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Business and finance exam Questions and Answers 2024
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Business and finance exam
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Business and finance exam1. All of the following are true regarding a general partnership except: - answerthere is a
potential of double taxation on earnings
2. A joint venture is: - answertwo or more persons or entities jointly seeking a profit in
some specific venture without an actual partnership or corporation designation
3. Which of the following is true regarding a joint venture? - answera joint venture is
generally limited to a single transaction
4. One of the advantages of a standard corporation is: - answerfringe benefits are tax
deductible
5. Which of the following statements is true concerning an S Corporation? - answerOnly
individuals or estates can be shareholders.
6. Which of the following is an advantage of an S Corporation? - answeras sole
proprietors, income or losses are reported as to an individual taxpayer.
7. Which of the following is an advantage of a regular corporation? - answertax
deductible fringe benefits
8. A person may engage in business under a fictitious name by registering the name
with the: - answerDivision of Corporations
9.How long is a registered fictitious name valid for? - answer5 years
10. 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. -
answer1 to 1
11. A model business plan should include which of the following personal information? -
answerlast three years of personal income tax returns
12. Unless you are a sole proprietor, federal form SS-4 must be filed on or before the: -
answerseventh day after the date on which business begins
13. Occupational licenses may be required for every business and are issued by the: -
answercounties and cities
, 14. Which agency oversees engineers in the State of Florida? - answerBoard of
Professional Engineers
15. How are Florida sales tax reported and paid? - answerReported on form DR-15-CS
and paid on a monthly basis
16. According to the Florida Contractors Manual, a partnership can be dissolved for all
of the following except: - answerby order of the Florida DBPR
17. Florida Statutes (Chapter 489) provides for the licensure and regulation of all types
of contractors in Florida and are divided into: - answerconstruction contracting, electrical
and alarm systems contracting, and septic tank contracting
18. According to the Contractors Manual, which of the following is required to be
licensed under Chapter 489.103 of the Florida Statues? - answerpersons performing
small remodeling jobs with a contract price of less than $2,500
19. Which of the following construction projects requires a licensed general contractor?
bridges ,railroads ,streets , service stations - answerservice stations
20. Which of the following construction projects requires a licensed contractor? state
university ,federal courthouse , bank , post office - answerbank
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? - answerair conditioning ductwork
22. According to Chapter 489 of the licensing law, what work can a licensed general
contractor do on
new buildings? - answerfiberglass shingle roofing
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? - answerthe general contractor may do the work himself
24. Which of the following is NOT an IRS category used to define independent
contractors? - answerremuneration
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. - answerfirst degree misdemeanor
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: - answertriple the amount of
damages, plus attorney's fees
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