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CURRENTLY TESTING SOLUTIONS OF FLORIDA CONTRACTORS MANUAL 2024 ACTUAL EXAM (2 CURRENTLY TESTING VERSIONS) WITH ACTUAL CORRECT DETAILED ANSWERS $21.49
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CURRENTLY TESTING SOLUTIONS OF FLORIDA CONTRACTORS MANUAL 2024 ACTUAL EXAM (2 CURRENTLY TESTING VERSIONS) WITH ACTUAL CORRECT DETAILED ANSWERS
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Course
FLORIDA CONTRACTORS
Institution
FLORIDA CONTRACTORS
CURRENTLY TESTING SOLUTIONS OF FLORIDA CONTRACTORS
MANUAL 2024 ACTUAL EXAM (2 CURRENTLY TESTING
VERSIONS) WITH ACTUAL CORRECT DETAILED ANSWERS CURRENTLY TESTING SOLUTIONS OF FLORIDA CONTRACTORS
MANUAL 2024 ACTUAL EXAM (2 CURRENTLY TESTING
VERSIONS) WITH ACTUAL CORRECT DETAILED ANSWERS CURRE...
CURRENTLY TESTING SOLUTIONS OF FLORIDA CONTRACTORS
MANUAL 2024 ACTUAL EXAM (2 CURRENTLY TESTING
VERSIONS) WITH ACTUAL CORRECT DETAILED ANSWERS
Corporations may pay owners dividends in stock, a dividend that is usually fixed in amount or percent is
know as ______.
Preferred stock
The open invoice method provides sufficient detail to allow you to take advantage of ___ offered by
suppliers for early payment of their invoices.
Discounts
If an employee worked 10 hours of overtime and is paid $20 per hour, how much would they have
earned before taxes for one week?
$1,100
What is the percentage of social security and medicare tax rate on a wage base of $118,500?
7.65
How much does an employee have to earn before an employer can stop paying FUTA for the year?
$7,000
All employers are required to make contributions to the ___ plan and the ___ ?
Federal Unemployment Tax Act & State Unemployment tax act
Capital needs can be divided into __ basic stages
Three months to one year
How many months of "start-up" capital is recommended when starting a business to cover expenses?
Three months to one year
The need for capital in starting and operating a business can be divided into what three key stages?
Start up costs, working capital, expansion
Starting capital is the amount of money needed to get the business underway and should be enough to
cover expenses for ___
,Three months to one year
___ working capital needs are those costs associated with doing business
Day-to-day
When would a company want to use the fourth type of capital called "debt restructuring"?
In the case of a financially distressed business
A loan paid in one payment which covers the principal and interest at the maturity date of the loan is a
___
Single payment loan
___ require the lending institution to disclose the effective annual interest rate to a borrower
Truth in Lending Laws
Payroll taxes, benefits for direct labor, construction supervision, temporary costs, miscellaneous job
clean up costs are examples of ___
Indirect costs
Who can initiate a "Change Order"?
The owner or contractor
To compute the percentage by dividing the total costs incurred to date by the total estimated contract
costs is the _____
Percentage of completion method
Under the ___, no profit is recognized until the contract is fully or very nearly completed
Completed Contract Method
Liquidity, Leverage, Activity, Profitability are four types of ___
Financial ratios
_____ provide indication regarding how effectively the company is being managed
Profitability ratios
The ___ makes it a Federal crime for anyone to require any laborer or mechanic (employed on a federal
or Federally-assisted project to kickback any part of their wages
The copeland act
What documents must your company submit weekly to maintain compliance on a project subject to the
Davis Bacon Act?
Certified payroll reports
,Who are the only workers that can be paid less than the wage listed on the "Wage Decision" per the
Davis Bacon Act?
Apprentices and trainees
Contractors that are found to have willfully falsified payroll reports, including correcting certified payroll
reports, may be subject to civil or criminal prosecution and penalties of ______.
$1,000 and/or one year in prison for each false statement
What is the Medicare tax rate for 2020?
1.45%
When hiring a new employee, what form must the applicant complete to confirm " Employment
Eligibility"?
I-9
If a payee fails to furnish their correct taxpayer identification number, how much are you required to
withhold from payment?
24%
How much would a business be charged for any payment that is dishonored and returned from a
financial institution for payment to the IRS?
$25 or 2% of the payment, whichever is more
Per the IRS, when is an employer required to furnish to an employee of a 1099 or W-2
By January 31st
What must an employer obtain in order to report employment taxes or provide tax statements to
employees?
An EIN
Payments made to an employee that aren't regular wages, such as bonuses, commissions, overtime pay,
or payments for accumulated sick leave are considered ___
Supplemental wages
If an employer uses an outside payroll service provider, who is responsible for tax liabilities?
The employer
What is the "FUTA" tax rate?
6.0% applicable to the first $7,000 you pay to each employee during the year
What are the two general categories classified as risk exposure?
Speculative risk and pure risk
, ____ is the process of making decisions to minimize the effects that accidental losses may have on an
organization
Risk management
What are the three causes of loss under which property insurance may be purchased?
Basic, broad form and special perils
Which type of property insurance would a contractor need to purchase for protection against theft?
Special form
Which type of property insurance would a contractor purchase for protection against fire?
Basic form
____ policies cover the structure being constructed and may be extended to cover materials while in
transit or at temporary storage facilities
builders risk
To protect the business from any loss incurred by the organization which causes a decrease in revenues
or increase in expenses
Financial Loss
________ provides protection to the organization for bodily injury and property damage liability losses,
personal injury and fire damage liability.
Commercial General Liability
What are the two most common contractual liability exculpatory clauses?
Indemnification and hold-harmless
What insurance policy coverage would protect the organization if a claim was brought by an injured
party that was involved with an employee's vehicle while in route to a material supplier for the
employer?
Business automobile liability with non-owned vehicle endorsement
What liability coverage, if added to the commercial general liability policy, would cover a claim by an
employee who was inadvertently left out of the group health plan?
Employee benefits liability coverage
National contracting services recently held interviews for a project manager. A month after hiring the
successful candidate, they receive a claim from an applicant for discrimination. What liability policy
would provide coverage to defend and pay for the claim?
Employment practices liability policy
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