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Florida Building Contractor Business-Finance Study Exam 3 Questions with Solutions
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Florida Building Contractor Business-Finance Study Exam 3
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Florida Building Contractor Business-Finance Study Exam 3
1. Several prospective employees remembered their Social Security numbers but did
not have a card or other documentation. The practice of relying on memorized Social
Security numbers is: - answerUnacceptable: the actual Social Security card should have
been inspected
2. A pre-employment physical is paid by? - answerEmployer
3. Current assets DIVIDED BY current liabilities is the - answerCurrent ratio
4. Current asset MINUS current liabilities is the - answerWorking capital
5. A customer may cancel a contract at any time prior to midnight of the ____ business
day. - answer3rd
6. Invoices from vendors (suppliers) which are due in 30 days should be credit to
Accounts: - answerPayable
7. A company disposes of equipment that it no longer uses in its business. The amount
received by the company is more than the amount the asset is carried at in accounting
records. The company will report a (n) - answerGain
8. Net sales minus the Cost of Goods Sold equals - answerGross profit
9. Gross profit minus Operating expenses is best defined as - answerOperating income
10. The "Notice to Owner" is given in order to: - answerLet the owner know that the
property can be liened
11. An example of a court-ordered employee withholding is: - answerWage garnishment
and child support
12. What is the next step once the building plans are approved? - answerReview the
plans for errors or corrections
13. Who is responsible for keeping track of change orders? - answerContractor
14. How often should a job supervisor or responsible managing employee visit the job
site? - answerOnce a day
, 15. What should you do if you find that work done by a previous contractor is in violation
of the local building code? - answerReport the violation to the owner with an estimate
for the needed repairs
16. If a contractor finds a 5" discrepancy on a set of plans. The contractor should: -
answerContact the architect or building designer
17. As part of the safety training process, contractors' supervisors are urged to meet
with management on a regular basis. How often must these meetings be held? -
answerPeriodically
18. Who is in charge of safety at a job site? - answerContractor
19. An employer has computed the following amounts for its employee Steve during a
week in January: gross wages $500, FICA tax withheld $38.25, Federal Income Tax
withholding $67.25, state Income tax $20, Unemployment tax $24, worker
compensation $5. The company does not provide health insurance, paid vacations, or
any other benefits. The amount of Steve's net pay is: - answer$374.50 (Gross wages
(500-$38.25 for fiancé and $87.25 for Federal and State income tax)
20. Which of the following injuries does OSHA require employers to make and keep
records? - answerKnocked unconscious, suffers burn, develops chronic allergy from
fiberglass insulation exposure
21. Client John pays ACMA Co. $1000 in December for ACME to perform services for
John in 45 days. ACME uses the accrual basis of accounting. In December ACMA will
debit Cash for $1000. What will be the account involved in the December accounting
entry prepared by ACMA: (and what type of account is it?) - answerUnearned revenues
(Liabilities)
22. Which of the following would not be a current asset? - answerLand, (Not accounts
receivable, prepaid insurance or supplies)
23. An employer receiving a citation for a serious violation of OSHA regulations can be
assessed a penalty of up to _______ for each violation. - answer$25000
24. Which of the following is not covered by standard contractor's insurance policies? -
answerEmployees tools
25. An employer hires one part-time and two full-time employees. Is the following
scenario lawful if full-time employees are covered by worker's compensation insurance,
but the part-time employees are not? - answerNo, even part-time employees must be
covered
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