Florida Contractor License Business and finance study guide 1 (2024)
1. Workers' Comp insurance must be provided for all, Domestic worker
EXCEPT a
(Ref: FCM 6-7)
2. A registered contractor may apply for " grandfather- 5
ing " as a certified contractor after _______ years of
experience.
(Ref: FCM 2-14, 2-76, 2-138)
3. When making a business plan to start up a business, Competitors
it is important to know who and where the _______ are.
(Ref: Trade Knowledge)
4. having received the list of subcontractors, the archi- $5,000 plus a proved time
tect immediately objects to the use of plumber X's extension
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. If one of your workers is found to be an employee and FICA and income tax
not an independent contractor, which of the following
may the IRS determine you are liable to pay?
(Ref: FCM 2-24, 2-25)
6. When looking at a business plan and deciding on what fringe benefits are not
type of organization to form, a partnership has which usually tax deductible
of the following disadvantages?
(Ref: FCM 1-10)
7. Assistance in identifying sources of available business Small business adminis-
financing could be obtained from the tration
(Ref: BGA 318)
, Florida Contractor License Business and finance study guide 1 (2024)
8. When evaluating an offered job, it is necessary to be man-hours
able to calculate all costs, including _______, to deter-
mine if it will be profitable.
(Ref: Trade Knowledge / BGA 227)
9. A builder hires a plumbing contractor to perform the within 1 year
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)
10. According to Florida Reemployment Assistance Pro- Quarterly
gram Law, reports MUST be submitted
(FCM 5-278, 5-287, 5-288)
11. What undesirable trait would be reveled when check- chronic insurance
ing into an applicant's past?
(Ref: Trade Knowledge)
12. What entity issues or underwrites bonds surety
(Ref: FCM 4-12 / Trade Knowledge)
13. A tool purchase is a variable overhead expense unless expensive enough to be
it is treated as an asset
, Florida Contractor License Business and finance study guide 1 (2024)
(Ref: BGA 143)
14. When is it profitable to pay accounts payable early? when there is a worth-
while discount for early
(Ref: FCM 3-67) payment
15. A system for scheduling use of equipment would NOT depreciation expense
need to include entries for
(Ref: BGA 159, 160)
16. Based on the Architects evaluations of the Contractors Architect
Applications for Payment, the _______ will review and
certify the amounts due.
(Ref: AIA A201 9.4.1)
17. The Public Whistle Blowers Act (Sec. 112.3187 FL STAT.) employees of contractors
covers on government jobs
(Ref: FCM 5-45)
18. When furnishing a separate performance and sepa- the cumulative
rate payment bond, a surety could conceivably pay
________ amount of both
(Ref: FCM 4-14)
19. The best way to meet your company's short term budgeting
goals is through
(Ref: BGA 263)
20.
1. Workers' Comp insurance must be provided for all, Domestic worker
EXCEPT a
(Ref: FCM 6-7)
2. A registered contractor may apply for " grandfather- 5
ing " as a certified contractor after _______ years of
experience.
(Ref: FCM 2-14, 2-76, 2-138)
3. When making a business plan to start up a business, Competitors
it is important to know who and where the _______ are.
(Ref: Trade Knowledge)
4. having received the list of subcontractors, the archi- $5,000 plus a proved time
tect immediately objects to the use of plumber X's extension
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. If one of your workers is found to be an employee and FICA and income tax
not an independent contractor, which of the following
may the IRS determine you are liable to pay?
(Ref: FCM 2-24, 2-25)
6. When looking at a business plan and deciding on what fringe benefits are not
type of organization to form, a partnership has which usually tax deductible
of the following disadvantages?
(Ref: FCM 1-10)
7. Assistance in identifying sources of available business Small business adminis-
financing could be obtained from the tration
(Ref: BGA 318)
, Florida Contractor License Business and finance study guide 1 (2024)
8. When evaluating an offered job, it is necessary to be man-hours
able to calculate all costs, including _______, to deter-
mine if it will be profitable.
(Ref: Trade Knowledge / BGA 227)
9. A builder hires a plumbing contractor to perform the within 1 year
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)
10. According to Florida Reemployment Assistance Pro- Quarterly
gram Law, reports MUST be submitted
(FCM 5-278, 5-287, 5-288)
11. What undesirable trait would be reveled when check- chronic insurance
ing into an applicant's past?
(Ref: Trade Knowledge)
12. What entity issues or underwrites bonds surety
(Ref: FCM 4-12 / Trade Knowledge)
13. A tool purchase is a variable overhead expense unless expensive enough to be
it is treated as an asset
, Florida Contractor License Business and finance study guide 1 (2024)
(Ref: BGA 143)
14. When is it profitable to pay accounts payable early? when there is a worth-
while discount for early
(Ref: FCM 3-67) payment
15. A system for scheduling use of equipment would NOT depreciation expense
need to include entries for
(Ref: BGA 159, 160)
16. Based on the Architects evaluations of the Contractors Architect
Applications for Payment, the _______ will review and
certify the amounts due.
(Ref: AIA A201 9.4.1)
17. The Public Whistle Blowers Act (Sec. 112.3187 FL STAT.) employees of contractors
covers on government jobs
(Ref: FCM 5-45)
18. When furnishing a separate performance and sepa- the cumulative
rate payment bond, a surety could conceivably pay
________ amount of both
(Ref: FCM 4-14)
19. The best way to meet your company's short term budgeting
goals is through
(Ref: BGA 263)
20.
