Florida Building Contractor Business/Finance Study Exam Questions With Complete Solutions.
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Course
Florida Contractor
Institution
Florida Contractor
1. How many employees must an employer have before he must apply for workers compensation insurance? - Answer 1 or more
2. The most important aspect to consider when bidding is: - Answer Profit
3. What does the acronym GAAP signify in accounting? - Answer Generally Accepted Accounted...
Florida Building Contractor
Business/Finance Study Exam
Questions With Complete Solutions.
1. How many employees must an employer have before he must apply for workers compensation
insurance? - Answer 1 or more
2. The most important aspect to consider when bidding is: - Answer Profit
3. What does the acronym GAAP signify in accounting? - Answer Generally Accepted Accounted
Principles
4. If I fail one or more portions of the examination, do I have to retake all parts again? - Answer No,
only the exams on which he or she failed to achieve a passing score
5. In order to obtain a building permit the following is required: - Answer Filling out an application
6. When can you allow your employee to view their personal file? - Answer Whenever they wish to
7. A payment bond would be posted by the: - Answer Prime contractor or property owner
8. How long after I pass the examinations do I have to apply for Initial Licensure? - Answer Four years
9. Are contractors required to qualify a construction business? - Answer Yes
10. A payment bond guarantees that the bonding company will pay valid claims for unpaid bills owed by
the ______ posting the bond. - Answer Prime contractor or property owner
11. Before the completion of work the person who authorizes a temporary certificate of __________ is
the building official. - Answer Occupancy
, 12. Majority for the negotiated construction contracts are on a ________ basis. - Answer Cost plus fee
13. What must a contractor do to prevent cash flow problems at the end of a construction project? -
Answer Obtain a line of credit from a bank
14. What should be done with the contractors IRS form W-2? - Answer File a copy in the contractor's
office
15. By law, your workers may not be younger than ______ of age. - Answer 16
16. Business equity is shown on the financial statement called teh: - Answer Balance Sheet
17. State disability and income taxes must be: - Answer Reported and paid quarterly
18. The only reason an employer can lawfully deny employment is _________. - Answer No work
experience or social security number
19. You are permitted _______ attempts within four years from the date of the initial licensure
examination to pass all portions of the examinations. - Answer Four years
20. The only time a contractor does not have to be licensed is if: - Answer If you are working on a minor
project and not compensated
21. When is the best time to let your attorney see your construction contract? - Answer After the
contract is prepared but before you sign it
22. Is compensation payable if an employee refuses to use a safety appliance like a hard hat, safety
goggles or observe a safety rule? - Answer Yes, but the benefits may be reduced by 25%
23. One reason why a contractor keeps change order on file is: - Answer By law
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