Florida Contractor Business Management Flashcards
7 cards from real Florida General Contractor practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Florida Contractor Business Management flashcards as text
Under Florida's Construction Lien Law, within how many days must a subcontractor serve a Notice to Owner after first furnishing labor or materials?
Answer: 45 days
A Notice to Owner must be served within 45 days of first furnishing labor or materials to preserve lien rights.
A qualifying agent for a Florida contracting business is primarily responsible for what?
Answer: Supervising the company's construction operations
The qualifying agent supervises the construction activities conducted under the company's license.
In job costing, direct labor plus direct materials plus direct job overhead equals what?
Answer: Total job cost
Total job cost is the sum of direct labor, direct materials, and job overhead.
How many days does an employer generally have to report a new hire to the Florida New Hire Reporting Center?
Answer: 20 days
Florida employers must report newly hired employees within 20 days of the hire date.
What does FICA tax fund?
Answer: Social Security and Medicare
FICA funds Social Security and Medicare through combined employer and employee contributions.
A contractor bids a job at $80,000 with costs of $64,000. What is the gross profit margin percentage?
Answer: 20%
Gross profit of $16,000 divided by revenue of $80,000 equals a 20% margin.
Which document is filed to formally terminate a contractor's recorded lien after payment?
Answer: Satisfaction of lien
A satisfaction of lien is recorded to release the property once the lien is paid.