FLORIDA CONTRACTORS MANUAL ACTUAL EXAM (2 LATEST VERSIONS) QUESTIONS AND ANSWERS 2025, Exams of Nursing

Download FLORIDA CONTRACTORS MANUAL ACTUAL EXAM (2 LATEST VERSIONS) QUESTIONS AND ANSWERS 2025 and more Exams Nursing in PDF only on Docsity! FLORIDA CONTRACTORS MANUAL ACTUAL EXAM (2 LATEST VERSIONS) QUESTIONS AND ANSWERS 2025 All of the following are true regarding a general partnership except: - ✔✔ANSWER✔✔->>>>>>>>There is a potential taxation on earnings A joint venture is: - ✔✔ANSWER✔✔->>>>>>>>Two or more persons or entities jointly seeking a profit in some specific venture without an actual partnership or corporation designation Which of the following is true regarding a joint venture? - ✔✔ANSWER✔✔- >>>>>>>>A joint venture is generally limited to a single transaction One advantage of a standard corporation is: - ✔✔ANSWER✔✔->>>>>>>>Fringe benefits are tax deductible Which of the following is an advantage of an S Corporation? - ✔✔ANSWER✔✔- >>>>>>>>As sole proprietors, income or losses are reported as to an individual taxpayer. Which of the following is an advantage of a regular corporation? - ✔✔ANSWER✔✔->>>>>>>>tax deductible fringe benefits Which of the following statements is true concerning an S Corporation? - ✔✔ANSWER✔✔->>>>>>>>Only individuals or estates can be shareholders Occupational licenses may be required for every business and are issued by the: - ✔✔ANSWER✔✔->>>>>>>>Counties and Cities A person may engage in business under a fictitious name with the: - ✔✔ANSWER✔✔->>>>>>>>Division of Corporations How long is a registered fictitious name valid for? - ✔✔ANSWER✔✔->>>>>>>>5 years Which of the following construction projects requires a licensed contractor? - ✔✔ANSWER✔✔->>>>>>>>Bank Which of the following must be subcontracted by a state certified general contractor, unless a general contractor holds a state certificate of competency or a license in that area? - ✔✔ANSWER✔✔->>>>>>>>Air conditioning ductwork According to Chapter 489 of the licensing law, what work can a licensed general contractor do on new buildings? - ✔✔ANSWER✔✔->>>>>>>>fiberglass shingle roofing 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? - ✔✔ANSWER✔✔->>>>>>>>the general contractor may do the work himself When the sole qualifying agent leaves the employ of a business organization, the organization must replace the qualifying agent within: - ✔✔ANSWER✔✔- >>>>>>>>60 days A qualifying agent for a business organization: - ✔✔ANSWER✔✔->>>>>>>>is legally qualified to act for the business in all matters connected with contracting A secondary qualifying agent is responsible for: - ✔✔ANSWER✔✔->>>>>>>>the supervision of field work at sites where the agent's license was used to obtain the building permit Which of the following is NOT an IRS category used to define independent contractors? - ✔✔ANSWER✔✔->>>>>>>>remuneration 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. - ✔✔ANSWER✔✔->>>>>>>>first degree misdemeanor 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: - ✔✔ANSWER✔✔- >>>>>>>>triple the amount of damages, plus attorneys fees A business organization must inform the Department of Business and Professional Regulation by mail of any change in the information required to be submitted within _____ days following the change - ✔✔ANSWER✔✔->>>>>>>>45 A contractor license number must appear in all of the following advertisements concerning the contractors except: - ✔✔ANSWER✔✔->>>>>>>>free yellow page ads The licensing board can impose an administrative fine of up to on a contractor for proceeding on any job without obtaining applicable local building permits and inspections. Assume the building permit was applied for late - ✔✔ANSWER✔✔->>>>>>>>$3,000 A fine of up to can be imposed on a contractor for proceeding and completing any job without obtaining applicable local building permits - ✔✔ANSWER✔✔->>>>>>>>$5,000 A maximum of of the required continuing education hours can be fufilled by the performance of pro bono services to the indigent or to underserved populations within the state where the licensee practices - ✔✔ANSWER✔✔- >>>>>>>>25% According to Florida Statutes Chapter 455, the board shall keep an accurate record of each applicants examination questions, answers, papers, grades, and grading key for a period of not less than immediately following the examination - ✔✔ANSWER✔✔->>>>>>>>2 year Each continuing education provider shall retain all records relating to a licensees completion of continuing education courses for at least after completion of a course - ✔✔ANSWER✔✔->>>>>>>>4 years Foreign-trained professionals shall be eligible for professional examinations in Florida provided they immigrated to the United States because of political reasons and their home country is located in: - ✔✔ANSWER✔✔->>>>>>>>The Western Hemisphere What is the maximum fee the Board may charge for the issuance of a duplicate license? - ✔✔ANSWER✔✔->>>>>>>>$25 No license shall go through the mediation process more than times without the approval of the Department - ✔✔ANSWER✔✔->>>>>>>>3 A citation issued by the board to a licensee shall become a final order unless the licensee disputes the matter in the citation with the board within : - ✔✔ANSWER✔✔->>>>>>>>30 days after the citation is served. How many days does a business have to obtain a qualifying person if they lose their previous qualifier? 