FL Business and Finance Practice LATEST UPDATED 2025/2026 Test WITH COMPLETE Questions And SURE VERIFIED SOLUTIONS GRADED AT A+ SCORE!!

FL Business and Finance Practice LATEST UPDATED 2025/2026 Test WITH COMPLETE Questions And SURE VERIFIED SOLUTIONS GRADED AT A+ SCORE!! 1. The owner must prove financial capability no later than ________ days prior to the expiration of the time for withdrawal of bids. A. 3 B. 5 C.7 D.30 - ANSWER Answer: C. 7 - AIA 701.6.2 2. Which of the following is a first aid treatment not to be recorded on an OSHA # 200 log? A. administering a tetanus immunization B. administering a rabies immunization C. application of bandages or a butterfly dressing in lieu of sutures. D. a minor accident involving a loss of consciousness. - ANSWER Answer: A. Administering a tetanus immunization - CM 7-24 3. Which of the following is NOT true about corporations? A. With an "S" corporation there is no corporate tax - you pay taxes individual. B. Closely held corporations operate more informally. C. There is no limit of shareholders for either a C-type or S-type Corpo. D. C-type corpo have the possibility of double taxation. - ANSWER Answer: C There is no limit of shareholders - CM 1-13 4. What is the term for expenses that are actually paid but not recognized as paid until a later period? A. post paid costs B. deferred assets C. accrued expenses D. long-term liabilities - ANSWER Answer: B. deferred assets - BGA 242 5. How many copies of the plans and specifications shall the contractor maintain on site? A. 1 B. 2 C. 3 D. 4 - ANSWER Answer: A. 1 - AIA201 2.3.6 6. Contracts entered into by unlicensed contractors ________________. A. are immoral B.are illegal C. are enforceable D. are unenforceable - ANSWER Answer: D. are unenforceable - CM 2-94 489.128 7. The subcontractor agrees that all work shall be done subject to the final approval of the ______________________. A. architect B. contractor C. both A & B are correct D. none of the above - ANSWER Answer: C. A & B are correct - AIA 401.4.2.5 8. Which of the following is NOT exempt from chapter 489? A. An employee of a licensee who is subordinate of a construction licensee acting within the scope. B. Owners of a property with a cost of $85,000. C. Contractors in work on bridges and roads. D. Anybody doing work of a minor nature - less $1,000 or less. - ANSWER Answer B. Owners of property $85,000 - CM 2-63 489.103 Limit is $75,000. 9. The architect has the sole responsibility for ordering __________________. A. Change orders B. Construction change directives C. any minor change of work D. any changes whatsoever - ANSWER Answer: C. any minor change in work - AIA 201 7.1.2 10. When considering the location of your office, which of the following is not a consideration? A. Zoning Ordinances B. Demographic makeup of community C. Building Permits D. Flood Prone Area Maps - ANSWER Answer: B. Demographic Makeup - CM 1-15 11. The bonding cost for a class "B" contract of $900,000 will cost ________________. A. $9,000 B. $10,000 C. $12,500 D. $22,500 - ANSWER Answer: C. $12,500 CM 4-18 Graduated scale: 1st- 100x25%+ 2,500 2nd 400 x15%+ 6,000 3rd 400x 10%=4,000 Total $12,500 12. A project is to be considered abandoned after _________ days if the contractor just terminates the project without notification to the owner and without cause. A. 30 B. 60 C. 45 D. 90 - ANSWER Answer D. 90 - CM 2-96 , 489.129.1.j 13. If, at the end of a quarter, a contractor's total FUTA tax is $150, the contractor _____________________. A. may add the tax to the amount for deposit for the next quarter B. must deposit the tax during the 1st month after the quarter. C. must deposit the tax during the 2nd month after the quarter D. must deposit the tax during the 3rd month after the quarter. - ANSWER Answer: A. Add the tax for the next quarter - CM 3-183 14. What is the maximum amount of compensation that a consumer is entitled to if injured on a jobsite due to an unlicensed contractors negligence? A. 2X the amount of damages. B. 2x the amount of damages plus attorney fees. C. 3X the amount of damages D. 3x the amount of damages, plus attorney's fees - ANSWER Answer: D. 3x the amount plus attorney fees - CM 2-14 15. When developing a project schedule, which of the following should not influence the development of the project shedule? A. manpower B. equipment schedules C. completion date D. activity durations - ANSWER Answer: C Completion date - CM 10-63 16. A contractor must serve a copy fo the claim of lien on the owner and lender (if any) within how many days of the date the claim of lien is recorded? A. 15 B. 30 C. 60 D. 90 - ANSWER Answer: A. 15 CM 9-30 17. According to the Statutes of Limitations, how long does a person have to bring action on a wage recovery claim? A. 2 yrs B. 5 yrs C. 7 yrs D. 10 yrs - ANSWER Answer: A - 2 years - CM 5-30 18. Categories on the income statement include all the following except ___________________. A. Revenues B. Expenses C. Inventory D. Income - ANSWER Answer: C. Inventory - CM 3-30 19. Unless otherwise required in the Bidding Documents, the Agreement for the Work will be written on AIA Document ____________. A. A201 B. 401 C. A701 D. A101 - ANSWER Answer: D. A101 - AIA 701 - Article 8 20. If a construction company's federal employment taxes for the quarter ending Sept 30th have been paid on time, the IRS Form 941 for the quarter ending Sept 30th must be filed not later than ________________. A. Oct 10th B. Oct 31st C . Nov 10th D Nov 30th - ANSWER Answer: C. Nov 10th - CM 3-156 21. What type of insurance is issued to protect the contractor for loss of earnings or revenue as a result of damage to or destruction of buildings or equipment? A. Business Interruption B. Business Floater C. General Liability D. Contractor Protective Liability - ANSWER Answer: A. Business Interruption - CM 4-8 22. What are premiums ofr builder's risk insurance based on? A. minimum value at risk B. actual value at risk C. maximum value at risk D. quality of construction in place - ANSWER Answer: C. Maximum value at risk - CM 4-15 23. A building inspection may be denied, according to Contractors Manual, for lack of _____________________. A. an authorized contractor's agent on the job B. a recorded Notice of Commencement posted on the job site C. an inspection box provided to protect job documents D. notification to the owner of the pending inspection. - ANSWER Answer: B. a recorded Notice of Commencement posted on the job site. - CM 9-77 713.135.1.d 24. Network analysis consists of many separate but interrelated operations. These are ___________________. A. events B. timetables C. activities D. bar charts - ANSWER Answer: C. activities - CM 10-70 25. Which of the following is true regarding a general contractor