1 | Page
Florida Air Exam Business and Finance Questions
and Correct Answers/ Latest Update / Already Gradedt
When estimating labor, what is the total hourly cost of a employee if the hourly
pay is $15.00 per hr?
-Liability Insurance 2.5%
-Social Security & FICA 7.65%
-Unemployment 0.80%
-Worker Comp 15%
-Benefits 10%
Ans: $20.39 Per Hour
A company has estimated income of $360,000 for the past year. To achieve a
gross profit ratio of 46%, what should be the cost of sales?
Ans: 194,400 is the cost of sales
A HVAC company's Sales tax in 2017 were $300,000. In order to show a profit of
45%, the cost of goods sold would be?
Ans: $135,000
Using the percentage of completion method, what is the gross profit to date of a
construction project that has a contract amount of $130,000, cost to date is
$99,970, and cost to complete the project is $11,760.
Ans: $16,341
Based on the following statement:
-Subcontractor $62,000
© 2025/ 2026 | ® All rights reserved
, 2 | Page
-Contract Income $87,560
-Misc. Income $26,344
-Construct. Materials $29,340
-Sale&Overhead $19,670
WHAT IS THE GROSS PROFIT?
Ans: $22,164
The categories under assets, liabilities, equity, revenues, and expenses are called?
Ans: Accounts
Contractor's Manual 2017 Pg 3-18
The total principal and interest that will be due at the end of a term loan is the
______.
Ans: Maturity Value
Contractor's Manual 2017 Pg 3-73
In what way can a employee not pay overtime for a employee working hourly and
working over 40hrs in a week?
Ans: Overtime must be paid to any employee working hourly rates of at least 1
and a 1/2 pay.
Contractor's Manual 2017 Pg 129
Which insurance will cover materials while in transit or at temporary storage?
Ans: Builder's Risk coverage
Contractors Manual 2017 Pg 4-7
© 2025/ 2026 | ® All rights reserved
, 3 | Page
The contractor as soon as practicable after award of the contract shall notify The
Owner and Architect of the name and qualifications of a superintendent. Within
____ days the Architect or owner may object to the proposed superintendent.
Ans: 14 days
AIA-A201 Pg 15 Article 3.9.2
What is the only way to enforce a lien for period longer than 1 year?
Ans: Filing a suit
Contractors Manual 2017 Pg 9-30
A ___ is a book that list by date all the transactions recorded in the financial
statement.
Ans: Journal or General Journal
Contractor's Manual 2017 Pg 3-25
When a lienor records a claim of lien, the lienor should serve a copy of the lien to
the Owner not later than ____ days from recording.
Ans: 15 days
Contractors Manual Pg 9-30
What is OSHA maximum penalty amount?
Ans: $124,471
Contractors Manual 2017 Pg 7-31
What is the cash method system?
© 2025/ 2026 | ® All rights reserved
Florida Air Exam Business and Finance Questions
and Correct Answers/ Latest Update / Already Gradedt
When estimating labor, what is the total hourly cost of a employee if the hourly
pay is $15.00 per hr?
-Liability Insurance 2.5%
-Social Security & FICA 7.65%
-Unemployment 0.80%
-Worker Comp 15%
-Benefits 10%
Ans: $20.39 Per Hour
A company has estimated income of $360,000 for the past year. To achieve a
gross profit ratio of 46%, what should be the cost of sales?
Ans: 194,400 is the cost of sales
A HVAC company's Sales tax in 2017 were $300,000. In order to show a profit of
45%, the cost of goods sold would be?
Ans: $135,000
Using the percentage of completion method, what is the gross profit to date of a
construction project that has a contract amount of $130,000, cost to date is
$99,970, and cost to complete the project is $11,760.
Ans: $16,341
Based on the following statement:
-Subcontractor $62,000
© 2025/ 2026 | ® All rights reserved
, 2 | Page
-Contract Income $87,560
-Misc. Income $26,344
-Construct. Materials $29,340
-Sale&Overhead $19,670
WHAT IS THE GROSS PROFIT?
Ans: $22,164
The categories under assets, liabilities, equity, revenues, and expenses are called?
Ans: Accounts
Contractor's Manual 2017 Pg 3-18
The total principal and interest that will be due at the end of a term loan is the
______.
Ans: Maturity Value
Contractor's Manual 2017 Pg 3-73
In what way can a employee not pay overtime for a employee working hourly and
working over 40hrs in a week?
Ans: Overtime must be paid to any employee working hourly rates of at least 1
and a 1/2 pay.
Contractor's Manual 2017 Pg 129
Which insurance will cover materials while in transit or at temporary storage?
Ans: Builder's Risk coverage
Contractors Manual 2017 Pg 4-7
© 2025/ 2026 | ® All rights reserved
, 3 | Page
The contractor as soon as practicable after award of the contract shall notify The
Owner and Architect of the name and qualifications of a superintendent. Within
____ days the Architect or owner may object to the proposed superintendent.
Ans: 14 days
AIA-A201 Pg 15 Article 3.9.2
What is the only way to enforce a lien for period longer than 1 year?
Ans: Filing a suit
Contractors Manual 2017 Pg 9-30
A ___ is a book that list by date all the transactions recorded in the financial
statement.
Ans: Journal or General Journal
Contractor's Manual 2017 Pg 3-25
When a lienor records a claim of lien, the lienor should serve a copy of the lien to
the Owner not later than ____ days from recording.
Ans: 15 days
Contractors Manual Pg 9-30
What is OSHA maximum penalty amount?
Ans: $124,471
Contractors Manual 2017 Pg 7-31
What is the cash method system?
© 2025/ 2026 | ® All rights reserved
