FL Business and Finance Practice Test Questions And Answers.
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: C. 7 - AIA 701.6.2
How many copies of the plans and specifications shall the contractor maintain on site? A. 1 B. 2 C. 3 D.
4 - Answer: A. 1 - AIA201 2.3.6
Contracts entered into by unlicensed contractors ________________. A. are immoral B.are illegal C. are
enforceable D. are unenforceable - Answer: D. are unenforceable - CM 2-94 489.128
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: C. A & B are correct - AIA 401.4.2.5
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 B. Owners of property $85,000 - CM 2-63 489.103 Limit is $75,000.
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: C.
any minor change in work - AIA 201 7.1.2
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: B. Demographic Makeup - CM 1-15
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: 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
, 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 D. 90 -
CM 2-96 , 489.129.1.j
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: A. Add the tax for the next quarter - CM 3-183
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: A. Administering a tetanus immunization - CM 7-24
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: C There is no limit of shareholders - CM 1-13
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: B. deferred
assets - BGA 242
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: D. 3x the amount plus attorney fees - CM 2-14
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: C Completion date - CM 10-63
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: A. 15 CM 9-30
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: A - 2 years - CM 5-30
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: C. 7 - AIA 701.6.2
How many copies of the plans and specifications shall the contractor maintain on site? A. 1 B. 2 C. 3 D.
4 - Answer: A. 1 - AIA201 2.3.6
Contracts entered into by unlicensed contractors ________________. A. are immoral B.are illegal C. are
enforceable D. are unenforceable - Answer: D. are unenforceable - CM 2-94 489.128
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: C. A & B are correct - AIA 401.4.2.5
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 B. Owners of property $85,000 - CM 2-63 489.103 Limit is $75,000.
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: C.
any minor change in work - AIA 201 7.1.2
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: B. Demographic Makeup - CM 1-15
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: 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
, 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 D. 90 -
CM 2-96 , 489.129.1.j
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: A. Add the tax for the next quarter - CM 3-183
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: A. Administering a tetanus immunization - CM 7-24
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: C There is no limit of shareholders - CM 1-13
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: B. deferred
assets - BGA 242
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: D. 3x the amount plus attorney fees - CM 2-14
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: C Completion date - CM 10-63
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: A. 15 CM 9-30
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: A - 2 years - CM 5-30
