Florida Contractors Manual Quiz

Questions and Answers

A properly registered fictitious name is valid for ________________

2 years

5 years (correct)

1 year

3 years

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

U.S. Army Corps of Engineers (correct)

Florida Dept. of State

Florida Dept. of Transportation

U.S. Dept. of the Interior

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

DR-1 (correct)

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

If a change of ownership occurs, the owner(s) of record must file a cancellation and registration within 45 days of filing Signup and view all the answers

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

More than $110,000 Signup and view all the answers

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

$60,000 Signup and view all the answers

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

3 months to a year Signup and view all the answers

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

A and C Signup and view all the answers

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

In a limited partnership, the limited partners have no management responsibility. Signup and view all the answers

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

Both A and B Signup and view all the answers

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

Continuity of existence. Signup and view all the answers

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

$5,000 Signup and view all the answers

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

He is qualified to act for the corporation in all matters connected with its construction business. Signup and view all the answers

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___________?

$5,000 Signup and view all the answers

Study Notes

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.

Description

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.