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FLORIDA AIR EXAM BUSINESS AND FINANCE Exam
2025 – 2026 Accurate Real Exam Questions and
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A HVAC company's Sales tax in 2017 were $300,000. In order to show a profit of 45%, the cost of goodssold would be? - answer>>>$135,
Using the percentage of completion method, what is the gross profit to date of a construction projectthat has a contract amount of $130,000, cost to date is $99,970, and cost to complete the project is $11,760. - answer>>>$16, When estimating labor, what is the total hourly cost of a employee if the hourly pay is $15.00 per hr?-Liability Insurance 2.5% -Social Security & FICA 7.65%-Unemployment 0.80% -Worker Comp 15%-Benefits 10% - answer>>>$20.39 Per Hour
A company has estimated income of $360,000 for the past year. To achieve a gross profit ratio of 46%,what should be the cost of sales? - answer>>>194,400 is the cost of sales
Based on the following statement:-Subcontractor $62, -Contract Income $87,560-Misc. Income $26, -Construct. Materials $29,340-Sale&Overhead $19, WHAT IS THE GROSS PROFIT? - answer>>>$22, The categories under assets, liabilities, equity, revenues, and expenses are called? - answer>>>Accounts
Contractor's Manual 2017 Pg 3- The total principal and interest that will be due at the end of a term loan is the ______. -answer>>>Maturity Value Contractor's Manual 2017 Pg 3- In what way can a employee not pay overtime for a employee working hourly and working over 40hrs ina week? - answer>>>Overtime must be paid to any employee working hourly rates of at least 1 and a 1/2 pay. Contractor's Manual 2017 Pg 129 Which insurance will cover materials while in transit or at temporary storage? - answer>>>Builder's Riskcoverage Contractors Manual 2017 Pg 4- The contractor as soon as practicable after award of the contract shall notify The Owner and Architect ofthe name and qualifications of a superintendent. Within ____ days the Architect or owner may object to the proposed superintendent. - answer>>>14 daysAIA-A201 Pg 15 Article 3.9.
What is the only way to enforce a lien for period longer than 1 year? - answer>>>Filing a suit Contractors Manual 2017 Pg 9- A ___ is a book that list by date all the transactions recorded in the financial statement. -answer>>>Journal or General Journal Contractor's Manual 2017 Pg 3- When a lienor records a claim of lien, the lienor should serve a copy of the lien to the Owner not laterthan ____ days from recording. - answer>>>15 days Contractors Manual Pg 9- What is OSHA maximum penalty amount? - answer>>>$124,
You must keep all records of employment taxes for at least how many years? - answer>>>A minimum of4 Yrs Contractors Manual Pg 3- What is the Social Security and Medicare tax rates? - answer>>>Social Security 6.2% Medicare 1.45%Total 7.65% Contractors Manual Pg 3- Who is responsible for posting OSHA poster on site with multiple contractors? - answer>>>EachContractor is responsible equally Contractors Manual Pg 7- What is a purchase journal for? - answer>>>To control inventoryBuilder's Accounting Pg 118
It the contractor is delayed at anything in the commencement or progress of the work, due to factors ofwhich he can not control ____. - answer>>>The architect determines, then the contract time shall be extended for such reasonable time AIA-A201 Pg 23 Article 8.3. What are some examples of indirect cost? - answer>>>Payroll tax on direct Labor-Fringe benefits for labor -Construction supervision-Office trailer -Small toolsContractors Manual Pg 3-
Establishing hourly cost for high-value equipment requires what information? - answer>>>Estimatedhours of use/idle time Repair and Maintenance cost.
Cost of Equipment Estimated life of equipmentOperation cost -Builders Accounting Pg 160 What is the statute of limitation for an unwritten agreement? - answer>>>4 YearsContractors Manual Pg 8-
Control equipment cost with good scheduling to minimize_____. - answer>>>Idle Time Builders Accounting Pg 228 When equipment is sold _____. - answer>>>The books have to be cleared of all entries relating to thatasset. Builders Accounting Pg 170 The general ledger will be ______ if there is a missed posting error and will not zero out. -answer>>>Out of balance Builders Accounting Pg 17 Unpaid tax, interest, penalties, or fees may cause _____. - answer>>>Lien to be placed against theemployer's real and personal property. Contractors Manual Pg 5- Cash sales should be listed by? - answer>>>DateBuilders Accounting Pg 38
The acceptance ratio for the quick asset is _____ and the acceptance ratio for the current ratio is ____. -answer>>>1 to 1, 2 to 1 Builders Accounting Pg 175
Contractors manual Pg 1- What are 3 network analysis techniques that are used for construction? - answer>>>CPA,CPM, and PERT Contractors Manual Pg 10- What is the allowable work hours for a minor ate the age 17? - answer>>>30 hrs a week when school isin session. Contractors Manual Pg 5- What is the maximum reemployment tax rate? - answer>>>5.4% (0.0540)Contractors Manual Pg 5-
How long does an employer has to keep records of an employment eligibility verification form (I-9)? -answer>>>I-9 must be kept for all current employees throughout their employment. For terminated employees, I-9 must be retained 3 years after the date hired or one year after termination whichever isthe later date. Contractors Manual Pg 5- Within how many days does a recordable incident must be entered into OSHA form 300/300A -answer>>>7 Days Contractors Manual Pg 7- Tangible personal property tax report is used to ____. - answer>>>Report tangible property (equipment,furniture,etc) and inventory on a yearly basis Contractors Manual pg 1- All businesses which collects sale tax must secure a _____ from the Department of Revenue. -answer>>>Certificate of Registration Contractor's Manual Pg 1- Form 941 is used to report _____. - answer>>>Income tax, Medicare taxes, and social security taxes on aquarterly basis
