Florida Business and Finance Free Practice Exam

(Florida) Required for General Contractors, Building Contractors, Residential Contractors and Specialty Contractors

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Master the Florida Business & Finance Exam: Your Free Path to Success

Are you feeling uncertain about the business portion of your contractor’s exam? You’re not alone. Every week, aspiring contractors across Florida face this crucial hurdle on their path to licensure. But here’s the good news: you’ve just found the smartest way to start your preparation – completely free.

Why Traditional Study Methods Fall Short

Many candidates waste time and money on:

Expensive prep courses before they’re ready
Outdated study materials that don’t reflect current Florida regulations
Generic business guides that aren’t contractor-focused

The Smart Contractor’s Advantage: Start With Free Practice

From Tallahassee to Key West, successful contractors are using our free system because:

Real-World Experience Focus
- Questions based on actual Florida business scenarios
- Current state financial regulations and requirements
- Practical contractor-specific business concepts
Strategic Learning Features
- 10 targeted questions per practice session
- 30-minute timed format for proper pacing
- 25 free attempts to build confidence
Adaptive Learning Path
- Random question selection from 40+ question bank
- Fresh scenarios with each attempt
- Bookmark feature for review and improvement

Proven Success Throughout Florida

Join hundreds of contractors from Orlando, Tampa, and Fort Lauderdale who started their journey with our free practice tests. Our users report feeling more confident and better prepared for both the exam and real-world business challenges.

“Starting with the free practice test helped me identify my weak areas before investing in full prep materials. I passed my business exam on the first try!” – David M., Licensed Contractor, Sarasota

Why Our Free Practice Test Works

Authentic exam simulation with proper timing
Questions that mirror actual complexity
Regular updates to match current requirements
Zero cost to start your preparation

Ready to Begin Your Journey?

Don’t let the business exam stand between you and your contractor’s license. Start with our free practice test today – because smart preparation begins with understanding where you stand.

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Florida Business and Finance Free Practice Test

Welcome to Your Florida Business & Finance Free Practice Test

Ready to boost your confidence for the business portion of your contractor's exam? You're about to experience a focused practice session designed by successful Florida contractors who've been exactly where you are now.

Practice Test Format:

10 targeted questions drawn from our bank of 40+ real-world scenarios

30-minute time limit (3 minutes per question)

Take up to 25 free attempts to perfect your knowledge

Pro Success Strategy: Use the bookmark feature for challenging questions – this same time management technique has helped contractors across Florida ace their exams, from Jacksonville to Miami.

What Makes This Practice Test Valuable:

Questions crafted by licensed Florida professionals

Current Florida business regulations

Real scenarios you'll encounter on exam day

Ready to start building your path to success? Click "Start" when you're ready to begin.

The number of attempts remaining is 25

Please enter your following information to get started:

1 / 10

Controlling purchases using a purchase order system could help you control ____________.

A) accounts receivable

B) bad debts

C) job costs before you are committed

D) payroll

2 / 10

What can a contractor determine at the break-even point?

A) various yields for different types of jobs

B) the kind of work that is needed to reach a volume goal

C) growth potential

D) the least amount of sales needed to break even, assuming costs and expenses remain reasonably constant

3 / 10

According to AIA document A-401 the contractor shall pay the subcontractor each progress payment and the final payment within days after he receives payment from the owner

A) 3

B) 5

C) 7

D) 10

4 / 10

Given the following income statement:

Total Sales $750,000
Direct Costs $500,000
Gross Profit $250,000
Variable Expenses $ 50,000
Fixed Expenses $ 75,000

What would be the projected level of sales at which the company would neither make money nor lose money?

A) $275,555

B) $288,461

C) $295,453

D) $290,555

5 / 10

Which of the following is not true about corporations?

A) With an "S" corporation there is no corporate tax - you are allowed to pay taxes as an individual

B) Closely held corporations operate more informally.

C) There is no limit of shareholders for either a C-type or S-type corp.

D) C-type corporations have the possibility of double taxation.

