Florida General Contractor Practice Exam 2025 - Free Contractor License Practice Questions and Study Guide

Question: 1 / 400

In a contract signed for 98,760 with a 10% retainage, what would the total retainage be after waiving 50% of it?

4,938

9,752

4,938.00

To determine the total retainage after waiving 50% of it, you first need to calculate the original amount of retainage based on the contract amount. The contract is signed for $98,760, and the retainage percentage is 10%.

First, calculate the total retainage:

- Total retainage = Contract amount x Retainage percentage

- Total retainage = $98,760 x 10% = $9,876.

Next, if 50% of the retainage is waived:

- The amount waived = Total retainage x 50%

- The amount waived = $9,876 x 50% = $4,938.

Now, calculate the retainage remaining after waiving 50%:

- Remaining retainage = Total retainage - Amount waived

- Remaining retainage = $9,876 - $4,938 = $4,938.

This means that the total retainage after waiving 50% is indeed $4,938. Therefore, the correct answer reflects that amount, reinforcing the understanding of retainage calculations in contracting.

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9,876.00

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