Florida Business & Finance Practice Questions With Explanations

What is the CILB Business and Finance exam?

The CILB Business and Finance exam is the section every Florida certified contractor must pass, no matter the trade. The DBPR Candidate Information Booklet lists 120 scored questions in 6.5 hours, delivered by computer. All questions are equally weighted, and you need 70%, which is 84 correct answers. Scores are not rounded up.

The DBPR content outline splits the questions into six areas:

• Conducting accounting functions: 32%
• Managing administrative duties: 26%
• Complying with government regulations: 15%
• Establishing the contracting business: 11%
• Managing trade operations: 10%
• Managing human resources: 6%

The outline dates from 2009 and allows each percentage to move by plus or minus three points. That is why the questions below lean on accounting first.

What kinds of Florida contractor exam questions should you expect?

Florida contractor exam questions fall into three types. Some ask you to calculate, such as a ratio, a markup, or a billing balance. Some ask you to pick the right document or the right deadline, which is common in lien law. Some ask you to apply a rule from a statute or a contract clause to a short scenario.

Most of them are lookups plus one calculation, so speed matters as much as knowledge. With 120 questions in 390 minutes, you have about 3.25 minutes per question. The seven questions below mix all three types, so you can feel the difference between them.

Florida contractor practice test: accounting questions

This Florida contractor practice test starts with the largest content area on the exam. Take these four questions with a calculator, just like on test day.

Question 1: Current ratio

A contractor has $180,000 in current assets and $120,000 in current liabilities. What is the current ratio? A) 0.67 B) 1.50 C) 2.00 D) 3.00

Answer: B. The current ratio is current assets divided by current liabilities: 180,000 divided by 120,000 = 1.50. Answer A flips the fraction. Working capital, a different measure, would be $60,000. For more ratio drills, read our financial ratios guide.

Question 2: The accounting equation

A business has $500,000 in assets and $320,000 in liabilities. What is the owner's equity? A) $820,000 B) $180,000 C) $320,000 D) $500,000

Answer: B. Assets equal liabilities plus owner's equity, so equity is 500,000 minus 320,000 = $180,000. Answer A adds the two numbers, which is the most common slip.

Question 3: Markup versus margin

Direct cost for a job is $50,000, and the contractor adds a 20% markup on cost. What is the contract price? A) $55,000 B) $60,000 C) $62,500 D) $70,000

Answer: B. A markup applies to cost: 50,000 times 1.20 = $60,000. Answer C is what you get by treating 20% as a margin on price (50,000 divided by 0.80). The gross margin on the correct price is 10,000 divided by 60,000, about 16.7%, so markup and margin are never the same number.

Question 4: Percentage of completion

A $400,000 contract is 35% complete, and the contractor has billed $120,000. Is the contractor overbilled or underbilled? A) Overbilled by $20,000 B) Underbilled by $20,000 C) Overbilled by $140,000 D) Billed correctly

Answer: B. Earned revenue is 400,000 times 0.35 = $140,000. The contractor billed only $120,000, so it is underbilled by $20,000. Earned revenue that has not been billed yet is money the contractor is still owed for finished work, which is why cash flow questions often start here.

Free Florida contractor exam questions: lien law and contracts

These three questions cover deadlines from Chapter 713 of the Florida Statutes, using the current 2026 text. You can find more free Florida contractor exam questions and materials on our site.

Question 5: Notice to owner

A subcontractor with no direct contract with the owner first furnishes materials on March 10. By what date must it serve the notice to owner under Section 713.06? A) March 25 B) April 9 C) April 24 D) June 8

Answer: C. The notice must be served before starting or no later than 45 days after commencing to furnish materials, and in any event before the owner's final payment after the contractor's affidavit. March 10 plus 45 days is April 24. The other answers are 15, 30, and 90 days.

Question 6: Claim of lien

The last day a lienor furnished labor is June 1. What is the latest date to record the claim of lien under Section 713.08? A) July 1 B) July 31 C) August 30 D) December 1

Answer: C. The claim must be recorded no later than 90 days after final furnishing. June 1 plus 90 days is August 30.

Question 7: Notice of commencement

A notice of commencement is recorded on January 5, but work does not actually start until May 20. What is the effect? A) It is valid because it was recorded. B) It is void because work did not start within 90 days after recording. C) It is valid for 90 days only. D) It is void only if the lender objects.

Answer: B. Under Section 713.13, a notice of commencement is void if the improvement does not actually commence within 90 days after recording. January 5 plus 90 days is April 5.

How to study for the Florida contractor exam with practice questions

How to study for the Florida contractor exam comes down to a loop: answer, check, log, repeat.

• Answer before you read. Guessing first shows what you really know.
• Log every miss by content area. Two misses in one area mean it needs a full chapter.
• Time yourself. Aim for about three minutes per question and practice finding the answer in your reference books.
• Redo missed questions three days later. If you still miss them, the topic is not fixed yet.

Repeat the loop with new sets of Florida business and finance practice questions every few days, and keep your log in one place so you can see progress. Pair this routine with our Business and Finance study tips and the free practice test.

Frequently Asked Questions

How many questions are on the Florida Business and Finance exam?

The DBPR Candidate Information Booklet lists 120 scored questions and 6.5 hours for the Business and Finance exam. The passing score is 70%, or 84 correct answers.

Are these the real exam questions?

No. They are original questions written from the DBPR content outline. Use them to practice the skills, not to predict the exact questions.

Is the Business and Finance exam open book?

You may bring approved reference materials, so it works like an open book test. Check the current DBPR reference list before test day, because it changes by edition.

Conclusion

Florida business and finance practice questions with explanations turn weak spots into points. If you want more practice with feedback, try the practice exams or the Business and Finance exam preparation course.

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