6 / 10

The contractor shall submit to the architect an itemized application for payment for operations completed in accordance with the schedule of values at least _____days before the date established for each progress payment.

A) 5

B) 7

C) 10

D) 21

7 / 10

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

A) He is only qualified to act for the business during normal working hours

B) He is qualified to act for the corporation in all matters connected with its construction business

C) He does have authority to supervise in all areas of the company's business

D) None of the above

8 / 10

Who has the authority to reject work that does not conform to the contract documents?

A) owner

B) architect

C) contractor

D) subcontractor

9 / 10

According to Florida Construction Lien Laws, which of the following is considered an improper payment by an owner to a contractor?

A) a payment made before notice of commencement expires

B) before any notice to owner is received

C) after a notice to owner has been served and a waiver of release has been obtained by the owner

D) payments made by owner after a notice to owner has been served and before a waiver has been obtained by the owner

10 / 10

According to Contractors Manual, which party has lien rights?

A) sub-sub-subcontractor

B) laborer for sub-subcontractor

C) material supplier providing materials sold just for stock and not for direct delivery to the site

D) material man providing materials to another material man

Your score is

The average score is 58%

If you are looking for advanced preparation for the
Florida Business and Finance 120 Question Exam , please click here.

What is the Florida Business and Finance Exam?

Last Updated: January 1, 2025

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4.9 out of 5 stars (based on 27 reviews)

Let us know what you think!

The Florida Business and Finance Exam is a mandatory exam that must be passed by individuals seeking a contractor’s license in the state of Florida. This exam is a crucial component of the licensing process, ensuring that candidates possess the necessary knowledge to manage the financial and business aspects of a contracting business.

The exam covers a range of topics, including:

Business Organization: Understanding the different types of business entities, such as sole proprietorships, partnerships, corporations, and LLCs, and the implications of each.
Financial Management: Knowledge of financial statements, accounting practices, budgeting, and cash flow management.
Risk Management: Insight into insurance, bonding, and the management of business risks.
Construction Liens and Bonds: Understanding of the legal aspects of liens and bonds in the construction industry.
Tax Laws: Familiarity with state and federal tax laws, including payroll taxes and employee benefits.
Labor Laws: Understanding of employment laws, workers’ compensation, and other labor-related regulations.
Project Management: Knowledge of project planning, scheduling, and resource management.
Contracts: Understanding of the components of construction contracts, contract law, and dispute resolution.

Passing the Florida Business and Finance Exam is essential for obtaining a contractor’s license in Florida. It demonstrates that you have the business acumen and financial understanding necessary to run a successful contracting business, ensuring that you can manage projects effectively and comply with all relevant legal and financial obligations.

Who needs to pass the Florida Business and Finance Exam?

The Florida Business and Finance Exam must be passed by individuals seeking to obtain certain types of contractor licenses in Florida. This includes, but is not limited to:

General Contractors: Those who want to engage in general contracting, which involves the construction, repair, remodeling, or improvement of any building or structure.
Building Contractors: Contractors who intend to construct or demolish buildings or structures and engage in activities related to the repair, remodeling, or improvement of such structures.
Residential Contractors: Individuals who want to focus specifically on the construction, repair, and remodeling of residential homes, including single-family homes, duplexes, and certain small residential buildings.
Electrical Contractors: Those who plan to work on the installation, repair, and maintenance of electrical systems in residential, commercial, or industrial buildings.
Plumbing Contractors: Individuals looking to engage in plumbing work, which involves the installation, repair, and maintenance of plumbing systems, including water supply and drainage systems.
HVAC Contractors: Contractors who work with heating, ventilation, and air conditioning systems, including their installation, repair, and maintenance.
Specialty Contractors: Individuals seeking a license in specific trade areas, such as roofing, sheet metal, pool/spa work, and other specialized construction activities.

In general, anyone pursuing a contractor’s license in Florida that involves the operation of a business or managing projects is required to pass the Business and Finance Exam. This requirement ensures that contractors possess the necessary business and financial knowledge to operate effectively and responsibly within the industry.

