1 Exam Prep GITS Business Procedures Final Practice Exam 1

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1 1 Exam Prep GITS usiness Procedures Final Practice Exam 1 usiness Procedures Final Exam 1 Please write what ook, Page number & Section for each answer 1. ll contractors who are registered pursuant to this chapter shall maintain complete financial and business records for the immediately preceding years contractor who receives, as initial payment, money totaling more than 10 percent of the contract price for repair, restoration, improvement, or construction to residential real property must: have at least 1 worker on the jobsite within 24 hours start the work within 30 days after the date all necessary permits for work, if any, are issued, unless owner agreed in writing prior to the contract being signed. purchase materials within 72 hours for the job apply for permits necessary to do work within 30 days after the date payment is made, except where the work does not require a permit. 3. ontracts entered into by unlicensed contractors are. enforceable to the fullest extent of the law can be used as evidence in a lien proceedings unenforceable & Only 4. means an alarm system contractor whose business includes all types of alarm systems other than fire, for all purposes, except herein provided. larm system contractor larm system contractor I larm system contractor II larm system contractor Unlimited 5. means a geographically unlimited certificate of competency issued by the department as provided in this part. ertification ertificate Registered ertified 1 Exam Prep usiness Procedures Final Practice Exam 1 1

2 6. ccording to the Worker's ompensation Law, If an injured employee at the time of the accident is a minor employed in violation of any provision of the child Labor Law. The employer shall be liable for up to in compensation. $5,000 in addition to other required compensation. 1.5 times the amount otherwise payable. 2 times the amount otherwise payable. 3 times the amount otherwise payable. 7. The notice to owner must he provided as a first step in perfecting a lien by: E Persons in privity with the owner. rchitects, landscape architects, engineers & land surveyors. Persons performing services in connection with subdivisions site improvement. Persons not in privity with the owner, except architects, engineers, landscape architects, land surveyors, and subdivision site development contractors. Posting a notice to laborers at the job site. 8. ccording to 0.S.H.. Health & Safety Regulations the term "Subcontractor" means: E Laborers and materials employed directly upon site work. Person who agrees to perform any part of the labor or material requirements of contract for onstruction. Supplier of goods or materials in question, which are ordinarily sold to other customers from Regular inventory. Officer of a construction company. oth b & d are correct. 9. n employee must make a monthly deposit if the total amount of income tax, Medicare and social security for the four quarters in the look back period is: $60,000 or less greater than $50,000 $50,000 or less greater than $60, ll but which of the following elements is necessary for a contract to be enforceable? There must be an exchange of value. The contract must be in writing. ll parties in the contract must be of sound mind. The object of the contract must be lawful. 1 Exam Prep usiness Procedures Final Practice Exam 1 2

3 11. single carpenter earns $14. 50/hr and receives a production bonus in February of $100 for the week. If he works 50 hours this pay period, what is his gross pay? He has 2 withholding allowances Form I-9, eligibility requirement, should be retained by the employer for years. 1 year 3years 5 years 7 years 13. Which of the following is not exempt from chapter 489: ontractors who work on roads and bridges n individual performing contracting work for the public n employee of the federal government working on a federal project person who represents himself as a contractor, but only for jobs under $1, Which statement is true concerning a qualifying agent who gives a 2 weeks notice of his intention to leave the company, therefore removing his license from qualifying the company. The company has 30 days to find a new qualifier The qualifier must give 60 days, notice before he can leave n executive of the company can take over only if approved and only to finish incomplete contracts The business organization has 45 days to notify the board 15. ccording to the Fair labor Standards ct (FLS), employers are required to keep payroll records for years, but time cards must be kept for years. 4,4 4,3 3,3 3,2 16. The mericans with isabilities ct applies to employers with or more employees Exam Prep usiness Procedures Final Practice Exam 1 3

4 17. Which of the following individuals would NOT have a lien right? professional engineer, hired by the owner, for a subdivision which never gets built not in privity subcontractor who filed a notice to owner within 30 days of starting his or her work n not in privity subcontractor who filed a notice to owner within 45 days of starting his or her work supplier of a supplier 18. not in privity subcontractor filed a notice to owner on 2 Feb. 1998, on a job that he had begun on 1 Feb., If this subcontractor files a lien in 3, pril, 1998, how many days would he have to enforce the lien once the court clerk had certified and served a contest of lien? No more than gallons of combustible materials can be stored inside a regular storage area The definition of one hour of required ontractor ontinuing Education is: 60 minutes of classroom instruction 50 minutes 60 minutes of online or classroom instruction minutes 21. The maximum payment which can be applied from the recovery fund against any one license holder in One Year is: $25,000 $25,000 plus damages $100,000 $ plus damages 22. When masonry blocks are stacked more than 6 feet high, what are the requirements? tapered back one-half block per tier level within 5 degrees must be on a pallet all of the above 1 Exam Prep usiness Procedures Final Practice Exam 1 4

