Florida Business & Finance: Practice Exam with
125 Questions & Answers
Terms in this set (250)
Hard Records Must be retained for 5 years.
Soft Records Must be retained for 3 years.
Requires complete financial and business records to
FS §489
be retained for 5 years.
OSHA logs 300/300A Must be retained for 5 calendar years.
IRS employment tax Must be retained for 4 years.
records
, Deficient license Shall be closed and terminated 2 years after
application files notification of deficiency.
Must be retained for either 3 years from date of hire
I-9 Forms or 1 year from date employment ends, whichever is
latest.
Tests, inspections, and Shall be paid for by the Owner; if tests are failed,
approvals of work additional costs shall be borne by the Contractor.
Maximum hours of work Allowed per week while school is in session is 12
for a 16-year-old hours.
A job has a cost to date of $34,000 and the cost to
Job cost to date
complete is estimated to be $91,000.
FLSA regulation Regulated by the Department of Labor.
Bad debt reserve It reduces tax liability for earned profit.
advantage
Employees not subject to Employees who are piece workers.
overtime regulations
Buy American Act Does not include Brazil.
exclusions
Executive employee Whose primary duty is management of the enterprise.
definition per FLSA
Fine for smoking in a non- Subject to a fine of $500 for a repeat offense.
smoking area
A retired professional would be most likely to receive
Limited License recipient
it.
OSHA poster The General Contractor is responsible to post OSHA
responsibility posters on a multi-contractor project.
Duly authorized agents may inspect premises when
DBPR inspection authority
there is a suspected OSHA violation.
Examination hearing Applicant must notify the department at least 5 days
notification prior to an examination hearing.
125 Questions & Answers
Terms in this set (250)
Hard Records Must be retained for 5 years.
Soft Records Must be retained for 3 years.
Requires complete financial and business records to
FS §489
be retained for 5 years.
OSHA logs 300/300A Must be retained for 5 calendar years.
IRS employment tax Must be retained for 4 years.
records
, Deficient license Shall be closed and terminated 2 years after
application files notification of deficiency.
Must be retained for either 3 years from date of hire
I-9 Forms or 1 year from date employment ends, whichever is
latest.
Tests, inspections, and Shall be paid for by the Owner; if tests are failed,
approvals of work additional costs shall be borne by the Contractor.
Maximum hours of work Allowed per week while school is in session is 12
for a 16-year-old hours.
A job has a cost to date of $34,000 and the cost to
Job cost to date
complete is estimated to be $91,000.
FLSA regulation Regulated by the Department of Labor.
Bad debt reserve It reduces tax liability for earned profit.
advantage
Employees not subject to Employees who are piece workers.
overtime regulations
Buy American Act Does not include Brazil.
exclusions
Executive employee Whose primary duty is management of the enterprise.
definition per FLSA
Fine for smoking in a non- Subject to a fine of $500 for a repeat offense.
smoking area
A retired professional would be most likely to receive
Limited License recipient
it.
OSHA poster The General Contractor is responsible to post OSHA
responsibility posters on a multi-contractor project.
Duly authorized agents may inspect premises when
DBPR inspection authority
there is a suspected OSHA violation.
Examination hearing Applicant must notify the department at least 5 days
notification prior to an examination hearing.
