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2024 business and finance mock exam Questions with Solutions
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2024 business and finance mock exam
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2024 business and finance mock examThe simplest form of business ownership is - answerSole proprietorship
In a general partnership, all partners are responsible for... - answerResponsible for their
own individual personal debts and
responsible for all partnership debts
In a limited partnership, the limited partner
can have ______ in order to keep their immunity from liability - answerNO voice or vote
in matters of management
A corporation is created by - answerFilling the corporate paperwork with the state
government
An advantage of the corporate form of ownership is - answerContinuity
What is not a disadvantage of incorporation - answerExemption of stockholders from
personal liability
The type of florida corporation where losses are passed directly to the stockholder must
be in compliance with - answerChapter 607, FL. Statues
&
Florida general corporation act
A corporation wishing to be taxed as a partnership would have to become a - answer"S"
corporation
Which of the following applies to a partnership - answerPartners are fully liable as co-
owners of the buisness
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_____ has counselors that meet with small business owners & prospective
entrepreneurs to determine and discuss their business problems - answerSCORE
Rob formed a company and applied for fictitious name status. the fictitious name was
registered on April 15, 2000, Rob's fictitious name is valid until - answerDecember 31,
2005
Which form is used to register a business with federal government - answerForm SS-4
,if you are planning to operate and promote your business to the public using a business
name other than your own or the name of your corporation, you must comply with the ...
- answerFictitious name act
Which form is used to receive your state of Florida sales tax number? - answerForm
DR-1
what is not considered as intangible personal property - answerEquipement
how is sales tax calculated if filed in a timely manner - answer(Example) $22,000 is the
sales amount
$22,000 x .06. = $1,320
1st $1,200: $1,200 x .025 = $30
$1,320 - $30 = $1,290
Alex has decided to activate his plumbing license and open a business. Alex will be the
sole proprietor. he filled his business name under fictitious names act, as "flush-em out
company. Alex has to file for his SS-4 number within ______ days after his business
has opened. - answerAlex does not need a federal id number ( SS-4 )
Which is not true about a corporation? - answerCorporation is dissolved by the death of
the president
When a partnership comes to an end, __________ designates that point in time when
partners cease to carry on partnership together but continue only for the "winding up" of
the partnership - answerDissolution
Dissolution of a corporation entity to the formal termination of corporate existence as
prescribed by law, _______ refers specifically to the collection of corporate assets and
the payment of corporate obligations - answerLiquidation
The board may revoke, suspend, or deny the issuance or renewal of the ______ of a
contractor or impose an administrative fine not to exceed $5,000, place the contractor
on probation, reprimand, or censure. - answerRegistration or certification.
Which of the following is not exempt from florida license law? - answerPersons
advertising and preforming casual construction work for less than $2,500
Which of the following is not an action requiring disciplinary proceedings by the
construction industry licensing board? - answerAbandonment of a construction project
in which the contractor is engaged or under contract as a contractor, for 60 consecutive
days without notification to the prospective owner and without just cause.
, A "Residential contractor " means a contractor whose services are limited to
construction, remodeling, repair, or improvement of one, two, and three-family
residences not exceeding ______ in height - answerTwo habitable stories with no more
than one uninhabitable story
A person shall be entitled to take the examination for the purpose of determining wether
he is qualified to engage in contracting throughout this state if the person meets several
requirements. _______ is not one of the requirements - answerPossession of a high
school diploma or its equivalent
If an applicant proposes to engage in contracting as a partnership, corporation,
business trust or other legal entity, the applicant shall apply through a qualifying agent -
answerThe application shall attest that the qualifying agent has final approval authority
on all business matters, except where a financially responsible officer is approved , and
that he has the authority to supervise construction undertaken by such business
organization
An active certified residential contractor is eligible to take the general contractors
examination if he possesses a minimum of ______ years of experience as a state
certified residential contractor - answer4 years
A general, state certified contractor shall subcontract all of the following except ______
on a new building - answerShingle roofing
College education can qualify an applicant for no more than ______ years of experience
- answer3 years
As defined by Chapter 489, a contractor is one who is - answerResponsible for the
entire project
A building contractor may Not build a structure in excess of - answerThree stories
A residential contractor may contract up to a - answerThree-family residences
A project is considered to have been abandoned after ________ days if the contractor
terminates the project without notification to the prospective owner and without just
cause - answer90 days
The qualifying agent for registration or certification will be made in the name of the
qualifying agent and the name of the business organization, such as a -
answerBusiness trust
partnership
corporation
Registration allows a registrant to engage in contracting - answerIn all counties and
municipalities where he has complied with all local licensing requirements
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