Contractors Exam chap 3 (management concepts)

Term
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Which of the following is a fundamental element of a contract?
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Terms in this set (17)
Which of the following is a fundamental element of a contract?
mutual acceptance
Which of the following contract types is generally considered to have the most risk for the contractor?
lump sum
Which of the following contract types is best used if the scope is well defined but not the quantities of material?
unit price
In which delivery method is the construction administrator most like a consultant?
CM agency
Which statement is true about the designbuild delivery method from the owner's perspective?
There is a single source of fault for building system failures.
Which delivery method has the most risk for the contractor?
design-build
Which of the following is a major difference between a CM agency and a CM at risk?
caps the construction costs the owner is required to pay
Under which legal structure are the least total taxes paid for the goods and services provided by the company?
sole proprietorship
In the construction industry, which legal entity is often a temporary arrangement?
joint venture
Which is an advantage of forming a corporation?
Shareholders have reduced personal liability.
A company has $10,000 in cash, $20,000 in equipment, and $20,000 in accounts payable. The tax rate is 13%. What is the current ratio?0.5What is the return on assets assuming a net profit before tax of $15,000 and $30,000 total assets?50%A company has $50,000 in equipment, $20,000 in cash, and $30,000 in accounts payable. How much working capital does it have?(10,000)Which chart would be the most appropriate to show the percentage of fall protection safety violations compared to all safety violations?pie chartWhich of the following is a management system used to improve customer satisfaction?all of the aboveWhich management system was developed based on Toyota's Production System?leanWhich of the following should a construction professional provide when delivering services to his or her clients based on the AIC code of ethics?management excellence