PART-1, FLORIDA CONTRACTOR EXAM, (BUISNESS AND
FINANCE) EXAM QUESTIONS AND ANSWERS
According AIA, the contractor shall pay the subcontractor within _________ days after the contractor
receives payment form the owner
. A. three working
B five calendar
C. five working
D. seven working - CORRECT ANSWER✅✅D. seven Working days
A registered contractor may apply for "grandfathering" as certified contractor after______ years of
experience.
A. 2
B. 4
C. 5
D. 10 - CORRECT ANSWER✅✅c. 5
When making business plan to start up business, it is imperative to know who and where the ______are.
A. employees
B. advertisers
C. competitors
D. professionals - CORRECT ANSWER✅✅C. competitors
Having received the list of subcontractors, the architect immediately objects to the use of plumber X's
company. The general contractor promptly proposes using plumbing Y's company at higher cost of
$5,000. What is the general contractor entitled to?
A. nothing
B. a time extension only
C.$5,000 plus approved time extension
D. contract with owner needs to be renegotiated - CORRECT ANSWER✅✅C. $5000 plus approved tome
extension
, If one of your workers found to be an employee and not an independent contractor, which of the
following may the IRS determine you are liable to pay?
A.FICA and income tax
B. accrued vacation time
C. legal expenses of the workers
D. Worker's Compensation premiums - CORRECT ANSWER✅✅A. FICA and income tax
A material supplier has offered payment terms of 2% 10 days/net 30 days. Assuming the invoice
received August 17th for $2,500 is paid August 30th, what would be the TOTAL payment?
A.$2,450
B. $2,495
C. $2,500
D. $2,550 - CORRECT ANSWER✅✅C. $2500
Assistance in identifying sources of available business financing could be obtained from the
A. Department of Revenue
B. U.S. Internal Revenue Service
C. Small Business Administration
D. Florida Department of Commerce and Economic Development - CORRECT ANSWER✅✅C. Small
Buisness Administration
When evaluating an offered job, it is necessary to be able to calculate all costs, including ______to
determine if it will be profitable.
A. assets
B. licenses
C. man-hours
D. fictitious names - CORRECT ANSWER✅✅C. Man-hours
FINANCE) EXAM QUESTIONS AND ANSWERS
According AIA, the contractor shall pay the subcontractor within _________ days after the contractor
receives payment form the owner
. A. three working
B five calendar
C. five working
D. seven working - CORRECT ANSWER✅✅D. seven Working days
A registered contractor may apply for "grandfathering" as certified contractor after______ years of
experience.
A. 2
B. 4
C. 5
D. 10 - CORRECT ANSWER✅✅c. 5
When making business plan to start up business, it is imperative to know who and where the ______are.
A. employees
B. advertisers
C. competitors
D. professionals - CORRECT ANSWER✅✅C. competitors
Having received the list of subcontractors, the architect immediately objects to the use of plumber X's
company. The general contractor promptly proposes using plumbing Y's company at higher cost of
$5,000. What is the general contractor entitled to?
A. nothing
B. a time extension only
C.$5,000 plus approved time extension
D. contract with owner needs to be renegotiated - CORRECT ANSWER✅✅C. $5000 plus approved tome
extension
, If one of your workers found to be an employee and not an independent contractor, which of the
following may the IRS determine you are liable to pay?
A.FICA and income tax
B. accrued vacation time
C. legal expenses of the workers
D. Worker's Compensation premiums - CORRECT ANSWER✅✅A. FICA and income tax
A material supplier has offered payment terms of 2% 10 days/net 30 days. Assuming the invoice
received August 17th for $2,500 is paid August 30th, what would be the TOTAL payment?
A.$2,450
B. $2,495
C. $2,500
D. $2,550 - CORRECT ANSWER✅✅C. $2500
Assistance in identifying sources of available business financing could be obtained from the
A. Department of Revenue
B. U.S. Internal Revenue Service
C. Small Business Administration
D. Florida Department of Commerce and Economic Development - CORRECT ANSWER✅✅C. Small
Buisness Administration
When evaluating an offered job, it is necessary to be able to calculate all costs, including ______to
determine if it will be profitable.
A. assets
B. licenses
C. man-hours
D. fictitious names - CORRECT ANSWER✅✅C. Man-hours
