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Florida HVAC Class A Finance Practice Questions and Answers Rated A+
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Florida HVAC Class A Finance Practice
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Florida HVAC Class A Finance PracticeUnder the Federal Equal Pay Act of 1963, a court or jury, in the case of a willful
violation, may award _________ - answerback Pay only, up to 3 Years
The benefit of a good budget is to _______- - answer Ensure a balance between
investment and expected yield
A constructed contract specifies that the work is to be completed within 180 days and
You know so liquidated damages of $200 for every day past the contracted completion
date. Executed change orders added 35 days to the project. It the work was completed
205 days, what are the liquidated damages owed by the construction company? -
answer$0
When Pulling a building permit, a copy of the _____ will be filed with the permitting
authority. - answer Notice of Commencement
Multi-Worksite Reports MUST agree with the ____ - answer Totals on the employer's
quarterly reports
Surety bonds are generally required of contractors performing Public Works in order to
______ - answerProtect the Funds of the Taxpayer
What group of employees is covered by the Florida Right to Work Laws? -
answerConstruction Site Employees
Which of the following is NOT an accomplishment of a complete cash budget? -
answerprovides simply for reserves and fund accumulation.
It's an accomplishment of a complete cash budget:
-make day to day and monthly cash available
-models control of receivables and collectables
-takes advantage of discounts and excess funds
Under Title VII of The Civil Rights Act of 1964, once the EEOC issues a Notice of Right
to Sue, the charging party has _____ days from receipt of the notice to file suit. -
answer90 Days
What is the advantage of an S Corporation for a Sole Proprietor? - answerAll corporate
income and losses comes to the Sole Proprietor as an individual taxpayer.
,What is a profitable loan for a builder? - answerThe profit from borrowed money
exceeds the cost
Which one of the following is on the credit side of the balance sheet? - answerNet
Worth
What could indicate a need for more employees? - answerWhen overtime exceeds the
cost of hiring a new employee
The financial statement known as the balance sheet must show that ___ - answerThe
total assets, less the total liability equal the net worth
What is the only way to extend the effective period of a claim of lien? - answerFile a suit
within 1 year to enforce it
What is a good way of discussing scheduling, quality, and other issues with
subcontractors and suppliers? - answerWeekly mandatory job site meetings
What is the MOST useful for controlling inventory? - answerPurchase Journal
Using a cost Plus contract for cost escalation is easiest for the ____ to shift risk. -
answerContractor
A minor violation that does not endanger the public health, safety and welfare, and
which does not demonstrate a serious inability to practice the construction profession
would be all of the following except a failure to : - answerInitiate a project during the
allotted 6 months after receipt of permit
Minor Violation
-register a local license with the CILB prior to contracting
-register a qualified business organization within 45 days of commencing work
-include a license number on an advertisement, offer of services, business proposal, bid
or contract
A change of a business address must be mailed to the
Department of Business and Professional Regulation within how many days of the
change? - answer45 Days
According to the National Council on Compensation Insurance, a contractors workers'
compensation premiums can be reduced by any of the following EXCEPT: -
answerRequiring the employee to pay part of the premium
Working compensation can be reduce:
-Participating in a self-insured program
-joining an insurance pool
-participating in a deductible program
, What type of liability insurance protects the contractor from loss due to accidents
causing bodily injury or property damage to members of the public after construction
work has been finished and put to its intended use? - answerCompleted Operations
According to Florida Unemployment Compensation Employer Handbook, TAX rates are
referred to as : - answerExperience Ratings
On which of the following items must Florida sales tax be paid by a prime contractor, if
its is not included on the invoice? - answerInvoice from a concrete supplier
An unemployed worker: - answerQualifies for benefits if employed for 6 months
What is the best way to control job costs prior to being committed to them? -
answerPurchase Order
Which jobs would not require use of the straight percentage of completion method? -
answerJobs costing $1000-5000 which take approximately 1 week to complete
An indicator of how well a company can meet its current obligations is the company's : -
answerCurrent Ration
A claimant who is not in privity with the contractor and who has not received payment
for his or her labor, services, or material, must serve a notice of nonpayment on both
the contractor and surety withing _____ days of the last furnishing of labor, services or
materials to the project. - answer90 Days
When the lender offers a construction loan at 2% more than the bank's basis for the
prime lending rate, how is this described? - answerTwo Points over Prime
When Figuring overhead, which is a fixed expense? - answerAdvertising
All of the Following are correct concerning an income statement except: - answerIt lists
the long-term liabilities as they pertain to current liabilities
Income Statement
-it lists contract revenues, direct costs, operating expenses, other income and
expenses, and profit
-it represents the business's results of operations for a specified period of time
-the statement of retained earnings is the link between the income statement and the
balance sheet.
In order to establish an hourly cost for a bulldozer for job allocations, which of the
following would NOT apply? - answerUnpredictable job site conditions
Adjustment of the contract sum using a change order must be established based on : -
answerAn agreement between the owner, contractor and architect
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