Florida Contractors Manual Exam Latest
2024 | Florida Contractors Manual Actual
Exam Update 2024 Questions and
Correct Answers Rated A+
All of the following are true regarding a general partnership except: -
ANSWER-there is a potential of double taxation on earnings
A joint venture is: -ANSWER-two or more persons or entities jointly
seeking a profit in some specific venture without an actual partnership
or corporation designation
Which of the following is true regarding a joint venture? -ANSWER-a
joint venture is generally limited to a single transaction
One of the advantages of a standard corporation is: -ANSWER-fringe
benefits are tax deductible
Which of the following statements is true concerning an S
Corporation? -ANSWER-Only individuals or estates can be
shareholders.
Which of the following is an advantage of an S Corporation? -
ANSWER-as sole proprietors, income or losses are reported as to an
individual taxpayer.
Which of the following is an advantage of a regular corporation? -
ANSWER-tax deductible fringe benefits
,A person may engage in business under a fictitious name by
registering the name with the: -ANSWER-Division of Corporations
How long is a registered fictitious name valid for? -ANSWER-5 years
According to the Florida Contractors Manual, a Model Business Plan
should include an equity structure of total ownership divided by total
capitalization of a ____ ratio. -ANSWER-1 to 1
A model business plan should include which of the following personal
information? -ANSWER-last three years of personal income tax
returns
Unless you are a sole proprietor, federal form SS-4 must be filed on or
before the: -ANSWER-seventh day after the date on which business
begins
Occupational licenses may be required for every business and are
issued by the: -ANSWER-counties and cities
Which agency oversees engineers in the State of Florida? -ANSWER-
Board of Professional Engineers
How are Florida sales tax reported and paid? -ANSWER-Reported on
form DR-15-CS and paid on a monthly basis
According to the Florida Contractors Manual, a partnership can be
dissolved for all of the following except: -ANSWER-by order of the
Florida DBPR
Florida Statutes (Chapter 489) provides for the licensure and
regulation of all types of contractors in Florida and are divided into: -
,ANSWER-construction contracting, electrical and alarm systems
contracting, and septic tank contracting
According to the Contractors Manual, which of the following is
required to be licensed under Chapter 489.103 of the Florida Statues?
-ANSWER-persons performing small remodeling jobs with a contract
price of less than $2,500
Which of the following construction projects requires a licensed
general contractor? -ANSWER-service stations
Which of the following construction projects requires a licensed
contractor? -ANSWER-bank
Which of the following must be subcontracted by a state certified
general contractor, unless a general contractor holds a state certificate
of competency or license in that area? -ANSWER-air conditioning
ductwork
According to Chapter 489 of the licensing law, what work can a
licensed general contractor do on new buildings? -ANSWER-
fiberglass shingle roofing
Which of the following is true regarding a general contractor who is
constructing the main sanitary sewer collection system, the storm
collection system, or the water distribution system on new site
development work, but not including continuation of utility lines? -
ANSWER-the general contractor may do the work himself
Which of the following is NOT an IRS category used to define
independent contractors? -ANSWER-first degree misdemeanor
, Engaging in contracting services or holding oneself out to be a
contractor without first obtaining a license is a violation of Florida law
and is considered a ____ for a first offense. -ANSWER-first degree
misdemeanor
The maximum amount of compensation that a consumer is entitled to
if injured on a job site due to an unlicensed contractor's negligence is:
-ANSWER-triple the amount of damages, plus attorney's fees
Which of the following must be true for a person to qualify for a state
certification of competency? -ANSWER-be of good moral character,
be at least 18 years of age and pass an examination
Which of the following licenses and/or certifications is necessary to
engage in the business of installation, improvement, repair or
maintenance of any tubing, pipe or similar conduit used to
transport gas for medical purposes? -ANSWER-a plumbing contractor
with medical gas certification
All certified contractors must carry and maintain what type of
insurance in order to work in the state of Florida? -ANSWER-public
liability and property damage in the amounts as set by the board
As a prerequisite to initial licensure or the renewal of a license as
certified or registered contractor, general and building contractors
must carry a minimum insurance amount of: -ANSWER-$300,000
liability/$50,000 property damage
Every certified and registered contractor must complete a minimum of
___ hours of continuing education during every two-year license cycle.
-ANSWER-14
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