The Florida Business and Finance exam is open book, and that fact misleads a lot of candidates. Open book does not mean you can look everything up. With 120 questions in 6.5 hours, you have a little over 3 minutes per question, and many questions need a calculation or a statute number you should already know. The book is a backup and a checker, not a textbook to read during the test.
This page lays out a study plan built around the official exam format and book rules. It does not promise a result; how long you need depends on your background in accounting and contracts.
The format you are planning for
| Fact | Official figure | Source |
|---|---|---|
| Questions | 120 scored (60 for pool/spa servicing candidates) | Content Information; Examinations at a Glance |
| Time | 6.5 hours, including any unscored pilot items | Examinations at a Glance; CILB FAQ |
| Question type | Multiple choice, 4 options, equally weighted | Candidate Information Booklet |
| Passing score | 70%, not rounded: 84 of 120 passes, 83 fails | Candidate Information Booklet; CILB FAQ |
| Format | Computer-based, open book | Construction examinations page |
More detail on registration, fees and scheduling is in the B&F exam overview.
Pacing
6.5 hours = 390 minutes. 390 ÷ 120 = 3.25 minutes (3 minutes 15 seconds) per question.
A practical split:
| Checkpoint | Questions done |
|---|---|
| 1 hour 37 minutes | 30 |
| 3 hours 15 minutes | 60 |
| 4 hours 52 minutes | 90 |
| 6 hours 30 minutes | 120 |
Aim to be ahead of these marks so you have time to return to flagged questions. The testing software lets you mark questions for review and shows a summary screen of answered, unanswered and marked items with the time remaining. The tutorial before the exam does not count against your 6.5 hours.
Know the book rules before you buy tabs
The official reference list and the Candidate Information Booklet set strict rules. In summary:
- Allowed: highlighting and underlining with pen or highlighter.
- Allowed: permanently attached tabs carrying only normal chapter or page headings.
- Not allowed: handwritten or typed notes in the books (existing notes must be blacked out or removed).
- Not allowed: movable or removable tabs, Post-it flags or pull-off labels. If a tab can be removed without damaging the page, it will be treated as removable.
- Not allowed: making any marks in the books during the exam.
- Books must be bound originals, one copy each. Only Chapter 455 (R1) may be brought as a printed PDF, and it must be bound (ring binder, spiral, brads, snap binder or screw posts, not staples).
Read the full rules on the current reference list yourself before exam day. Arriving with removable tabs can cause delays at check-in.
The six references
| Ref | Title | What it is good for |
|---|---|---|
| R1 | Florida Statutes Chapter 455 | DBPR general licensing and discipline rules |
| R37 | Builder's Guide to Accounting (2001) | Accounting concepts and statements |
| R50 | Contractors Manual | The listed edition changes over time; check your list. It includes IRS Circular E |
| R5 | AIA A201 (2017) General Conditions | Owner, contractor and architect duties; changes; claims; payments |
| R6 | AIA A401 (2017) Contractor-Subcontractor Agreement | Sub relationships |
| R7 | AIA A701 (2018) Instructions to Bidders | Bidding procedures, bid security, bid evaluation |
Check the reference list for your exam year. The 2026 list says the 2025 edition of the Contractors Manual is used beginning February 1, 2026, and the 2027 list says the 2026 Chapter 455 is used beginning March 1, 2027.
Three kinds of questions, three strategies
1. Know-it questions (answer in under a minute). Definitions and core numbers: what a current ratio is, who the principal on a bond is, markup vs. margin, the 45-day notice to owner deadline, the 1-employee workers' comp rule. Do not open a book for these.
2. Calculate-it questions (2 to 4 minutes). Ratios, depreciation, break-even, payroll tax, percentage of completion, retainage, takeoffs. These are where practice pays off. Write the formula, plug in, check units.
3. Look-it-up questions (3 to 5 minutes). AIA timing and procedure, Chapter 455 specifics, Circular E tables. These are where good highlighting and permanent tabs save time.
Answer the first two types on the first pass. Flag long look-ups and come back.
