FLORIDA CONTRACTORS MANUAL 2024
ACTUAL EXAM (2 LATEST VERSIONS) ACTUAL
EXAM COMPLETE 400 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
FLORIDA CONTRACTORS MANUAL VERSION A
What happens if an applicant for a certified Electrical or
Alarm system contractor fails the test three times? -
ANSWER- They must complete additional courses in the
areas of deficiency, submit new application and pay
appropriate fees
What is required for an employee of a licensed plumber
working on a medical gas installation? - ANSWER- 8-
hours of both classroom and practical work medical gas
course
Division I applicants that cannot demonstrate a credit
score, FICO of 660 or higher must provide a financial
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stability bond or irrevocable letter of credit in what
amount? - ANSWER- $20,000
How can an applicant that is required to supply a financial
stability bond or letter of credit reduce the amount? -
ANSWER- By completing a 14-hour financial
responsibility course approved by the board
How does a sole proprietorship, partner or corporate
officer in a business actively engaged in the construction
industry become exempt from the provisions of the
workers' compensation? - ANSWER- By filing a
Construction Industry Notice of Election to be Exempt
with the Division of Workers' Compensation of the
Department of Labor and Employment Security
What are the minimum amounts of public liability and
property damage insurance a general or building
contractor must have? - ANSWER- $300,000 liability/
$50,000 property damage
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_____ measure of how much money the company owes to
others that must be paid within 1 year? - ANSWER-
Current liabilities
When are "operating expenses" incurred? - ANSWER-
While providing the goods or services the company sells
Expenses incurred in the administration of the business
that do not particularly relate to providing particular
goods or services are knows as ___? - ANSWER-
Administrative expenses
What type of expense is insurance considered? -
ANSWER- Prepaid expenses
Allocating the cost of a piece of equipment over its useful
life is __? - ANSWER- Depreciation
What is "MACRS" and what is it used for? - ANSWER-
Modified Accelerated Cost Recovery System and it's a
used asset depreciation cost recovery
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How can a contractor expense an automobile that is used
wholly or partially for business purposes without the
complexity of keeping track of an automobile expenses
and computing annual depreciation deductions? -
ANSWER- Tracking mileage used in the course of
business and the applicable IRS mileage deduction rate
How much can be deducted on a depreciating luxury
vehicle on year 3 if it was used for business only 80% of
the time? - ANSWER- $7,760
____ is another way of saying "depreciation" and implies
that the cost of an item is written off in equal amounts
over a period of time. - ANSWER- Amortization
What is the process called when a lengthy journal entry is
made which makes the revenue and expense account
balances go to zero, takes what is left over (the year's
income) and makes it a new account under equity on the
balance sheet called previous years earnings? -
ANSWER- Closing the books
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