Florida Contractors Manual Quiz

A properly registered fictitious name is valid for ________________

Which of the following would have jurisdiction over dredging or excavation of navigable waters and wetlands?

The name of the form which is used to apply for sales tax is?

Which of the following is NOT true about a fictitious name registration?

If the partnership earns $244,000, how much will Noah receive?

If the above partnership were dissolved, showing a net loss of $60,000, how much would Noah owe?

According to the Contractor's Manual, starting capital should be enough to cover living expenses for between which of the following?

A Partnership will be dissolved if which of the following applies?

Which of the following is NOT characteristic about a General and Limited Partnership?

Which of the following is NOT true about a sole proprietor, a/k/a DBA, operating a business in his own name?

Which of the following is an advantage of owning a corporation?

Unlicensed practice of a profession is punishable by an administrative penalty not to exceed _______.

Which of the following applies to a qualifying agent of a corporation?

If a contractor is disciplined by the board and is the qualifying agent for a business organization, the board may impose an additional administrative fine not to exceed___________?

Fictitious Name Registration

A properly registered fictitious name is valid for 5 years.
A fictitious name must be advertised at least once.
Upon a change of ownership, the owners must file for cancellation and re-registration within 45 days.
Renewal of fictitious name registration is required between July 1 and December 31 in the expiration year.

Jurisdiction and Regulatory Bodies

The U.S. Army Corps of Engineers has jurisdiction over dredging or excavation of navigable waters and wetlands.

Tax Forms and Requirements

The form used to apply for sales tax is DR-1.
A fictitious name filing and a Tax Identification Number are both necessary for a sole proprietor operating in their own name.

Partnership Financials

In a partnership where Noah, Evan, and Steven invested varying amounts, Noah would receive more than $110,000 if they earned $244,000.
If the partnership faced a net loss of $60,000, Noah would owe $60,000.

Starting Capital

Contractors should have enough starting capital to cover living expenses for 3 months to a year.

Partnership Dissolution

A partnership is dissolved if unlawful activity occurs, or through a court decree under the partnership act.

General vs. Limited Partnership

Limited partnerships have two types of partners, while general partnerships do not.
General partners in limited partnerships have unlimited personal liability; limited partners do not.
Limited partners in an LP do not have management responsibilities.

Corporations

An advantage of owning a corporation is continuity of existence.
Corporations are generally easier to manage due to structured hierarchy and shared management responsibilities.

Professional Licensure Penalties

Unlicensed practice of a profession incurs an administrative penalty up to $5,000.
A contractor disciplined by the board may face additional fines against the business, not exceeding $5,000, if associated persons participated in or failed to correct a violation.

Qualifying Agents

A qualifying agent for a corporation is qualified to act in all matters related to its construction business.

Test your knowledge with 100 practice questions based on the Florida Contractors Manual. This quiz will help you prepare for potential scenarios, legalities, and regulations related to contracting in Florida. Challenge yourself and enhance your understanding of essential concepts every contractor should know.