A study sequence
There is no official study order. This sequence starts with the heaviest weights and the skills that support other topics.
| Phase | Focus | Content area weight |
|---|---|---|
| 1 | Accounting basics: financial statements, financial ratios, depreciation, percentage of completion | D, 32% |
| 2 | Bids and overhead: job costing and estimating, bid math, payroll tax, time value of money | B, 26% (with D) |
| 3 | Contracts and AIA: construction contracts, retainage; read and highlight A201, A401, A701 | B |
| 4 | Florida law: lien law, notice of commencement, license discipline, Chapter 455 | F, 15% |
| 5 | Business setup and risk: business organization, bonds and insurance, workers' comp | A, 11% |
| 6 | Operations and people: OSHA recordkeeping, hiring rules | C, 10%; E, 6% |
| 7 | Timed full-length practice and review of misses | All |
The official weights can vary by plus or minus 3 percentage points on any given exam.
Highlighting and tabbing plan
Do this during phase 3 and 4, not the night before.
- Tab by chapter or article heading only. Permanent tabs must carry normal headings. For the AIA documents, tab the main articles. For Chapter 455, tab by section.
- Highlight numbers. Days, dollar amounts and percentages are what you will hunt for.
- Use one color for deadlines and another for money. Color is allowed; notes are not.
- Practice finding things. Time yourself: given a topic, how fast can you open to it? If it takes more than a minute, your tabs need work.
Practice tests: how to use them
- Start untimed while learning each topic, then switch to timed sets of 30 questions at 97 to 98 minutes.
- Take at least one full 120-question timed run in a single sitting before exam day, with your actual tabbed books.
- After each set, sort misses into: did not know, calculation error, misread the question, could not find it in the book. Each group needs a different fix.
- Keep a list of every number you missed and review it daily.
Exam day basics
The Candidate Information Booklet asks candidates to arrive 30 minutes before the scheduled time and lists ID and calculator requirements. Read the current booklet for those details; rules can change.
If you do not pass
Failed candidates may request a review of their most recent exam within 21 days, for a fee. See the B&F exam overview for the review and retake rules.
Practice with a plan
Our Florida Business and Finance Exam Prep follows this structure: topic lessons with worked examples, original practice questions with explanations, and timed exams, with 90 days of access. Start with the B&F exam overview if you have not registered yet.
Practice questions
A bid form shows the base bid as "Four hundred eighty-two thousand dollars" in words and "$428,000" in figures. Under AIA A701-2018, which amount governs?
- A$482,000 — the amount in words governs
- B$428,000 — the numerical amount governs
- CThe lower of the two amounts
- DNeither; the bid must be rejected
Show answer
Answer: A. A701 §4.1.3 requires sums in both words and numbers and says that if they conflict, the amount in words governs. So the words, $482,000, control.
Source: AIA A701-2018 §4.1.3
A low bidder with a $840,000 bid furnished bid security of 5% of the bid, then refused to sign the contract. Under AIA A701-2018, how much does the bidder forfeit, and how is the forfeiture characterized?
- A$42,000, forfeited as a penalty
- B$84,000, as liquidated damages
- C$4,200, as an administrative fee
- D$42,000, forfeited to the Owner as liquidated damages, not as a penalty
Show answer
Answer: D. 5% x $840,000 = $42,000. A701 §4.2.2 says that if the bidder refuses to enter into the contract or to furnish required bonds, the bid security is forfeited to the Owner 'as liquidated damages, not as a penalty.'
Source: AIA A701-2018 §4.2.2
Under the general DBPR disciplinary statute, F.S. 455.227(2), the maximum administrative fine is:
- A$1,000 per count
- B$15,000 total
- C$10,000 per count
- D$5,000 per count or separate offense
Show answer
Answer: D. F.S. 455.227(2)(d) allows a fine of up to $5,000 for each count or separate offense. Chapter 489 separately allows the CILB up to $10,000 per violation.
Source: F.S. 455.227(2)(d)
Current assets are $450,000 and current liabilities are $300,000. What is the current ratio?
- A1.5 to 1
- B0.67 to 1
- C$150,000
- D3.0 to 1
Show answer
Answer: A. Current ratio = current assets ÷ current liabilities = 450,000 ÷ 300,000 = 1.5. $150,000 is working capital, not the ratio.
Source: Standard accounting principles
Direct job costs are estimated at $200,000. The contractor adds overhead at 15% of direct cost, then profit at 10% of (cost + overhead). What is the bid price?
- A$250,000
- B$253,000
- C$230,000
- D$255,000
Show answer
Answer: B. Overhead: $200,000 x 1.15 = $230,000. Profit: $230,000 x 1.10 = $253,000. Adding 15% + 10% = 25% to cost ($250,000) ignores that profit is figured on cost plus overhead.
Source: Standard estimating arithmetic (verified in Python)
These are from our bank of 466 original questions. Get the full Florida Business & Finance prep.