Free Practice Questions for FL Business & Finance
Exam-style questions and explanations by OpenExamPrep.
Loading practice questions...
Explore More Florida CILB Certified Contractor Examinations
Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.
Key Facts: FL Business & Finance Exam
70%
Passing score
DBPR
120
Scored questions
DBPR At a Glance
6.5 hrs
Time allowed
DBPR At a Glance
$135
Registration fee
Professional Testing, Inc.
4 yrs
Experience req
CILB
Florida requires all certified contractors to pass one statewide 120-question, 6.5-hour open-book Business and Finance exam covering accounting, lien law, contract law, licensing law, insurance, bonds, taxes, and HR. These MCQs are an English-language study adaptation and do not reproduce CILB's item bank or simulate the official open-book exam.
Sample FL Business & Finance Practice Questions
Try these sample questions to review concepts for the FL Business & Finance exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1A Florida contractor operates as a sole proprietor. Which statement is true regarding personal liability for business debts?
2Which business structure allows profits to pass through to owners' personal tax returns while also providing a liability shield under Florida law?
3Which item is an essential component of a contractor's business plan?
4A 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?
5A 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?
6A contractor is arranging financing and tax compliance for a new business. Which professional is most appropriate to engage for preparing and reviewing financial statements?
7How is a Florida LLC taxed by default if no entity-level election is made?
8In a Florida corporation, which duty requires directors to act in the corporation's best interest and avoid conflicts of interest?
9Pro forma financial statements in a business plan are best described as:
10A Florida contractor in the construction industry with employees is generally required by law to carry which coverage?
About the FL Business & Finance Exam
The statewide Business and Finance examination required of every Florida certified contractor. It covers business organization, financial management and accounting, Florida construction lien and contract law, licensing law and DBPR rules, labor/employment law, risk management/insurance/bonds, taxes, and project management. The exam is 120 scored multiple-choice questions, 6.5 hours, open-book, computer-based at Pearson VUE centers.
Exam sponsor: Florida DBPR Bureau of Education and Testing; administered by Professional Testing, Inc. and Pearson VUE. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.
Questions
120 questions
Time Limit
6.5 hours
Passing Score
70%
Exam / Certification Fees
$135 registration + $80 Pearson VUE computer-based test fee
Exam sponsor websiteFees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.
Our practice resources: topics covered
We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.
Establishing the Contracting Business
Choosing the business organization structure, developing the business plan, establishing relationships with other professionals, acquiring fixed assets, and obtaining insurance.
Managing Administrative Duties
Developing the business, determining outsourced services and overhead, preparing bids and proposals, purchasing materials, preparing invoices and draw requests, developing a safety plan, maintaining insurance, and managing contracts.
Managing Trade Operations
Scheduling trade operations, maintaining OSHA and safety records, purchasing and ordering materials and supplies, leasing and purchasing property, and managing material, tool, and equipment inventory.
Conducting Accounting Functions
Managing accounts receivable and payable, managing cash flow, filing tax forms and returns, tracking job costs, and calculating employee payroll.
Managing Human Resources
Hiring new employees, developing human resources policies and procedures, and evaluating employees.
Complying with Government Regulations
Complying with federal and state laws and regulations, including Florida contractor licensing law (Ch. 489) and construction lien law (Ch. 713).
Preparing for the FL Business & Finance Exam
What You Need to Know
- Passing score: 70%
- Exam length: 120 questions
- Time limit: 6.5 hours
- Exam / certification fees: $135 registration + $80 Pearson VUE computer-based test fee Official sources
Using Our Practice Resources
- Work through all 100 available questions
- Review every answer and explanation
- Track weak areas and revisit them
- Use our AI tutor for tough concepts
FL Business & Finance: Suggested Study Strategy
Frequently Asked Questions
Are these the real CILB Business and Finance exam questions?
No. These are independently written study questions built from the official CILB Business and Finance content outline. They are an English-language MCQ study aid and do not reproduce CILB's item bank or substitute for the official open-book examination.
What is the format of the Business and Finance exam?
120 scored multiple-choice questions, 6.5 hours, open-book, computer-based at Pearson VUE centers, administered through Professional Testing, Inc. Passing score 70%.
Who must take the Business and Finance exam?
Every Florida certified contractor applicant (Division I and Division II) must pass the statewide Business and Finance exam (pool/spa servicing candidates take a 60-question Service Pool version), plus Contract Administration and Project Management for Division I or the Trade Knowledge exam for Division II.
What references are allowed?
Only the approved references on the DBPR Construction Examinations Reference Lists (effective January 1, 2026): Florida Statutes Chapter 455, Builder's Guide to Accounting, the Contractors Manual, and AIA documents A201, A401 and A701; a word-for-word translation dictionary is also allowed.