100 Practice Questions for the Florida Contractors Manual
A properly registered fictitious name is valid for ________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years - answerD. 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
D. U.S Army Corps of Engineers - answerD. U.S Army Corps of Engineers
1-16
The name of the form which is used to apply for sales tax is?
A. W2
B. DR-1 C. S1
D. W4 - answerB. DR-1
1-21
Which of the following is NOT true about a fictitious name registration?
A. Valid for 5 years.
B. The fictitious name must be advertised at least one time.
C. If a change of ownership occurs, the owner(s) of record must file a cancellation and registration within 45 days of filing,
D. Fictitious name registration must be renewed between July 1 and December 31 in the expiration year. - answerC. If a change of ownership occurs, the owner(s) of record must file a cancellation and registration within 45 days of filing,
1-15
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 - answerD. 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 B. $4,666
C. $20,000
D. $0.00 - answerA. $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 - answerA. 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
D. A and C 1-29 - answerD. 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 - answerC. 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? 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 - answerD. Both A and B
1-11
Which of the following is an advantage of owning a corporation?
A. Continuity of existence. B. Lack of centralized control.
C. sharing of ideas and management responsibility.
D. Easier to create. - answerA. Continuity of existence. 1-11
Unlicensed practice of a profession is punishable by an administrative penalty not to exceed _______.
A. $500
B. $1,000
C. $5,000 D. $12,500 - answerC. $5,000 455.228(1)
Which of the following applies to a qualifying agent of corporation?
a. He is only qualified to act for the business during normal working hours
b. He is qualified to act for the corporation in all matters connected with its construction business c. He does have authority to supervise in all areas of the company's business
d. None of the above - answerb. He is qualified to act for the corporation in all matters connected with its construction business
489.119
If a contractor is disciplined by the board and is the qualifying agent for a business organization and the violation was performed in connection with a construction project undertaken by that business organization, the board may impose an additional administrative fine not to exceed___________ against the business organization or against any partner, officer, director, trustee, or member if such person participated in the violation or knew or should have known of the violation and failed to take corrective action.
a. $500
b. $1,000
c. $2,500
d. $5,000 - answerd. $5,000
A properly registered fictitious name is valid for ________________
A. 1 year
B. 2 years
C. 3 years
D. 5 years - answerD. 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
D. U.S Army Corps of Engineers - answerD. U.S Army Corps of Engineers
1-16
The name of the form which is used to apply for sales tax is?
A. W2
B. DR-1 C. S1
D. W4 - answerB. DR-1
1-21
Which of the following is NOT true about a fictitious name registration?
A. Valid for 5 years.
B. The fictitious name must be advertised at least one time.
C. If a change of ownership occurs, the owner(s) of record must file a cancellation and registration within 45 days of filing,
D. Fictitious name registration must be renewed between July 1 and December 31 in the expiration year. - answerC. If a change of ownership occurs, the owner(s) of record must file a cancellation and registration within 45 days of filing,
1-15
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 - answerD. 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 B. $4,666
C. $20,000
D. $0.00 - answerA. $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 - answerA. 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
D. A and C 1-29 - answerD. 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 - answerC. 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? 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 - answerD. Both A and B
1-11
Which of the following is an advantage of owning a corporation?
A. Continuity of existence. B. Lack of centralized control.
C. sharing of ideas and management responsibility.
D. Easier to create. - answerA. Continuity of existence. 1-11
Unlicensed practice of a profession is punishable by an administrative penalty not to exceed _______.
A. $500
B. $1,000
C. $5,000 D. $12,500 - answerC. $5,000 455.228(1)
Which of the following applies to a qualifying agent of corporation?
a. He is only qualified to act for the business during normal working hours
b. He is qualified to act for the corporation in all matters connected with its construction business c. He does have authority to supervise in all areas of the company's business
d. None of the above - answerb. He is qualified to act for the corporation in all matters connected with its construction business
489.119
If a contractor is disciplined by the board and is the qualifying agent for a business organization and the violation was performed in connection with a construction project undertaken by that business organization, the board may impose an additional administrative fine not to exceed___________ against the business organization or against any partner, officer, director, trustee, or member if such person participated in the violation or knew or should have known of the violation and failed to take corrective action.
a. $500
b. $1,000
c. $2,500
d. $5,000 - answerd. $5,000
