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FLORIDA CONTRACTORS MANUAL FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$17.89
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FLORIDA CONTRACTORS MANUAL
FINAL EXAM 2024 ACTUAL EXAM
COMPLETE ACCURATE EXAM
QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
The type of contract which provides for
reimbursement of defined costs incurred plus a fee
for the contractor's services and a stipulated ceiling
price is a: - ....ANSWER...guaranteed maximum price
contract
What is the type of construction contract in which a
contractor will perform a particular work at a fixed
price per unit of output? - ....ANSWER...unit price
contract
According to Contractors Manual, which of the
following is not a feature of a cost-plus contract? -
....ANSWER...these contracts provide for a single
,price for the total amount of work to be performed
on a project
Which method of accounting will result in the
quickest revenue recognition? - ....ANSWER...the
percentage of completion method
According to Contractors Manual, under the
Completed Contract Method of accounting, when is a
project complete enough to recognize profit? -
....ANSWER...when the project is more than 98% to
99% completed
According to Contractors Manual, which one of the
following should not be considered overhead? -
....ANSWER...performance bond premiums
According to Contractors Manual, which cost is
usually not considered to be overhead? -
....ANSWER...construction supervision
According to the Contractors Manual, the two most
commonly used liquidity ratios are the: -
....ANSWER...current ratio and the quick ratio
,According to the Contractors Manual, the ratio that
is determined by adding cash, accounts receivable
and marketable securities together and dividing by
current liabilities is referred to as the: -
....ANSWER...quick ratio
According to Contractors Manual, which is an
advantage of leasing equipment? -
....ANSWER...leasing will generally reduce the front-
end cash outlays
When determining dollar amounts for payroll
deductions which IRS publication or form would be
most helpful? - ....ANSWER...Circular E
According to Contractors Manual, on which of the
following items must a contractor pay Florida sales
tax, if it is excluded on the invoice amount? -
....ANSWER...invoice from a drywall material supplier
Which of the following is not one of the basic
methods of revenue recognition? -
....ANSWER...Credit Method
, According to Contractors Manual, when a contractor
fails to complete a project within a specified time, a
contract penalty clause often calls for: -
....ANSWER...liquidated damages
What determines the amount of liquidated damages?
- ....ANSWER...owner costs
Contractors found to be in willful violation of the
Davis-Bacon Act face being debarred from
participating in Davis-Bacon Act contracts for up to
____ months. - ....ANSWER...36
When hiring a new employee you must: -
....ANSWER...all of the above
A construction company used a number of
independent contractors that were not employees of
the company to perform various jobs. Each of these
jobs involved payments in excess of $600 to the
independent contractors performing the work. What
is the construction company's responsibility for
reporting the earnings paid to these independent
contractors? - ....ANSWER...the company must file
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