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FLORIDA CONTRACTORS MANUAL 2024
ACTUAL EXAM (2 LATEST VERSIONS) ACTUAL
EXAM COMPLETE 400 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+ ||BRAND
NEW!!
FLORIDA CONTRACTORS MANUAL VERSION A
What happens if an applicant for a certified Electrical or Alarm system contractor fails the test three times? - ANSWER- They must complete additional courses in the areas of deficiency, submit new application and pay appropriate fees
What is required for an employee of a licensed plumber working on a medical gas installation? - ANSWER- 8- hours of both classroom and practical work medical gas course
Division I applicants that cannot demonstrate a credit score, FICO of 660 or higher must provide a financial 1 / 4
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stability bond or irrevocable letter of credit in what amount? - ANSWER- $20,000
How can an applicant that is required to supply a financial stability bond or letter of credit reduce the amount? - ANSWER- By completing a 14-hour financial responsibility course approved by the board
How does a sole proprietorship, partner or corporate officer in a business actively engaged in the construction industry become exempt from the provisions of the workers' compensation? - ANSWER- By filing a Construction Industry Notice of Election to be Exempt with the Division of Workers' Compensation of the Department of Labor and Employment Security
What are the minimum amounts of public liability and property damage insurance a general or building contractor must have? - ANSWER- $300,000 liability/ $50,000 property damage
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_____ measure of how much money the company owes to others that must be paid within 1 year? - ANSWER- Current liabilities
When are "operating expenses" incurred? - ANSWER- 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 ___? - ANSWER- Administrative expenses
What type of expense is insurance considered? - ANSWER- Prepaid expenses
Allocating the cost of a piece of equipment over its useful life is __? - ANSWER- Depreciation
What is "MACRS" and what is it used for? - ANSWER- Modified Accelerated Cost Recovery System and it's a used asset depreciation cost recovery
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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? - ANSWER- 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? - ANSWER- $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. - ANSWER- 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? - ANSWER- Closing the books
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