Ten questions in the style of the Florida Business and Finance exam. Pick your answer first, then read the explanation. This is a study warmup. The free 12-question practice quiz is the scored version, with email results.
This is an independent study aid, not affiliated with the Florida Department of Business and Professional Regulation (DBPR), the Construction Industry Licensing Board, or Pearson VUE. These are original questions in exam style, not real exam questions.
Question 1
A contractor's balance sheet shows current assets of $420,000 (including $90,000 of inventory) and current liabilities of $210,000. What is the quick ratio?
A. 1.57 B. 2.0 C. 1.43 D. 2.43
Answer: A. The quick ratio is (current assets minus inventory) divided by current liabilities: ($420,000 - $90,000) / $210,000 = 1.57. It is the stricter liquidity test because inventory, the least liquid current asset, is excluded.
Question 2
A certified general contractor without a roofing license wants to replace a roof on a commercial building. Which statement is most accurate?
A. The GC's unlimited scope covers roofing, so no second license is needed B. The GC must subcontract the roofing work or hold a separate roofing license C. The GC may self-perform the roofing if the contract is under $25,000 D. The GC may self-perform the roofing after giving the board 30 days' notice
Answer: B. Under Fla. Stat. section 489.113(3), a general contractor must subcontract roofing (along with electrical, mechanical, plumbing, sheet-metal, pool, and air-conditioning work) unless separately licensed in that trade. The GC scope is broad but not unlimited, and there is no dollar threshold or notice workaround.
Question 3
A job costs $80,000 and the contractor wants a 25% margin on price. What must the bid price be?
A. $100,000 B. $105,000 C. $106,667 D. $112,000
Answer: C. Margin is profit as a percentage of price: price = cost / (1 - margin) = $80,000 / 0.75 = $106,667. Bidding a 25% markup instead ($100,000) would underbid by $6,667. The exam loves this confusion.
Question 4
Under the Florida Contractors Manual open-book reference list, which edition of the AIA A701 document is the approved reference?
A. A701-2017 B. A701-2018 C. A701-2021 D. A701-2025
Answer: B. The approved references include AIA A201-2017, A401-2017, and A701-2018. Note the split: the two agreement documents are 2017 editions while the Instructions to Bidders is the 2018 edition.
Question 5
A lienor serves the Notice to Owner by certified mail on day 45 after commencing to furnish. Which statement is correct?
A. The notice is late; service must be completed by day 40 B. The notice is timely; mailing on day 45 is service within the 45-day deadline C. The notice is valid only if the owner signs a receipt D. The notice is valid only if sent by personal delivery
Answer: B. Fla. Stat. section 713.06(2)(a) requires service within 45 days, and the statute requires service, not receipt. Mailing on day 45 is timely. The 40-day figure is the certified-mail window that protects the lienor with a USPS mail log, a separate and earlier safe harbor.
Question 6
An initial certification applicant has a FICO-derived score of 640 with no unsatisfied judgments or liens. Under Rule 61G4-15.006, how may the applicant satisfy the financial-stability requirement?
A. Post a surety bond of at least $10,000 B. Complete a board-approved 14-hour financial-responsibility course C. Demonstrate net worth of at least $20,000 D. Obtain a co-signer with a qualifying credit score
Answer: B. The rule requires a FICO-derived score of at least 660, and the rule's only named sub-660 alternative is the board-approved 14-hour financial-responsibility course. The rule text does not name a bond or net-worth substitute.
Question 7
A contractor's LLC was formed in 2024. When was its first annual report due?
A. In the January 1 to May 1 filing window of 2024 B. In the January 1 to May 1 filing window of 2025 C. By March 1, 2025 D. By the third Friday in September 2024
Answer: B. The first report is due in the calendar year after formation or authorization, in the January 1 through May 1 window. March 1 is another state's deadline that stale prep materials import into Florida.
Question 8
A subcontractor last furnished labor on March 10. By what date must the claim of lien be recorded?
A. Within 45 days after March 10 B. Within 90 days after March 10 C. Within 60 days after March 10 D. Within 1 year after March 10
Answer: B. Fla. Stat. section 713.08(5) requires recording within 90 days after final furnishing, measured from the lienor's last day of furnishing, not the certificate of occupancy or substantial completion.
Question 9
On a lump-sum real-property contract in Florida, how does the contractor handle sales tax on materials?
A. The contractor collects 6% sales tax from the owner on the contract price B. The contractor is the final consumer, pays tax on material purchases, and collects no sales tax from the owner C. The contractor buys materials tax-free and remits use tax on the contract price D. The contractor collects tax only on the labor portion of the contract
Answer: B. Under lump sum, cost plus or fixed fee, guaranteed price, or time and materials real-property contracts, the contractor does not sell tangible personal property to the owner and is the final consumer of materials and supplies. The contractor pays sales tax when buying materials and collects no sales tax from the owner. The one exception is retail sale plus installation, where materials are itemized at a retail price and the contractor does act as a retailer.
Question 10
A business organization's only primary qualifying agent resigns on June 1 and no replacement is designated. What is the latest date the business may continue contracting?
A. June 30 B. July 1 C. July 31 D. August 1
Answer: C. The business may not continue contracting more than 60 days after termination of its only qualifier without designating another primary qualifier. Sixty days after June 1 is July 31. Separately, the board office must be notified of the separation within 30 days.
How you did
Seven or more correct and your fundamentals are solid; review the explanations for the ones you missed. Below that, spend time with the open-book strategy and the lien law posts, then come back. Notice how many of these questions turn on a single number. That pattern is the exam.
Try the free practice quiz
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