Exam (elaborations)
Fl Contractor Manual 2024 Questions Graded A+
- Course
- Institution
Fl Contractor Manual 2024
[Show more]
Content preview
Fl Contractor Manual 2024True or False: In a general partnership, there is a potential of doubl taxation on
earnings? - answer FALSE. (1-12,1-13)
What is a Joint Venture? - answerC. Two of more persons or entities jointly seeking a
profit in some specific venture with out an actual partnership or corporation designation.
((1-12)
True or False: A joint Venture is generally limited to a single transaction. - answerTrue.
(1-12,1-13)
What is one of the advantages of a standard corporation? - answerC. Fringe benefits
are tax deductible (1-13)
Concerning an S corporation, who can be shareholders? - answerB. Only individuals or
estates can be shareholders.( 1-13)
What is an advantage of an S Corporation? - answerD. as sole proprietors, income or
losses are reported as to an individual taxpayer(1-13)
What is an advantage of a regular corporation? - answerC. tax deductible fringe benefits
(1-13)
A person may engage in business under a fictitious name by registering the name with
the ________? - answerB.Division of corporations (1-14,1-15)
How long is a registered fictitious name valid for? - answerA. 5 years (1-15)
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. -
answerA. 1 to 1 (1-18)
A model business plan should include what personal information? - answerD. Last three
years of personal income tax returns. (1-19)
Unless you are a sole proprietor, federal form SS-4 must be filed on or before the: -
answerA. seventh day after the date on which business begins (1-20)
Occupational licenses may be required for every business and are issued by the: -
answerB.counties and cities (1-21)
,Which agency oversees engineers in the State of Florida? - answerB. Board of
Professional Engineers (1-22)
How are Florida sales tax reported and paid? - answerA. Reported on form DR-15-CS
and paid on a monthly basis (1-23)
True or False:
According to the Florida Contractors Manual, a partnership can be dissolved for all of
the following reasons:
>death of a partner
>bankruptcy of a partner
>by order of the Florida DBPR
>by court degree under the Partnership Act - answerFalse.
A Partnership cannot be dissolved by order of the Florida DBPR (1-29)
Florida Statutes (Chapter 489) provides for the licensure and regulation of all types of
contractors in Florida and are divided into: - answerD. construction contracting,
electrical and alarm systems contracting, and septic tank contracting (2-5)
18. According to the Contractors Manual, who is required to be licensed under Chapter
489.103 of the Florida Statues? - answerC. persons performing small remodeling jobs
with a contract price of less than $2,500 (2-6, 2-7, 2-63 to 68, 489.103)
True or False:
Construction projects for Bridges, Rail roads, and streets do not requires a licensed
general contractor? - answerTrue
BUT, service stations (2-6; 2-63, 489.103(1)) Require a license general contractor.
True or False:
All of the following construction projects requires a licensed contractor
A state university
B. federal courthouse
C. bank
D. post office - answerFalse
C. bank (2-7; 2-66, 489.103(8)) A bank is not a government property and requires a
licensed contractor for the job.
21. 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?
A footing construction
B. concrete placement
,C. structural steel work
D. air conditioning ductwork - answerD. air conditioning ductwork (2-7; 2-77,
489.113(3))
22. According to Chapter 489 of the licensing law, what work can a licensed general
contractor do on new buildings?
A electrical
B. fiberglass shingle roofing
C. plumbing
D. air conditioning - answerB. fiberglass shingle roofing (2-7, 2-78, 489.113(3)(B))
23. 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?
A the general contractor may do the work himself
B the general contractor must hire a plumbing subcontractor
C. the general contractor must hire a specialty subcontractor
D. the general contractor must hire an underground utility subcontractor - answerA the
general contractor may do the work himself (2-8, 2-78, 489.113(3)(D)(e)
24. Which of the following is NOT an IRS category used to define independent
contractors?
A. behavioral
B. financial
C. relationship
D. remuneration - answerD. remuneration (2-9)
25. 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.
A first degree misdemeanor
B. third degree misdemeanor
C. first degree felony
D. third degree felony - answerA first degree misdemeanor (2-14)
26. 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:
A twice the amount of damages
B. twice the amount of damages, plus attorney's fees
C. triple the amount of damages
D. triple the amount of damages, plus attorney's fees - answerD. triple the amount of
damages, plus attorney's fees (2-14)
27. Which of the following must be true for a person to qualify for a state certification of
competency?
, A be a resident of the state of Florida
B be a minimum on 21 years of age
C. be of good moral character and submit a financial statement
D. be of good moral character, be at least 18 years of age and pass an examination -
answerD. be of good moral character, be at least 18 years of age and pass an
examination (2-15; 276, 489.111)
28. 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?
A a plumbing contractor
B. a mechanical contractor
C. a plumbing contractor with medical gas certification
D. a mechanical contractor with medical gas certification - answerC. a plumbing
contractor with medical gas certification (2-17; 2-80, 489.1136)
29. All certified contractors must carry and maintain what type of insurance in order to
work in the state of Florida?
A fire, builder's risk, workers' compensation
B public liability and property damage in the amounts as set by the board
C. liability, property damage and completed operations in the amounts as set by the
board
D. auto, independent contractor's liability, completed operations - answerB public
liability and property damage in the amounts as set by the board (2-19; 2-157, 61G-
15.003)
30. 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:
A $100,000 liability/$25,OOO property damage
B. $250,000 liability/$75,OOO property damage
C. $300,000 liability/$50,OOO property damage
D. $500,000 liability/$100,OOO property damage - answerC. $300,000
liability/$50,OOO property damage (2-19; 1-157, 61G4-15.003)
31. Every certified and registered contractor must complete a minimum of ______ hours
of continuing education during every two-year license cycle.
A3
B7
C. 14
D. 16 - answerC. 14 (2-19; 2-82, 489.1159(4)(A), 489.115(4)(B)1)
32. When the sole qualifying agent leaves the employ of a business organization, the
organization must replace the qualifying agent within:
A 30 days
B. 60 days
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now