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Business & Finance Exam

To be licensed in Florida, you must pass both a business & finance exam and a trade knowledge exam for your license category. CEI's power pack and pro pack exam preparation programs are complete programs which prepare you to pass both the business & finance and the trade knowledge exams. Power pack and pro pack programs are available for the following license categories:

If you are preparing to be licensed in another trade, CEI's business & finance exam preparation courses will prepare you to pass your business & finance exam. With the exception of the trades listed above, most contractors find the business & finance exam to be more difficult than the trade knowledge exam, especially those contractors without financial or accounting experience. 

The business & finance exam covers financing, taxes, business law and accounting, including payroll, accounting practices, lien law, labor law, tax law, productivity calculations and more… CEI’s expert courses simplify this complex material and prepare you to pass successfully on exam day! Even if you have an accountant or an employee manage your payroll and taxes, CEI can get you to a passing score on the business & finance exam.

Two Business & Finance Exam Preparation Options:

$395 ONLINE SELF-STUDY COURSE  or  $595 LIVE COURSE

Both courses include the following:

  • Head Start folder—begin preparing immediately
  • Comprehensive online learning program with 12 modules
  • Hundreds of current practice test questions
  • Business & Finance practice exams
  • 100% no-pass no-pay guarantee
  • Toll-free phone access to instructors for questions
  • $100 rental of tabbed and highlighted exam books (save $150)
  • The live course also includes two full days of classroom training with a licensed instructor.


 Click to view course demo 

 

 
Course Options:
Exam Book Options:


Additional Information

Live Courses:

Fort Lauderdale, FL

  • June 8-9, 2017
  • August 10-11, 2017

Crowne Plaza | 455 State Road 84 | Ft. Lauderdale, FL 33316 | (954) 523-8080


Sarasota, FL

  • May 30-31, 2017
  • August 3-4, 2017

CEI | 5016 Calle Minorga | Sarasota, FL 34242 | (800) 423-7058


Orlando, FL

  • June 8-9, 2017
  • August 10-11, 2017

Spring Hill Suites by Marriott | 5828 Hazeltine National Drive | Orlando, FL 32822 | (407) 816-5533

CEI's business & finance exam preparation courses are all-inclusive, with nothing more to buy and no extra hidden costs. CEI refuses to sell "Optional" study products, because if something is important to passing the exam, then it should automatically be included in your exam preparation program. We guarantee you will pass with our training.

CEI Exam Preparation Program Features:

  • Head Start folder—begin preparing immediately
  • Current test questions
  • Easy online learning program
  • Practice questions for each book required for your Business & Finance Exam
  • Business & Finance practice exams (computer-based, just like the real exam)
  • Toll-free phone access to instructors for questions
  • 100% no-pass no-pay guarantee
  • Free rental set of tabbed and highlighted business & finance exam books
  • Two days of classroom training with a licensed instructor (with purchase of live course)

100% One Year Course Guarantee

Students receive access to their course for a full year from the date of their registration!

Exam Details - What to Expect

The Business and Finance Examination consists of 120 test questions. Candidates are allowed 6 ½ hours to complete the exam. The exam will be administered via computer. The Department of Business and Professional Regulation has retained the services of Pearson VUE to schedule, administer, score and report the results of this exam. 

The exam will be administered on an electronic testing system. The testing system eliminates the use of paper, pencil and answer sheets. Candidates input their responses by entering the answer of their choice (A, B, C or D). A score of seventy percent (70%) or better on the exam is required to achieve a passing score.

The exam questions cover the content areas listed below:

Content Area A: Establishing the Contracting Business

  • 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
  • knowledge of accounting practices
  • knowledge of local marketplace
  • knowledge of scope of contractor license
  • knowledge of accountant specialization
  • knowledge of attorney specialization
  • knowledge of insurance types and limitations
  • knowledge of underwriting requirements for bonding
  • knowledge advantages/disadvantages of business location
  • knowledge of advantages/disadvantages of lease vs. purchase
  • knowledge of accounting practices
  • knowledge of advantages/disadvantages of various types of insurance
  • knowledge of coverages and limitations of insurance

Content Area B: Managing Administrative Duties

  • knowledge of availability of staffing for business operation
  • knowledge of income sources
  • knowledge of markets and market share
  • 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
  • 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
  • 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
  • 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 requests
  • knowledge of lien laws
  • knowledge of drug testing regulations
  • knowledge of MSDS sheets
  • knowledge of OSHA regulations
  • 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
  • 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

Content Area C: Managing 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
  • knowledge of document/record retainage requirements
  • knowledge penalties for non-compliance with OSHA
  • 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
  • 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
  • knowledge of equipment maintenance procedures
  • knowledge of inventory methods

Content Area D: Conducting Accounting Functions

  • knowledge of accounting principles
  • knowledge of basic math skills
  • knowledge of computer skills
  • knowledge of lien laws
  • knowledge of accounting principles
  • knowledge of basic math skills
  • knowledge of computer skills
  • knowledge of how to calculate discounts
  • knowledge of lien laws
  • knowledge of accounting
  • knowledge of banking
  • knowledge of basic math skills
  • knowledge of financial ratios
  • 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
  • knowledge of accounting principles
  • knowledge of basic math
  • knowledge of accounting
  • knowledge of state & federal tax laws
  • knowledge of basic math
  • knowledge of employment laws
  • knowledge of employment/labor laws 
  • knowledge of hierarchy of garnishments

Content Area E: Managing Human Resources

  • knowledge of employment laws
  • knowledge of discrimination laws
  • knowledge of interviewing skills
  • knowledge of required forms for new hires
  • knowledge of background checks
  • knowledge of employment/labor laws
  • knowledge of OSHA
  • knowledge of chain of custody (drug tests)
  • knowledge of insurance regulations
  • knowledge of employment/labor laws
  • knowledge of FEMA (immigration components)
  • knowledge of OSHA
  • knowledge of tax laws
  • knowledge of National Pollution Discharge Elimination System (NPDES)
  • knowledge of environmental laws
  • 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 1 F.S (Construction Contracting)
  • knowledge of required continuing education
  • knowledge of CEU credit records
  • knowledge of license holder responsibilities

CEI students are eligible to rent a complete set of tabbed and highlighted exam books for use in preparing for and passing the open-book licensing exam for $100. CEI professionally tabs and highlights the books to give you the extra edge at the exam. CEI guarantees that all books are the current edition required by the state.

Details:

  • One book rental per student enrolled in a CEI exam preparation course.
  • Rental set includes all required references for the Business & Finance Exam.
  • A $150 deposit is required. The deposit will be refunded in full provided the books are returned to CEI in good condition within six months of the original rental date.

BOOK EXCHANGE AVAILABLE
Purchased books elsewhere? Enroll in a power pack or pro pack and we will ship you a a set of CEI's Exam Ready Books in exchange for your books. 

Book set includes all references required for the Business & Finance exam:

  • AIA Documents: (A-201, A-401, A-701)
  • Builder's Guide to Accounting
  • Florida Contractor's Manual
  • Florida Statutes Chapter 455   
Would you like to add the Exam Books to your order?