A Miami Gardens file flags alleged misapplied construction payments of $225,000. What compliance status should the office investigate first?
Correct Answer
C) misapplication exposure
Section 713.345 includes penalties tied to knowingly and intentionally misapplied construction funds, with a higher tier at $100,000 or more.
Why This Is the Correct Answer
Section 713.345 includes penalties tied to knowingly and intentionally misapplied construction funds, with a higher tier at $100,000 or more.
Why the Other Options Are Wrong
Option A: notice-to-owner served
notice-to-owner served does not follow the measured scope, unit conversion, allowance, coverage, or final rounding required for misapplication of funds.
Option B: direct purchase approved
direct purchase approved does not follow the measured scope, unit conversion, allowance, coverage, or final rounding required for misapplication of funds.
Option D: qualifier registered
qualifier registered does not follow the measured scope, unit conversion, allowance, coverage, or final rounding required for misapplication of funds.
Memory Technique
Compliance Manager takeoff: count the condition before counting the package.
Reference Hint
Open-book path: tab Florida Statutes Chapter 713 to Section 713.345, Misapplication of construction funds; confirm the Florida statutory or Department of Revenue rule before answering.
More Business & Finance Questions
The Cedar Key subcontract closeout file requires 44 final releases, and 31 have been received. How many releases are missing?
A Florida GC prepaid $18,000 for annual insurance and expenses it evenly by month. After 7 months have expired, what prepaid asset remains?
The West Miami system access list starts with 22 active users, adds 4, and removes 7. How many active users should remain?
The Winter Park bank review shows a bank balance of $124,600, book balance of $119,400, and known timing items of $3,200. What unexplained difference remains?
The Riverview bank review shows a bank balance of $87,500, book balance of $90,400, and known timing items of $1,600. What unexplained difference remains?
A Satellite Beach contractor had 4 separations during the quarter and an average headcount of 32. What turnover rate should HR report?
A Winter Park startup budgets monthly overhead of $61,500 and wants a 4-month operating reserve. What reserve should be funded?
A Royal Palm Beach customer account has unpaid approved invoices of $126,000. Company policy requires review when unpaid invoices exceed $100,000. What status applies?
A Wildwood contractor had 9 separations during the quarter and an average headcount of 60. What turnover rate should HR report?
A Clermont field group had 64 absence hours out of 1280 scheduled hours. What absence rate should be reported?
People Also Study
Related Study Resources
Previous Question
A Naples GC begins the week with $48,500 cash. Collections are $176,000. Checks to vendors are $149,500 and payroll is $32,400. What ending cash should the cash budget show?
Next Question
The Oakland Park invoice-control log has 38 invoices, 27 approved for payment, and 6 on hold. How many invoices remain pending review?