60 Days What action must a septic contractor take after the installation of a new septic tank before covering it with earth and placing it into service? Notify the county health department and have the system inspected The amount a company spends to provide goods and services to its customers is known as? Expenses A licensed fire alarm company interviewed a 17 year old high school drop out for a fire alarm agent position. A background check reveals that he was convicted of possession of a controlled substance four years ago. Should the company hire this individual? No, the minimum age is at least 18 years old How many members does the construction licensing board consist of? 18 If an applicant is employed as an alarm system agent, and does not complete the training or receive a satisfactory criminal background check within 90-day period, what must the sponsoring licensed contractor do? The employment must be terminated immediately Within how many minutes of activation must an "audible alarm" signal terminate? 15 minutes What are three means to establish evidence that the applicant possesses the ability to properly supervise construction activities when qualifying an additional business entity? Owns 20% or more of the business; Receives a W-2; or provides evidence of the means and methods utilized to ensure control over the construction work. 61G4-15.015 provides for the certification of what type of structure contractors? Specialty Structure Contractors What is the minimum distance a sewage system can be located from a private potable well or multi-family water system? 75 feet The matching of expenses with the revenues that they helped generate is called the ? Matching concept What is an entity comprised of at least one general partner and has one or more limited partners? Limited Partnership If the qualifying agent ceases to be affiliated with a business, how long does the business have to notify the DBPR? 60 days According to 489, the fee for an applicant submitting an initial application may not exceed how much? Assume personal responsibility for all financial aspects of the business organization A Contractor who receives, as initial payment, money totaling more than 10 percent of the contract price must apply for permits and begin work within how many days? Apply for permits within 30 days & start the work within 90 days after permits are issued What is the result of failure to pay a civil penalty within the specified period? The licensee shall surrender his/her licensure How many years must a license retain records on the completion of continuing education requirements? 3 years What must an applicant do if they fail to obtain a passing score on any portion of the exam more than 3 times? Complete a minimum of 7 hours of continuing education courses in area(s) in which exam score of 75% was not achieved When can a "Sanitary Pit Privy" be utilized? Only at remote locations where electrical service is unavailable Investments or withdrawals by the owner and earnings or losses by the company result in what? Changes in equity What is the goal of recording income & expenses when they are incurred, rather than when they are actually paid? To accurately match earnings with the events that resulted in the earnings What is the simplest form of a business organization? Sole Proprietorship What are the two types of partnerships? General partnership and limited partnership What is the difference between a partnership and a joint venture? The joint venture is usually limited to a single transaction What three categories are used to determine whether a person is classified as an independent contractor or an employee? Behavioral, Financial, and Type of Relationship Under what state statue would an applicant locate the information to determine whether they might receive credit for relevant military service? 489.1131 According to the Florida Administrative code, what is the minimum clear height of a "story"? 