FL Business and Finance Practice Test with correct 2024 answers
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Course
FINANCE
Institution
FINANCE
1. The owner must prove financial capability no later than days prior to the expiration of the time for withdrawal of bids. A. 3 B. 5 C.7 D.30
2. How many copies of the plans and specifications shall the contractor maintain on site? A. 1 B. 2 C. 3
D. 4
3. Contracts entered into by unlicensed con...
FL Business and Finance Practice
Test
1. The owner must prove financial capability no 8. The bonding cos
later than days prior to the expiration of the for a class "B"
time for withdrawal of bids. A. 3 B. 5 C.7 D.30 contract of
$900,000 will cos
2. How many copies of the plans and specifications A. $9,000 B.
shall the contractor maintain on site? A. 1 B. 2 C. $10,000 C. $12,50
3 D. $22,500
D. 4
3. Contracts entered into by unlicensed contractors
. A. are immoral B.are illegal
C. are enforceable D. are unenforceable
4. The subcontractor agrees that all work
shall be done subject to the final approval
of the
. A. architect B.
contrac- tor C. both A & B are correct D. none of
the above
5. Which of the following is NOT exempt from
chapter 489? A. An employee of a licensee who is
sub- ordinate of a construction licensee acting
within the scope. B. Owners of a property with a
cost
of $85,000. C. Contractors in work on bridges
and roads. D. Anybody doing work of a minor
nature - less $1,000 or less.
6. The architect has the sole responsibility for order-
ing . A. Change orders B.
Con- struction change directives C. any minor
change of work D. any changes whatsoever
7. When considering the location of your office,
which of the following is not a consideration? A.
Zoning Ordinances B. Demographic makeup of
community
C. Building Permits D. Flood Prone Area Maps
1/
, FL Business and Finance Practice
Test
Answer: C. 7 - AIA 701.6.2
Answer: A. 1 - AIA201 2.3.6
Answer: D. are unen- forceable - CM 2-94 489.128
Answer: C. A & B are correct - AIA 401.4.2.5
Answer B. Owners of property $85,000
- CM 2-63 489.103
Limit is $75,000.
Answer: C. any minor change in work - AIA 201
7.1.2
Answer: B. Demo- graphic Makeup - CM 1-15
Answer: C. $12,500 CM 4-18 Gradu- ated scale:
1st- 100x25%+ 2,500
2nd 400 x15%+
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, FL Business and Finance Practice
Test
6,000 3rd 400x
10%=4,000 Total
$12,500
9. A project is to be considered abandoned after Answer D. 90 -
days if the contractor just terminates CM 2-96 ,
the project without notification to the owner 489.129.1.j
and without cause. A. 30 B. 60 C. 45 D. 90
10.If, at the end of a quarter, a contractor's total
FUTA Answer: A. Add the
tax is $150, the contractor . tax for the next
quar-
A. may add the tax to the amount for deposit for A. post paid
the next quarter B. must deposit the tax during the costs B.
1st month after the quarter. C. must deposit the deferred assets
tax dur- ing the 2nd month after the quarter D. C. accrued
must deposit the tax during the 3rd month after expenses D.
the quarter. long-term
liabilities
11.Which of the following is a first aid treatment not
to be recorded on an OSHA # 200 log? A. admin- 14.What is th
istering a tetanus immunization B. administering maximum amou
a rabies immunization C. application of bandages of compensatio
or a butterfly dressing in lieu of sutures. D. a that a consum
minor accident involving a loss of is entitled to
consciousness. injured on
jobsite due to a
12.Which of the following is NOT true about corpora- unlicensed
tions? A. With an "S" corporation there is no cor- contractors
porate tax - you pay taxes individual. B. Closely negligence? A. 2
held corporations operate more informally. C. the
There is no limit of shareholders for either a C-
type or
S-type Corpo. D. C-type corpo have the possibility
of double taxation.
13.What is the term for expenses that are actually
paid but not recognized as paid until a later
period?
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