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Business & Finance
Exam Prep Course

$500.00

SKU: Course-BF Category:

Description

The Business and Financial Management Examination is mandatory for all first time applicants for a State of Florida contracting license, regardless of the type of license required. Once an applicant has obtained a license, and he is applying for additional licenses, this particular examination is not required to obtain those other additional licenses. The Business and Financial Management Examination is composed of 120 questions. It will be administered in one session via computer in the calm atmosphere of one of our convenient testing centers at a time of your choosing. You should be prepared to respond to examination questions on any of the content areas listed. Questions asked and content areas tested on previous examinations should not be assumed to be the only possible questions to be asked or content areas to be tested on this examination. The percentage of questions shown for each content area may vary as much as plus or minus three (3) percent.

  1. Establishing the Contracting Business 11%
  2. Determining the Business Organizational Structure

Knowledge of business structure laws and regulations Knowledge of fiduciary responsibilities of officers and directors Knowledge of open vs. closed corporations Knowledge of organizational charts and chain of responsibilities Knowledge of state and local licensure requirements Knowledge of tax advantages and/or liabilities for various business structures

  1. Develop the Business Plan

Knowledge of accounting practices Knowledge of local marketplace Knowledge of scope of contractor license

  1. Establish Relationships with Other Professionals

Knowledge of accountant specialization Knowledge of attorney specialization Knowledge of insurance types and limitations Knowledge of underwriting requirements for bonding

  1. Acquire Fixed Assets

Knowledge advantages/disadvantages of business location Knowledge of advantages/disadvantages of lease vs. purchase

  1. Obtain Insurance

Knowledge of accounting practices Knowledge of advantages/disadvantages of various types of insurance Knowledge of coverages and limitations of insurance  

  1. Managing Administrative Duties 26%
  2. Develop the Business

Knowledge of availability of staffing for business operation Knowledge of income sources Knowledge of markets and market share

  1. Determine Outsourced Services
  2. Determine Business Overhead

Knowledge of FICA Knowledge of advertising costs (business cards, dues, printing, etc.) Knowledge of communication costs (cell phones, land lines, etc.) Knowledge of cost of sales (travel expenses) Knowledge of federal unemployment (FUTA) Knowledge of general liability rates Knowledge of lease expenses Knowledge of loan financing expenses (interest, etc.) Knowledge of medicare rates Knowledge of rent costs Knowledge of state unemployment (SUTA) Knowledge of utility costs Knowledge of worker’s compensation

  1. Preparing Bids/Proposals

Knowledge of accounting principles Knowledge of AIA documents Knowledge of business projections/goals current status Knowledge of company overhead Knowledge of contract documents Knowledge of contract law Knowledge of cost of financing projects Knowledge of costs associated with growth Knowledge of general conditions costs of projects Knowledge of how to review contracts Knowledge of how to write offer Knowledge of insurances associated with labor rates Knowledge of labor productivity Knowledge of statute of frauds Knowledge of taxes associated with labor rates Knowledge of components of valid contract

  1. Purchase Materials/Supplies

Knowledge of depreciative costs Knowledge of fundamentals of Uniform Commercial Code Knowledge of inventory system operation (FIFO, etc.) Knowledge of invoice approval systems Knowledge of negotiating skills Knowledge of purchasing systems Knowledge of receiving systems Knowledge of state sales tax laws Knowledge of statute of frauds Knowledge of vendors in area

  1. Prepare Invoices/Draw Requests

Knowledge of basic math skills Knowledge of calculation of percentage of work completed Knowledge of contract/subcontract documents Knowledge of how to prepare invoices/draw request Knowledge of lien laws

  1. Develop a Safety Program

Knowledge of drug testing regulations Knowledge of MSDS sheets Knowledge of OSHA regulations

  1. Maintain Insurance

Knowledge of general terms and definitions used in policies Knowledge of insurance policies Knowledge of limits of insurance Knowledge of various types of insurance Knowledge of various types of risk

  1. Managing Contracts

Knowledge of contract law Knowledge of contract scope Knowledge of job completion schedules Knowledge of lien laws Knowledge of mediation and arbitration processes Knowledge of local building code requirements Knowledge of tort law Knowledge of risk management

  1. Managing Trade Operations 10%
  2. Schedule Trade Operations

Knowledge of critical path method (CPM) Knowledge of delivery times Knowledge of manufacturing times Knowledge of requests for information (RFI) Knowledge of sequencing trades Knowledge of submittals/approval/fabrication process

