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Florida Contractor's Manual Questions With Correct Answers
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Florida Contractor's Manual Questions With Correct Answers Contractor's Manual - Planning - Answer-Check list for starting a business includes: Nature of your business or service, markets, competition, expense of start-up, projecting income and expenses, legal types of businesses, employment, ta...

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  • October 9, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • florida contractors manual
  • florida contractors manual questions
  • florida contractors manual questions with
  • questions with correct answers

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Contractor's Manual - Planning - Answer-Check list for starting a business includes:
Nature of your business or service, markets, competition, expense of start-up, projecting
income and expenses, legal types of businesses, employment, taxes, regulations,
financing, site locations, leasing arrangements, insurance coverage, record keeping,
advertising & marketing.

/.Contractor's Manual - Planning - Answer-The duties of an effective and responsible
manager include: Planning, Organizing, Directing, Controlling, Standardizing, Assigning
and communication effectively.

/.Contractor's Manual - Business organizations - Answer-Types of business
organization: (1) Sole
Proprietorship, (2) Partnership, (3) Joint Venture or (4) Corporation. Limited Partnership:
definition - must have at least one general partner, a limited partner cannot be involved
in the management or day-to-day operations of the bushiness, the qualifying business
agent cannot be a limited partner.

/.Contractor's Manual - Business organizations - Answer-The primary difference
between a partnership and a joint venture is that a partnership is usually created for the
general transaction of business of a particular type, while the joint venture is usually
limited to a single transaction.

/.Contractor's Manual - Business organizations - Answer-Corporation advantages are
exemption of stockholders from personal liability. continuity of existence. unaffected by
death or withdrawal of an employee or shareholder. specialized management.
ownership is transferable. fringe benefits are tax deductible. standardized statutory
method of organization, management and finance.

/.Contractor's Manual - Business organizations - Answer-Control of the business: Sole
Proprietorship. You have absolute authority over all business decisions. Partnership.
Control is shared with your partners, as provided for in the partnership agreement. Joint
Venture. Same as partnership. Corporation. Control depends on stock ownership. In
other words, 51% stock ownership meas that you are able to make policy decisions.

/.Contractor's Manual - Business organizations - Answer-SCORE or Service Corps of
Retired Executives are retired business executives within this program that offer advice
to the small business community. Score counselors meet with small business owners
and prospective entrepreneurs to determine and discuss their business problems. The
counselor with formulate a plan of action designed to help minimize or eliminate the
problem areas.

, /.Contractor's Manual - Business organizations - Answer-Other sources of information
are Labor Regulations. Proof of Age - if employment of minors is anticipated.
Occupational safety and health act. also know as OSHA. Workers' Compensation
Insurance and Employee Training

/.Contractor's Manual - Financing - Answer-Types of financing. Need for capital in
starting a business usually occurs in three stages. 1. to cover start up cost. 2. to finance
current operations or working capital. 3. to expand the established business.

/.Contractor's Manual - Financing - Answer-Starting Capital. Personal savings. borrow
friends, banks, or through small business administration. SBA. Obtain venture capital
from small business investment companies SBICs or Minority Enterprise Small
Business Investment Companies.

/.Contractor's Manual - Financing - Answer-Working Capital. Mortgage commercial or
industrial real estate. Generate additional funds by good money management inside the
business. Obtain trade credit from suppliers. Borrow from commercial finance
companies.

/.Contractor's Manual - Financing - Answer-Expansion. Consider an equipment
leaseback option. Borrow from the small business administration. Obtain financing
through Certified Development Companies. Use Industrial Revenue Bond, IRB,
financing. Borrow from community economic development corporations.

/.Contractor's Manual - Licenses and Permits - Answer-State Licensing. DBPR

/.Contractor's Manual - Licenses and Permits - Answer-Taxes required forms. Form 940
employer's annual unemployment tax return. Form 941 employer's quarterly tax return.
State - UCS-1 Report to determine Status. State - UCT-6S Unemployment
compensation tax return. and a few more I'm not listing.

/.Contractor's Manual - Dissolution - Answer-Partnership Dissolution or Termination:
steps to follow: 1. Dissolution,
2. Winding up, and, 3. Termination. A partnership is also dissolved by: 1. Any event that
makes it unlawful for the business of partnership to be carried on or for the members to
carry it on in the partnership. 2. The death of any partner. 3. Bankruptcy 4. A court
decree under the partnership act.

/.Contractor's Manual - Dissolution - Answer-Corporate Dissolution and Liquidation: Two
types should be distinguished: voluntary and involuntary dissolutions. Procedures used
for
the voluntary dissolution of a corporation: 1. Incorporators or directors may dissolve by
filing articles of dissolution with the Florida Department of State. 2. may adopt a
resolution recommendation dissolution and the submitted for a vote of shareholders. 3.
may authorize its dissolution by unanimous written consent.

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