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FLORIDA CONTRACTORS MANUAL FINAL EXAM | UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS|(frequently most tested question)GET IT 100% ACCURATE | ALREADY GRADED A+$0.00
FLORIDA CONTRACTORS MANUAL FINAL EXAM | UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS|(frequently most tested question)GET IT 100% ACCURATE | ALREADY GRADED A+
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FLORIDA CONTRACTORS MANUAL
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FLORIDA CONTRACTORS MANUAL
FLORIDA CONTRACTORS MANUAL FINAL EXAM
| UPDATE|COMPREHENSIVE QUESTIONS WITH CORRECT/ VERIFIED ANSWERS|(frequently most tested question)GET IT 100% ACCURATE | ALREADY GRADED A+
1. One of the advantages of a standard corporation is: One of the advan-
tages of a stan-
A. taxation is limited dard corporation
B. record keeping is not extensive is:
C. fringe benefits are tax deductible C. fringe benefits
D. not an expensive form of business to organize are tax deductible
FCM 1-10, 1-11
2. All of the following are true regarding a general part- D. there is a poten-
nership except: tial of double taxa-
tion on earnings
A. a partnership is terminated upon the death of a is not true regard-
partner ing a general part-
B. general partners have unlimited personal liability nership
C. fringe benefits are not generally tax deductible
D. there is a potential of double taxation on earnings FCM 1-10
3. A joint venture is: C. two or more
persons or entities
A. two or more companies combining their resources jointly seeking a
and business skills to form an unlimited liability cor- profit in some spe-
poration for one project only cific venture with-
B. two or more companies joining together seeking out an
a profit in under a corporation agreement for one actual partner-
project only ship or corpora-
C. two or more persons or entities jointly seeking tion designation
a profit in some specific venture without an actual
partnership or corporation designation
D. two or more entities or persons seeking a profit
with immunity from liability
4. Which of the following is true regarding a joint ven- C. a joint venture
ture? is generally limited
to a single trans-
A. a joint venture is generally limited to a single pro- action
ject but with the approval of the Construction Licens-
ing Board up to three more projects can be done
B. the persons or entities in a joint venture are not
, Florida Contractors Manual
governed by the same rules as a partnership
C. a joint venture is generally limited to a single trans-
action
D. a joint venture is usually created for the general
transaction of business of a
particular type
5. Which of the following is an advantage of an S Cor- D. as sole propri-
poration? etors, income or
losses are report-
A. unlimited number of share-holders allowed ed as to an individ-
B. S Corporations can have multiple stock classes ual taxpayer.
C. S Corporations can be part of another organization
D. as sole proprietors, income or losses are reported
as to an individual taxpayer.
6. Which of the following is an advantage of a regular C. tax deductible
corporation? fringe benefits
A. limited taxation
B. reduced record keeping
C. tax deductible fringe benefits
D. closely regulated
7. Which of the following statements is true concerning B. Only individuals
an S Corporation? or estates can be
shareholders
A. An S Corporation can have both Class I and Class
II stocks.
B. Only individuals or estates can be shareholders.
C. The business must be in operation 3 years to qual-
ify for S Corp status.
D. 80% of the business revenue must be domestic.
8. Occupational licenses may be required for every B. counties and
business and are issued by the: cities
A. State of Florida
B. counties and cities
, Florida Contractors Manual
C. federal government
D. Construction Industry Licensing Board
9. A person may engage in business under a fictitious B. Division of Cor-
name by registering the name with the: poration
A. Construction Licensing Board
B. Division of Corporations
C. Department of Business and Professional Regula-
tion
D. Florida Department of Sales Tax Division
10. How long is a registered fictitious name valid for? A. 5 years
A. 5 years
B. 4 years
C. 3 years
D. 2 years
11. Unless you are a sole proprietor, federal form SS-4 A. seventh day
must be filed on or before the: after the date
on which business
A. seventh day after the date on which business be- begins
gins
B. tenth day after the date on which business begins
C. fifteenth day after the date on which business be-
gins
D. thirtieth day after the date on which business be-
gins
12. According to the Florida Contractors Manual, a part- C. by order of the
nership can be dissolved for all of the following ex- Florida DBPR
cept:
A. death of a partner
B. bankruptcy of a partner
C. by order of the Florida DBPR
D. by court degree under the Partnership Act
13.
, Florida Contractors Manual
Which agency oversees engineers in the State of B. Board of Profes-
Florida? sional Engineers
A. Construction Industry Licensing Board
B. Board of Professional Engineers
C. Department of Business and Professional Regula-
tions
D. Building Department
14. How are Florida sales tax reported and paid? A. Reported on
form DR-15-CS
A. Reported on form DR-15-CS and paid on a monthly and paid on a
basis monthly basis
B. Reported on form DR-15-CS and paid on a quarter-
ly basis
C. Reported on form 941 and paid on a monthly basis
D. Reported on form 941 and paid on a quarterly basis
15. Florida Statutes (Chapter 489) provides for the licen- D. construction
sure and regulation of all types of contractors in contracting, elec-
Florida and are divided into: trical and alarm
systems contract-
A. subcontractors and contractors ing, and septic
B. residential contractors, building contractors, and tank contracting
general contractors
C. building construction contracting, electrical con-
tracting and plumbing contracting
D. construction contracting, electrical and alarm sys-
tems contracting, and septic tank contracting
16. Which of the following must be true for a person to D. be of good
qualify for a state certification of competency? moral character,
be at least 18
A. be a resident of the state of Florida years of age and
B. be a minimum on 21 years of age pass an examina-
C. be of good moral character and submit a financial tion
statement
D. be of good moral character, be at least 18 years of
age and pass an examination
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