FLORIDA CONTRACTORS MANUEL 2024
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VERSION A
What are the two types of partnerships?
General partnership and limited partnership
What is the difference between a partnership and a joint venture?
The joint venture is usually limited to a single transaction
What three categories are used to determine whether a person is classified as an independent
contractor or an employee?
Behavioral, Financial, and Type of Relationship
Under what state statue would an applicant locate the information to determine whether they might
receive credit for relevant military service?
489.1131
If there is a belief that a licensee may have committed a violation of part 1, chapter 489, F.S., Chapter
455, F.S, who makes the determination whether the violation occurred?
The probable cause panel
What is the fine for failure to timely obtain a permit?
$100
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,If a septic tank contractor installs a septic system and applies for a permit after the work is completed
without inspections, what would the penalty be if they are a repeat offender?
Repeat violation results in revocation
In the practice of accounting, debit and credit refer to what?
The left and right sides of an account
How could a partnership resolve a potential dispute over control of the business?
Through a partnership agreement
A person who engages in contracting services or holding oneself out to be a contractor without first
obtaining a license is guilty of a ______ for a first offense?
First-degree misdemeanor
How long must a contractor maintain complete financial and business records?
Three years
How many hours of continuing education is a contractor required to take for license renewal?
14 hours every two years
What is the maximum administrative fine that may be imposed on any unlicensed person found guilty of
unlicensed?
$10,000
According to the Florida Administrative code, what is the minimum clear height of a "story"?
7 feet or more
What does the term "call verification method" refer to?
The monitoring facility personnel making two or more attempts to make contact prior to dispatch
What is the fee for a site evaluation by the County Department of Health?
$115
A statement which shows the earnings earned over any particular period of time is called an ____?
Income statement
What type of business structure should be formed for a single transaction with two or more entities
seeking a profit?
Joint venture
Where is a licensed contractor required to place the state issued license number?
On all building permits & any advertisements including vehicles
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,How much could a contractor be fined for committing fraud or deceit in the field of contracting?
$2,500 - $10,000
What information may be included in the periodical published by the department?
A summary of final orders resulting in fines, suspensions, or revocations
What is the purpose of the Florida Homeowners' Construction Recovery fund?
It is a fund for homeowners to recover payments, up to a limited amount
Applicants for "General or building contractor" must have commercial experience in what specific areas?
Foundations or Slabs in excess of twenty thousand (20,000) square feet, masonry walls, steel erection,
elevated slabs, precast concrete structures, column erection, formwork for structural reinforced
concrete
If a person wishes to become a "Certified Electrical Contractor" what percentage of their expense must
be in 3-phase service?
40%
The recording of business and financial data in a prescribed manner is known as ___?
Bookkeeping
Where are transactions recorded before they are recorded on the financial statements and why?
In a journal
What business structure is the most expensive to organize?
Corporation
After how many days of no activity on a job site, without just cause, would a project be considered
abandoned?
90 days
Based on the definition of a "building Contractor" in Florida State Statute 489, what construction
services is a "Building Contractor" limited to?
Commercial buildings and single-dwelling or multiple-dwelling residential buildings, up to three stories
in height
If an electrical contractor is found to be in noncompliance of "Chapter 440" they must provide a
certification of compliance and pay an administrative fine of ___?
$500
If a contractor fails to include a certification number when submitting an advertisement for publication,
what is the minimum fine the board will assess?
$100
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, A "joint venture" of one or more participants, who are not licensed contractors, must sign a "statement
of authority" giving which party full authority to conduct contracting activities?
The licensed contractor
What is the minimum policy limit for public liability insurance for electrical contractors?
$100,00 per person, $300,00 per occurrence
____ is primarily concerned with design of the system of records, the preparation of reports based on
the recorded data, and the review and interpretation of the reports
Accounting
Current and fixed assets, current and long-term liabilities, and equity are categories found in ___?
The balance sheet
Which business structure has the possibility of double taxation?
Corporation
What is one key difference between a Corporation and an "S" corporation?
Provisions allow shareholders to absorb all corporate income or losses as partners and report it as
individual taxpayers
How long is a Fictitious name registration valid?
5 years
A person may engage in business under a fictitious name by registering the name with who?
The Division of Corporations
What must a partnership, joint venture, corporation do before engaging in the business of contracting?
Apply for a license through a qualifying agent
What are the duties of an effective manager?
Planning, organizing, directing, controlling, standardizing, assigning and communicating effectively
What is meant by a "termination" of a partnership?
The point in time when all the partnership affairs are wound up
What are the two types of formal dissolution of a corporation?
Voluntary and Involuntary
What type of permit does the U.S. Army Corps of Engineers Jacksonville District or the Florida
Department of Environmental regulation provide when required?
Construction across navigable waters
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