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FLORIDA AIR EXAM BUSINESS AND FINA NCE
EXAM NEWEST ACTUAL EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
Question 1: 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%
CORRECT ANSWER : $20.39 Per Hour
Question 2: 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?
CORRECT ANSWER : 194,400 is the cost of sales
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Question 3: A HVAC company's Sales tax in 2017 were
$300,000. In order to show a profit of 45%, the cost of goods sold would be?
CORRECT ANSWER : $135,000
Question 4: Using the percentage of completion method, what is
the gross profit to date of a construction project that has a contract amount of $130,000, cost to date is $99,970, and cost to complete the project is $11,760.
CORRECT ANSWER : $16,341
Question 5: Based on the following statement: -Subcontractor $62,000 -Contract Income $87,560 -Misc. Income $26,344 -Construct. Materials $29,340 -Sale&Overhead $19,670
WHAT IS THE GROSS PROFIT?
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CORRECT ANSWER : $22,164
Question 6: The categories under assets, liabilities, equity,
revenues, and expenses are called?
CORRECT ANSWER : Accounts
Contractor's Manual 2017 Pg 3-18
Question 7: The total principal and interest that will be due at
the end of a term loan is the ______.
CORRECT ANSWER : Maturity Value
Contractor's Manual 2017 Pg 3-73
Question 8: In what way can a employee not pay overtime for a
employee working hourly and working over 40hrs in a week?
CORRECT 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
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Question 9: Which insurance will cover materials while in
transit or at temporary storage?
CORRECT ANSWER : Builder's Risk coverage
Contractors Manual 2017 Pg 4-7
Question 10: The contractor as soon as practicable after award
of the contract shall notify The Owner and Architect of the name and qualifications of a superintendent. Within ____ days the Architect or owner may object to the proposed superintendent.
CORRECT ANSWER : 14 days
AIA-A201 Pg 15 Article 3.9.2
Question 11: What is the only way to enforce a lien for period
longer than 1 year?
CORRECT ANSWER : Filing a suit
Contractors Manual 2017 Pg 9-30