Where can I take the Florida Business and Finance Exam at?

The Florida Business and Finance Exam can be taken at authorized testing centers managed by Pearson VUE, the company that administers the exam on behalf of the Florida Department of Business and Professional Regulation (DBPR). These testing centers are located throughout Florida and in some locations outside the state.

Here’s how you can schedule and take the exam:

Find a Testing Center: Visit the Pearson VUE website and use their test center locator to find a convenient location near you. Pearson VUE has numerous testing centers across Florida, including major cities like Miami, Orlando, Tampa, Jacksonville, and Fort Lauderdale.
Schedule Your Exam: Once you’ve identified a convenient testing center, you can schedule your exam through the Pearson VUE website. You’ll need to create an account, select the Florida Business and Finance Exam, choose a date and time that works for you, and pay the exam fee.
Online Proctored Exam Option: In some cases, Pearson VUE may offer an online proctoring option that allows you to take the exam remotely from your home or office. This option requires a computer with a webcam and a reliable internet connection, along with a quiet, private space.
On the Day of the Exam: Arrive at the testing center at least 30 minutes before your scheduled time. You’ll need to bring a valid, government-issued photo ID, and you’ll be required to follow the testing center’s procedures for checking in and taking the exam.

Taking the exam at an authorized Pearson VUE testing center ensures that the exam is conducted in a secure and controlled environment, allowing you to focus on performing your best.

What are some questions that might be on the Florida Business and Finance Exam?

The Florida Business and Finance Exam covers a wide range of topics related to business management, financial principles, legal regulations, and construction industry practices. Here are some examples of the types of questions you might encounter on the exam:

1. Business Organization:

Question: What is the primary advantage of forming a limited liability company (LLC)?
- A. Simplified tax reporting
- B. Personal liability protection
- C. Easier access to capital
- D. No state filing requirements
Correct Answer: B. Personal liability protection

2. Financial Management:

Question: If a construction project’s estimated total cost is $500,000, and the contractor’s fee is 15%, what is the total contract price?
- A. $575,000
- B. $500,000
- C. $575,750
- D. $550,000
Correct Answer: A. $575,000

3. Contracts and Agreements:

Question: Which of the following is typically NOT included in a construction contract?
- A. Scope of work
- B. Payment terms
- C. Project timeline
- D. Contractor’s personal credit score
Correct Answer: D. Contractor’s personal credit score

4. Tax Laws:

Question: Which form must be filed by an employer to report quarterly federal tax returns?
- A. Form 940
- B. Form 941
- C. Form 1040
- D. Form W-2
Correct Answer: B. Form 941

5. Labor Laws:

Question: Under the Fair Labor Standards Act (FLSA), which of the following employees is exempt from overtime pay?
- A. A salaried manager earning $60,000 per year
- B. An hourly worker earning minimum wage
- C. A part-time employee working fewer than 20 hours per week
- D. A full-time hourly worker earning more than $15 per hour
Correct Answer: A. A salaried manager earning $60,000 per year

6. Project Management:

Question: What is the purpose of a Gantt chart in project management?
- A. To estimate project costs
- B. To visualize the project schedule
- C. To monitor employee performance
- D. To ensure legal compliance
Correct Answer: B. To visualize the project schedule

7. Risk Management:

Question: What type of insurance is typically required for a contractor to protect against claims of negligence?
- A. General liability insurance
- B. Property insurance
- C. Workers’ compensation insurance
- D. Life insurance
Correct Answer: A. General liability insurance

8. Construction Liens and Bonds:

Question: What is a mechanic’s lien used for in the construction industry?
- A. To finance a project
- B. To claim payment for work performed
- C. To establish ownership of equipment
- D. To resolve contract disputes
Correct Answer: B. To claim payment for work performed

These sample questions reflect the broad spectrum of knowledge required to pass the Florida Business and Finance Exam. The actual exam questions will be more detailed and may involve specific scenarios related to the construction industry, requiring not only factual knowledge but also the ability to apply concepts to real-world situations.

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