Contractors Manual Pg 1- What is the discount of a loan of $10,000 on a 9% discounted basis for one year? - answer>>>$900. Thediscount is the money that is taken out of the loan, not the loan amount received ($9100) Contractors manual Pg 3- If Owner files a notice of contest of lien, the lienor must be careful to avoid losing lien rights by filing alawsuit to enforce lien within ____ days of the filing of notice of contest. - answer>>>60 Days Contractors Manual Pg 9- What is accrued income? - answer>>>Money that is truly earned Builders Accounting Pg 24 The goal of the _____ method is to accurately match earning with the events that resulted in theearnings. - answer>>>Accrual Method Contractors Manual Pg 3- How much interest will a compound interest loan earn in May if the rate is 9% and the loan is $10,000? -answer>>>$76. Contractors Manual 2017 Pg 3- If the complainant and subject of the complaint agree to terms after mediation within ______ days, themediator shall notify the department. - answer>>>14 Days Contractors Manual Pg 2- How much is a duplicate license? - answer>>>Not to exceed $25Contractors Manual Pg 2-
What is not covered under the America's with disabilities act? - answer>>>Illegal drug use Contractors Manual Pg 5-
Contractors Manual Pg 10- What are some examples of indirect cost? - answer>>>Freight, administrative payroll, and small tools Builders Accounting Pg 115 What do you check to find out dates of tax payment or how frequent to pay? - answer>>>Circular EContractors Manual Pg 3-
The comparison of net worth to liabilities is called? - answer>>>Ratio Builders Accounting Pg 18 What is the current ratio if Current Asset is $3,843,847 and Current Liabilities is $1,964,818? -answer>>>1.96 to 1 3,843,,847 divided by 1,964,818Contractors Manual Pg 3-
When sufficient cause exist to justify termination, the Owner can without prejudice, after givingcontractor ______ days notice terminate contractor. - answer>>>7 days AIA-A201 Pg 34 What is the penalty for depositing taxes 6 to 15 days late? - answer>>>5% Contractors Manual Pg 3- The act of setting up an asset in the general ledger is called? - answer>>>CapitalizingBuilders Accounting Pg 154
Failure to file reports timely will result in a penalty charge of ______ for each 30 days. - answer>>>$ Contractors Manual Pg 5-
How are automobile rates computed? - answer>>>By size of vehicles Distance of travel and various use Contractors Manual Pg 4- According to OSHA, all employers with over ten employees must? - answer>>>Have a separate log foreach site where the employer works 12 months or more. Contractors Manual Pg 7- What is a simple way to control moving inventory? - answer>>>Written purchase orderBuilders Accounting Pg 116
The owner shall at the request of bidder who award of a contract is under consideration, no later than_____ days prior to the expiration of the time for withdrawal of bid, furnish reasonable evidence that financial arrangements have been made. - answer>>>7 Days AIA-A701 Pg 5 The statue of limitation for a written agreement in Florida is _____. - answer>>>5 YearsContractors Manual Pg 8-
What injuries must be log in OSHA Form 300/300A? - answer>>>All loss of consciousness, restriction ofwork, or movement, lost work days, medical treatment. Contractors Manual Pg 7- Who job is it to monitor and assist project engineer on material expediting? - answer>>>Project Manger Contractors Manual Pg 10- If you have high volume of work, but serious cash flow problems, you should do what? -answer>>>Improve you current cash flow through budgeting. Builders Accounting Pg 174 A limited license can be obtained for retired professionals to _____. - answer>>>Serve the indigent,underserved or critical needed population of this state.
Contractors Manual Pg 7- Within how many days do a contractor has to report a change of address? - answer>>>45 Days Contractors Manual Pg 2- What does 2% - 10 days, net 30 means? - answer>>>2% can be deducted from invoice when payment issent within 10 days of the billing date. Builders Accounting Pg 59 What is the maximum cash penalty the board can issue per violation? - answer>>>$10,000Contractors Manual Pg 2-
What is the beginning reemployment tax rate? - answer>>>2.7% (0.0270) Contractors Manual Pg 5- According to OSHA, in how many days an incident must be recorded in the records? - answer>>>7 daysContractors Manual Pg 7-
The break-even point is used to tell you ____. - answer>>>The minimum sales you need to break even. Builders Accounting Pg 179 Contracts entered into by unlicensed contractor are _____. - answer>>>UnenforceableContractors Manual Pg 2-
Contractors must maintain complete financial and business records for the immediate preceding _____years. - answer>>>3 Years Contractors Manual Pg 2- It is estimated that how much percent of labor cost is spent on moving material from the curb to whereit is installed? - answer>>>8% to 10%
Builders Accounting Pg 115 What are the largest direct cost to a builder? - answer>>>Subcontracts, materials, labor Builders Accounting Pg 115 How do you report payment to a person not treated as an employee that is over $600? - answer>>>Filea form 1099-misc Contractors Manual Pg 3- What is required for a representative to receive confidential information and act on the behalf of theemployer concerning the reemployment assistance program? - answer>>>Power of Attorney Contractors Manual Pg 5- The bidder shall deliver the required bond to the owner not later than how many days following thedate of execution of the contract? - answer>>>3 days AIA-A701 Pg