5 23. Which of the following is NOT TRUE regarding F.S. 713? Lien rights cannot be waived ny supplier or material man providing materials to another material man does not have a lien right No lien may be enforced by a lienor who is not properly licensed at the time of the lien n in privity contractor must file a notice to owner within 45 days of first starting the work 24. payroll tax information filing return for the 2nd quarter of a given year for an employer who has deposited all taxes when due would be: June 1 June 10 July 1 ugust Which of the following is NOT a requirement of an "S" orporation? The corporation must be a domestic entity The corporation can have only one class of stock Less than 80% of its revenue can be generated non- domestically ividends and rents can account for more than 20% of total revenues 26. ny information required by the board of any applicant for certification shall be a(n). True and accurate statement heck payable to entral Examining oard for $200 Public Record Evidence 27. If an employee earns 528,000 per year, what should the Medicare withholdings be? How much FUT Tax is paid to the State of Florida? 0.80% 1.45% 0.01% 0.06% 29. How much Social Security Tax is paid to the Federal government (IRS) by the employer. 0.62% 1.45% 0.01% 0.08% 1 Exam Prep usiness Procedures Final Practice Exam 1 5

6 30. is a partnership between two or more individuals, and/or businesses for a completion of a single project. a joint venture limited partnership corporation LL 31. What is the amount of Medicare tax withheld from the Employee? 1.45% 0.01% 0.15% 2.90% 32. means a person approved or assigned by the employer to perform a specific type or duty or duties or to be a specific locations or locations at the jobsite. approved superintendent employee authorized person 33. What is an employer W-5 form? employee tax status form back taxes garnish form advanced earned income credit form sales tax form 34. How many months is it required to keep business records financially responsible officer is responsible for. financial matters only contracts passing the state exam oth and 1 Exam Prep usiness Procedures Final Practice Exam 1 6

7 36. What should a Notice of ommencement include? the same information as the notice of commencement the recording office document book and page reference numbers and date of the notice of commencement statement that all lienors have been paid in full all of the above 37. The maximum fine the board may fine a financially responsible officer is per complaint. $500 $1,000 $2,500 $5, What is the deposit penalties if your quarterly taxes are paid 14 days late? 2% 3% 4% 5% 39. John installs 7 widgets per hour. John is paid on a piecework $1 per widget, and installed 300 widgets last week. What is John s gross pay? $ $ $ $ Floor and bench mounted grinders shall be provided with work rests which are rigidly supported and readily adjustable. Work rests shall be kept at a distance not to exceed from the surface of the wheel. 1/4" 1/8" 1/2" 3/4" 41. What is the maximum fine that may be administered to a contractor for an OSH violation? $500 $1,000 $2,500 $70,000 1 Exam Prep usiness Procedures Final Practice Exam 1 7

8 42. secondary qualifying agent is not responsible for. OSH safety standards first id Training supervision of field work supervision of financial matters 43. laborer begins employment with your company in ugust of He quits in June of The I-9 form must be retained as a record until: ug ug ug ug The cash method of accounting considers only when. you have money in the bank when you receive cash only when money is received or paid out when you have checks in your checkbook 45. Fall protection is required for an employee when working on a scaffold feet or greater Oxygen deficiency, a hazardous condition, occurs when the oxygen level fall below? 19.50% 20% 20.50% 21% 47. What is the color of warning tape for underground electrical applications? yellow red orange green 1 Exam Prep usiness Procedures Final Practice Exam 1 8

9 48. licensed contractor must display their License number on. business cards & stationary newspaper ads invoices & business cards all electronically & print advertising or stationary 49. First priority of a lien is always given to. The Laborer The primary Mortgage holder The Lien with the oldest time of recordation The Supplier 50. lien cannot be placed on real property based upon. Maintenance Painting IRS ebt Tax Lien 1 Exam Prep usiness Procedures Final Practice Exam 1 9

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