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Florida Contractor License Business and finance study guide 1 (2024) Questions Graded A+
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Florida Contractor License Business and finance study guide 1 (2024)
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Florida Contractor License Businessand finance study guide 1 (2024)
Workers' Comp insurance must be provided for all, EXCEPT a
Ref: FCM 6-7 - answerDomestic worker
A registered contractor may apply for " grandfathering " as a certified contractor after
_______ years of experience.
Ref: FCM 2-14, 2-76, 2-138 - answer5
When making a business plan to start up a business, it is important to know who and
where the _______ are.
Ref: Trade Knowledge - answerCompetitors
having received the list of subcontractors, the architect immediately objects to the use of
plumber X's company. The general contractor promptly proposes using plumper Y's
company at a higher cost of $5,000. What is the general contractor entitled to?
Ref: AIA A201 - 5.2.3 - answer$5,000 plus a proved time extension
If one of your workers is found to be an employee and not an independent contractor,
which of the following may the IRS determine you are liable to pay?
Ref: FCM 2-24, 2-25 - answerFICA and income tax
When looking at a business plan and deciding on what type of organization to form, a
partnership has which of the following disadvantages?
Ref: FCM 1-10 - answerfringe benefits are not usually tax deductible
Assistance in identifying sources of available business financing could be obtained from
the
Ref: BGA 318 - answerSmall business administration
When evaluating an offered job, it is necessary to be able to calculate all costs,
including _______, to determine if it will be profitable.
Ref: Trade Knowledge / BGA 227 - answerman-hours
A builder hires a plumbing contractor to perform the plumbing work on a new residential
dwelling. The plumbing contractor completes the work, but does not receive payment
from the builder. The plumbing contractor records a claim of lien in the public records.
How much time after the claim of lien was recorded does he have to commence an
action to enforce the construction lien?
, Ref: FCM 9-31, 9-86 - answerwithin 1 year
According to Florida Reemployment Assistance Program Law, reports MUST be
submitted
FCM 5-278, 5-287, 5-288 - answerQuarterly
What undesirable trait would be reveled when checking into an applicant's past?
Ref: Trade Knowledge - answerchronic insurance
What entity issues or underwrites bonds
Ref: FCM 4-12 / Trade Knowledge - answersurety
A tool purchase is a variable overhead expense unless it is
Ref: BGA 143 - answerexpensive enough to be treated as an asset
When is it profitable to pay accounts payable early?
Ref: FCM 3-67 - answerwhen there is a worthwhile discount for early payment
A system for scheduling use of equipment would NOT need to include entries for
Ref: BGA 159, 160 - answerdepreciation expense
Based on the Architects evaluations of the Contractors Applications for Payment, the
_______ will review and certify the amounts due.
Ref: AIA A201 9.4.1 - answerArchitect
The Public Whistle Blowers Act (Sec. 112.3187 FL STAT.) covers
Ref: FCM 5-45 - answeremployees of contractors on government jobs
When furnishing a separate performance and separate payment bond, a surety could
conceivably pay ________ amount of both
Ref: FCM 4-14 - answerthe cumulative
The best way to meet your company's short term goals is through
Ref: BGA 263 - answerbudgeting
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