7 feet or more What does the term "call verification method" refer to? The monitoring facility personnel making two or more attempts to make contact prior to dispatch What is the fee for a site evaluation by the County Department of Health? $115 A statement which shows the earnings earned over any particular period of time is called an ? Income statement What type of business structure should be formed for a single transaction with two or more entities seeking a profit? Joint venture Where is a licensed contractor required to place the state issued license number? On all building permits & any advertisements including vehicles How much could a contractor be fined for committing fraud or deceit in the field of contracting? $2,500 - $10,000 What information may be included in the periodical published by the department? A summary of final orders resulting in fines, suspensions, or revocations What is the purpose of the Florida Homeowners' Construction Recovery fund? It is a fund for homeowners to recover payments, up to a limited amount Applicants for "General or building contractor" must have commercial experience in what specific areas? Foundations or Slabs in excess of twenty thousand (20,000) square feet, masonry walls, steel erection, elevated slabs, precast concrete structures, column erection, formwork for structural reinforced concrete If a person wishes to become a "Certified Electrical Contractor" what percentage of their expense must be in 3-phase service? 40% The recording of business and financial data in a prescribed manner is known as ? Bookkeeping Where are transactions recorded before they are recorded on the financial statements and why? In a journal Current and fixed assets, current and long-term liabilities, and equity are categories found in ? The balance sheet Which business structure has the possibility of double taxation? Corporation What is one key difference between a Corporation and an "S" corporation? Provisions allow shareholders to absorb all corporate income or losses as partners and report it as individual taxpayers How long is a Fictitious name registration valid? 5 years A person may engage in business under a fictitious name by registering the name with who? The Division of Corporations What must a partnership, joint venture, corporation do before engaging in the business of contracting? Apply for a license through a qualifying agent What are the duties of an effective manager? Planning, organizing, directing, controlling, standardizing, assigning and communicating effectively What is meant by a "termination" of a partnership? The point in time when all the partnership affairs are wound up What are the two types of formal dissolution of a corporation? Voluntary and Involuntary What type of permit does the U.S. Army Corps of Engineers Jacksonville District or the Florida Department of Environmental regulation provide when required? Construction across navigable waters Which Florida Statute provides for the license & regulation of all contractors? Chapter 489 What are the responsibilities of the professional boards? Determine licensing eligibility, investigate complaints against licensees and take disciplinary action Where can a registered contractor perform work? In the jurisdiction that issued the license or in areas that recognize the certification Where may a certified contractor work? In any city, county or district in the state measure of how much money the company owes to others that must be paid within 1 year? Current liabilities When are "operating expenses" incurred? While providing the goods or services the company sells Expenses incurred in the administration of the business that do not particularly relate to providing particular goods or services are knows as ? Administrative expenses What type of expense is insurance considered? Prepaid expenses Allocating the cost of a piece of equipment over its useful life is ? Depreciation What is "MACRS" and what is it used for? Modified Accelerated Cost Recovery System and it's a used asset depreciation cost recovery How can a contractor expense an automobile that is used wholly or partially for business purposes without the complexity of keeping track of an automobile expenses and computing annual depreciation deductions? Tracking mileage used in the course of business and the applicable IRS mileage deduction rate How much can be deducted on a depreciating luxury vehicle on year 3 if it was used for business only 80% of the time? $7,760 is another way of saying "depreciation" and implies that the cost of an item is written off in equal amounts over a period of time. Amortization What is the process called when a lengthy journal entry is made which makes the revenue and expense account balances go to zero, takes what is left over (the year's income) and makes it a new account under equity on the balance sheet called previous years earnings? Closing the books