A Florida contractor operates as a sole proprietor. Which statement is true regarding personal liability for business debts?
Establishing Contracting Business
Question · Easy
The longest way home
Short
Sole Proprietorship Liability
Establishing the Contracting Business
Flashcard
Which business structure allows profits to pass through to owners' personal tax returns while also providing a liability shield under Florida law?
Question · Medium
Entity formed under state law by filing articles of organization; its members are not personally responsible for its debts.
Business structure
Guess the Term
Chapter 1: Business Organization & Corporate Governance
1.1 Business Organizational Structures & Personal Liability
Study guide
Cheat sheet
Which item is an essential component of a contractor's business plan?
Read the clue and guess the term in 6 tries.
Game
LLC vs. Corporation for a Contracting Business
A contractor purchases a forklift for $40,000 with a 5-year useful life and $5,000 salvage value. Using straight-line depreciation, what is the annual depreciation expense?
Kind of professional who must pass a national uniform examination and hold a Florida license to express an opinion on financial statements; basic bookkeeping alone does not require one.
Business professionals
A Florida contractor wants coverage for third-party bodily injury and property damage arising from work operations. Which policy is the primary source of this coverage?
OSHA fall heights, to scale
Core Parts of a Contractor's Business Plan
A contractor is arranging financing and tax compliance for a new business. Which professional is most appropriate to engage for preparing and reviewing financial statements?
Payroll charges for Social Security (6.2%) and Medicare (1.45%), with employer and employee each paying the same rates.
Business overhead
1.2 Fiduciary Duties, Officers & Qualifying Agent Responsibilities
How is a Florida LLC taxed by default if no entity-level election is made?
Swap tiles to line up three of the same term.
Term Match
Minimum Liability Insurance for Certification
In a Florida corporation, which duty requires directors to act in the corporation's best interest and avoid conflicts of interest?
Question · Hard
Employer-only levy reported on Form 940; it applies to the first $7,000 paid to each employee, and a 5.4% credit can reduce the 6.0% rate to 0.6%.
Pro forma financial statements in a business plan are best described as:
Six feet: a hard-hat anthem
Buy vs. Lease a Fixed Asset
A Florida contractor in the construction industry with employees is generally required by law to carry which coverage?
Sixteen-section hazard document that chemical manufacturers and importers must prepare to convey hazard information to their downstream customers.
Hazard communication
1.3 Licensing Scope, Name Registration & Business Setup
Two contractors form a general partnership without a written agreement. Under Florida law, how are profits shared by default?
Flip two cards at a time to find matching terms.
Term Pairs
Lump-Sum Contract
Managing Administrative Duties
Which of the following is correctly classified as an indirect (overhead) cost rather than a direct job cost?
Payment and performance ___: Florida law requires a contractor on a public building or public work to execute and record it, with a surety insurer, before commencing the work.
Risk management
A contractor's annual overhead is $120,000 and total direct job costs are $600,000. What overhead amount should be applied to a job with $50,000 in direct costs using a direct-cost overhead rate?
Cost-Plus Contract
In a lump-sum bid, the contractor agrees to complete the project for:
Statute of ___: Florida bars suit on an agreement not to be performed within 1 year from its making unless the agreement, or a note or memorandum of it, is written and signed.
Contract law
Chapter 2: Business Planning, Capitalization & Commercial Insurance
2.1 Contractor Business Planning, Capitalization & Working Capital
A contractor estimates direct costs of $80,000 and overhead of $16,000 (20% of direct costs). If the desired profit is 10% on total cost, what should the bid price be?
Find five hidden terms in a grid of letters.
Term Search
Unit-Price Contract
A contractor submits a draw request on a project. The primary purpose of a draw request is to:
Scheduling technique that builds a logical diagram of a project's tasks and shows which ones will change the completion date if not done on time.
Trade scheduling
Under OSHA construction standards, who is ultimately responsible for providing a safe work environment on a construction site?
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