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The FBF exam has 120 questions and runs 6 hours 30 minutes.
These 10 free FBF questions are organized by exam domain, so you can see how each part of the Florida Business and Finance Exam blueprint is tested. Reveal the answer and explanation under each question.
A contracting corporation appoints an approved financially responsible officer (FRO) to control banking and disbursements. The primary qualifying agent then stops supervising field operations, claiming the FRO appointment transferred overall responsibility. Under Florida qualifier rules, which statement is accurate?
Correct answer: B - The FRO handles finances; the primary qualifier remains responsible for construction activities
A contractor has strong net worth, reliable payment history, and no prior bond claims. It now seeks a performance bond for a hospital project far larger and more complex than its completed work, but it lacks experienced superintendents for that scale. Which surety underwriting factor is most directly weakened?
Correct answer: A - Capacity to perform the work
A contractor's complete estimated cost is $450,000, including project overhead, allocated home-office overhead, bond cost, and contingency. What bid price, to the nearest dollar, produces a 25% gross margin on the selling price?
Correct answer: C - $600,000
During an AIA A201-2017 project, the owner requires an urgent piping relocation. The change must proceed, but the owner and contractor have not agreed on the adjustment to Contract Sum or Contract Time. Which response fits the contract's change procedure?
Correct answer: B - A Construction Change Directive
While preparing a bid, the contractor finds that a mechanical drawing specifies a 200-gallon-per-minute (gpm) pump but the specification requires 250 gpm. The bidding documents contain no order-of-precedence clause. Which action best protects the contractor's price and scope?
Correct answer: A - Request pre-bid clarification and price the resolved requirement
A purchase order authorizes 500 valves, and the vendor invoice bills 500. The receiving report documents only 460 accepted valves and shows no back order or approved substitution. Before authorizing payment against the invoice, what should accounts payable do?
Correct answer: A - Approve only the 460 accepted units and hold the 40-unit variance for reconciliation
A project network uses finish-to-start relationships with no lag. Activity A takes 3 days. After A, Activities B and C run in parallel for 8 days and 5 days, respectively. Activity D takes 4 days and starts only after both B and C finish. Which schedule result is correct?
Correct answer: B - 15 days, with 3 days of total float on Activity C
At the monthly work-in-progress (WIP) review, a job has a revised contract value of $1,350,000, costs incurred to date of $540,000, estimated cost to complete of $360,000, and billings to date of $855,000. No costs are excluded from the cost-to-cost progress measure. What is the job's billing position?
Correct answer: D - $45,000 overbilled, reported as a contract liability
A lender tests a contractor's quick liquidity. Current assets are cash of $90,000, current accounts receivable of $270,000, inventory of $240,000, and prepaid expenses of $60,000. Current liabilities are $300,000. Which quick ratio is correct?
Correct answer: C - 1.20, using cash and current receivables
A material supplier to a subcontractor is not in privity with the owner. It serves a compliant Notice to Owner on day 37 after first furnishing, records its claim of lien on day 82 after final furnishing, and serves the owner 10 days after recording. No contract termination or final payment has occurred. How should the timeline be evaluated under Florida lien law?
Correct answer: D - The notice, recording, and service are all timely under the stated facts
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