NEW FLORIDA CONTRACTORS
MANUAL EXAM QUESTIONS
WITH ANSWERS VERIFIED
2024 TERM THREE
All of the following are true regarding a general partnership except: - CORRECT
ANSWER>>>>there is a potential of double taxation on earnings
A joint venture is: - CORRECT ANSWER>>>>two or more persons or entities jointly
seeking a profit in some specific venture without an actual partnership or
corporation designation
Which of the following is true regarding a joint venture? - CORRECT ANSWER>>>>a
joint venture is generally limited to a single transaction
One of the advantages of a standard corporation is: - CORRECT ANSWER>>>>fringe
benefits are tax deductible
Which of the following statements is true concerning an S Corporation? - CORRECT
ANSWER>>>>Only individuals or estates can be shareholders.
Which of the following is an advantage of an S Corporation? - CORRECT
ANSWER>>>>as sole proprietors, income or losses are reported as to an
individual taxpayer.
Which of the following is an advantage of a regular corporation? - CORRECT
ANSWER>>>>tax deductible fringe benefits
A person may engage in business under a fictitious name by registering the name with
the: - CORRECT ANSWER>>>>Division of Corporations
How long is a registered fictitious name valid for? - CORRECT ANSWER>>>>5 years
According to the Florida Contractors Manual, a Model Business Plan should include an
equity structure of total ownership divided by total capitalization of a ____ ratio. -
CORRECT ANSWER>>>>1 to 1
A model business plan should include which of the following personal information? -
CORRECT ANSWER>>>>last three years of personal income tax returns
Unless you are a sole proprietor, federal form SS-4 must be filed on or before the: -
CORRECT ANSWER>>>>seventh day after the date on which business begins
,Occupational licenses may be required for every business and are issued by the: -
CORRECT ANSWER>>>>counties and cities
Which agency oversees engineers in the State of Florida? - CORRECT
ANSWER>>>>Board of Professional Engineers
How are Florida sales tax reported and paid? - CORRECT ANSWER>>>>Reported on
form DR-15-CS and paid on a monthly basis
According to the Florida Contractors Manual, a partnership can be dissolved for all of
the following except: - CORRECT ANSWER>>>>by order of the Florida DBPR
Florida Statutes (Chapter 489) provides for the licensure and regulation of all types of
contractors in Florida and are divided into: - CORRECT ANSWER>>>>construction
contracting, electrical and alarm systems contracting, and septic tank contracting
According to the Contractors Manual, which of the following is required to be licensed
under Chapter 489.103 of the Florida Statues? - CORRECT ANSWER>>>>persons
performing small remodeling jobs with a contract price of less than $2,500
Which of the following construction projects requires a licensed general contractor? -
CORRECT ANSWER>>>>service stations
Which of the following construction projects requires a licensed contractor? - CORRECT
ANSWER>>>>bank
Which of the following must be subcontracted by a state certified general contractor,
unless a general contractor holds a state certificate of competency or license in that
area? - CORRECT ANSWER>>>>air conditioning ductwork
According to Chapter 489 of the licensing law, what work can a licensed general
contractor do on new buildings? - CORRECT ANSWER>>>>fiberglass shingle
roofing
Which of the following is true regarding a general contractor who is constructing the
main sanitary sewer collection system, the storm collection system, or the water
distribution system on new site
development work, but not including continuation of utility lines? - CORRECT
ANSWER>>>>the general contractor may do the work himself
Which of the following is NOT an IRS category used to define independent contractors?
- CORRECT ANSWER>>>>first degree misdemeanor
, Engaging in contracting services or holding oneself out to be a contractor without first
obtaining a license is a violation of Florida law and is considered a ____ for a first
offense. - CORRECT ANSWER>>>>first degree misdemeanor
The maximum amount of compensation that a consumer is entitled to if injured on a job
site due to an unlicensed contractor's negligence is: - CORRECT ANSWER>>>>triple
the amount of damages, plus attorney's fees
Which of the following must be true for a person to qualify for a state certification of
competency? - CORRECT ANSWER>>>>be of good moral character, be at least 18
years of age and pass an examination
Which of the following licenses and/or certifications is necessary to engage in the
business of installation, improvement, repair or maintenance of any tubing, pipe or
similar conduit used to
transport gas for medical purposes? - CORRECT ANSWER>>>>a plumbing
contractor with medical gas certification
All certified contractors must carry and maintain what type of insurance in order to work
in the state of Florida? - CORRECT ANSWER>>>>public liability and property
damage in the amounts as set by the board
As a prerequisite to initial licensure or the renewal of a license as certified or registered
contractor, general and building contractors must carry a minimum insurance amount of:
- CORRECT ANSWER>>>>$300,000 liability/$50,000 property damage
Every certified and registered contractor must complete a minimum of ___ hours of
continuing education during every two-year license cycle. - CORRECT
ANSWER>>>>14
When the sole qualifying agent leaves the employ of a business organization, the
organization must replace the qualifying agent within: - CORRECT ANSWER>>>>60
days
A qualifying agent for a business organization: - CORRECT ANSWER>>>>is legally
qualified to act for the business in all matters connected with contracting
A maximum of------ of the required continuing education hours can be fulfilled by the
performance of pro bona services to the indigent or to underserved populations within
the state where the licensee practices. - CORRECT ANSWER>>>>25%
According to Florida Statutes Chapter 455, the Board shall keep an accurate record of
each applicant's examination questions, answers, papers, grades, and grading key for a
period of not less than ____ immediately following the examination. - CORRECT
ANSWER>>>>2 years
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