  1. Maintain OSHA/Safety Records

Knowledge of document/record retainage requirements Knowledge penalties for non-compliance with OSHA

  1. Purchase/Order Materials & Supplies

Knowledge of accounting skills Knowledge of basic math skills Knowledge of job schedules Knowledge of negotiation skills Knowledge of organizational skills Knowledge of plan reading skills Knowledge of quality control Knowledge of quantity take-offs Knowledge of terms and abbreviations on invoices Knowledge of types of building materials

  1. Leasing/Purchasing Equipment

Knowledge of cost of operation of equipment Knowledge of depreciation Knowledge of equipment operation Knowledge of forecasted use of purchased equipment Knowledge of interest costs for financing Knowledge of maintenance Knowledge of salvage resale values Knowledge of support equipment required for equipment Knowledge of tax credits associated with purchases Knowledge of training needs for equipment Knowledge of transportation costs for equipment

  1. Manage Material/Tool/Equipment Inventory

Knowledge of equipment maintenance procedures Knowledge of inventory methods

  1. Conducting Accounting Functions 32%
  2. Manage Accounts Receivable

Knowledge of accounting principles Knowledge of basic math skills Knowledge of computer skills Knowledge of lien laws

  1. Manage Accounts Payable

Knowledge of accounting principles Knowledge of basic math skills Knowledge of computer skills Knowledge of how to calculate discounts Knowledge of lien laws

  1. Manage Cash Flow

Knowledge of accounting principles Knowledge of banking Knowledge of basic math skills Knowledge of financial ratios

  1. File Tax Forms & Returns

Knowledge of accounting principles Knowledge of basic math Knowledge of federal tax laws Knowledge of property tax laws Knowledge of record keeping requirements Knowledge of sales tax laws Knowledge of state tax laws

  1. Track Job Costs

Knowledge of accounting principles Knowledge of basic math

  1. Calculate Employee Payroll

Knowledge of accounting principles Knowledge of state & federal tax laws Knowledge of basic math Knowledge of employment laws Knowledge of employment/labor laws Knowledge of hierarchy of garnishments

  1. Managing Human Resources 6%
  2. Hire New Employees

Knowledge of employment laws Knowledge of discrimination laws Knowledge of interviewing skills Knowledge of required forms for new hires Knowledge of background checks

  1. Develop Human Resource Policies and Procedures

Knowledge of employment/labor laws Knowledge of OSHA Knowledge of tax laws Knowledge of chain of custody (drug tests) Knowledge of insurance regulations

  1. Evaluate Employees

Knowledge of employment/labor laws

  1. Complying with Government Regulations 15%
  2. Comply with Federal Laws & Regulations

Knowledge of FEMA (immigration components) Knowledge of OSHA Knowledge of tax laws National Pollution Discharge Elimination System (NPDES) Knowledge of environmental laws

  1. Comply with State Laws & Regulations

Knowledge of Chapter 455 F.S. (Business & Professional Regulation)

Knowledge of Chapter 713 F.S. (Liens Knowledge of 61G4.F.A.C.

Knowledge of Worker’s Compensation Laws/DOR Sales/Use Tax

Knowledge of Chapter 489, Part I F.S. (Construction Contracting)

Knowledge of required continuing education

Knowledge of CEU credit records

Knowledge of license holder responsibilities

 

Approved books through September 2015

R1 – Florida Statutes Chapter 455, 2012 – Contained in the Contractor’s Manual Book or available on life at http://www/flsenate.gov/laws/statutes/2012/chapter455

R5 – AIA Document A201 – General Conditions of the Contract for Construction, 2007

R6 – AIA Document A401 – Standard Form of Agreement between Contractor-Subcontractor, 2007

R7 – AIA Document A701 – Instructions to Bidders, 1997

R37 – Builders Guide to Accounting, Michael C. Thomsett, Copyright 2001

R50 – Contractor’s Manual 2013 (which includes the 2012 Circular E)

In addition to the books specified above by the state of Florida for the exam, Florida Licenses and Corporations, Inc., offers our Work Book, this book will show the student most of the most important articles to be considered in all of the above state approved books. The school also offers their students the Construction Calculator and the approved Tabs to place in the different reference books.

Our Work Book is not allowed in the state exam.

This course is offered in English every Wednesday with a schedule of 6:00 PM – 9:00 PM. Spanish classes are also offered twice a month on Saturdays with a schedule of 8:30 AM – 12:30 PM. The classes covering this course and the trade portion (second day) of the exam are covered on a period spanning 13 Saturday classes.

For additional information, please contact our office.

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Exam Prep Course”

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