Practice Test Geeks(FCC) Florida Certified Contractors Practice Test
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Estimating, Bidding & Financial Management Flashcards

7 cards from real FCC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Estimating, Bidding & Financial Management flashcards as text

  1. A contractor submits a bid and later discovers a material error in the estimate. Under Florida law, what is the contractor's BEST course of action?

    Answer: Notify the owner immediately and request bid withdrawal before award

    Florida courts generally allow bid withdrawal for material, clerical errors if the contractor notifies the owner promptly before contract award.

  2. Which cost category includes project manager salary, office rent, and company vehicles when allocated across multiple projects?

    Answer: General overhead costs

    General overhead (indirect costs) covers expenses not tied to a single project but necessary to run the business, allocated proportionally.

  3. A contractor's bid bond is typically set at what percentage of the total bid amount?

    Answer: 5–10%

    Bid bonds on public projects in Florida are commonly required at 5–10% of the bid to guarantee the bidder will enter the contract if selected.

  4. What does the term 'unit price contract' mean in construction bidding?

    Answer: Payment based on actual quantities of work at pre-agreed prices per unit

    Unit price contracts establish a price for each measurable unit of work; the total is determined by multiplying unit prices by actual quantities installed.

  5. When preparing a Schedule of Values for a project, which principle should govern how line items are broken down?

    Answer: Reflect the actual cost distribution of the work

    A Schedule of Values must honestly represent the proportional cost of each work element to support accurate progress billing.

  6. A subcontractor quotes $45,000 for plumbing rough-in. The general contractor adds 10% markup and 5% overhead. What is the total cost included in the bid?

    Answer: $51,975

    $45,000 × 1.10 = $49,500 (markup), then $49,500 × 1.05 = $51,975 (overhead applied to marked-up sub cost).

  7. Florida Statute 255.0525 governs advertisement of public construction bids. What is the minimum advertisement period for projects over $500,000?

    Answer: 21 days

    Florida Statute 255.0525 requires at least 21 days of public advertisement for construction contracts exceeding $500,000.