finance study guide 1| Answered 100% correctly| Latest Update

Florida Contractor License Business and finance study guide 1| Answered 100% correctly| Latest Update Workers' Comp insurance must be provided for all, EXCEPT a Ref: FCM 6-7 Domestic worker 3 multiple choice options A registered contractor may apply for " grandfathering " as a certified contractor after _______ years of experience. Ref: FCM 2-14, 2-76, 2-138 5 3 multiple choice options When making a business plan to start up a business, it is important to know who and where the _______ are. Ref: Trade Knowledge Competitors 3 multiple choice options 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 3 multiple choice options 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 3 multiple choice options When looking at a business plan and deciding on what type of organization to form, a partnership has which of the following disadvantages? Ref: FCM 1-10 fringe benefits are not usually tax deductible 3 multiple choice options Assistance in identifying sources of available business financing could be obtained from the Ref: BGA 318 Small business administration 3 multiple choice options 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 3 multiple choice options 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 3 multiple choice options According to Florida Reemployment Assistance Program Law, reports MUST be submitted FCM 5-278, 5-287, 5-288 Quarterly 3 multiple choice options What undesirable trait would be reveled when checking into an applicant's past? Ref: Trade Knowledge chronic insurance 3 multiple choice options What entity issues or underwrites bonds Ref: FCM 4-12 / Trade Knowledge surety 3 multiple choice options A tool purchase is a variable overhead expense unless it is Ref: BGA 143 expensive enough to be treated as an asset 3 multiple choice options When is it profitable to pay accounts payable early? Ref: FCM 3-67 when there is a worthwhile discount for early payment 3 multiple choice options A system for scheduling use of equipment would NOT need to include entries for Ref: BGA 159, 160 depreciation expense 3 multiple choice options Based on the Architects evaluations of the Contractors Applications for Payment, the _______ will review and certify the amounts due. Ref: AIA A201 9.4.1 Architect 3 multiple choice options The Public Whistle Blowers Act (Sec. 112.3187 FL STAT.) covers Ref: FCM 5-45 employees of contractors on government jobs 3 multiple choice options When furnishing a separate performance and separate payment bond, a surety could conceivably pay ________ amount of both Ref: FCM 4-14 the cumulative 3 multiple choice options The best way to meet your company's short term goals is through Ref: BGA 263 budgeting 3 multiple choice options Safety in the workplace is typically governed by OSHA. Other than for compliance purposes, why is it important for a business to implement a safety policy? Ref: FCM 7-5 to reduce the high cost of job site accident 3 multiple choice options A contractor is responsible for reporting all equipment, tools, and construction machinery owned to the county in which the company is located. The filing of a tangible property tax is through the County _______ Office.