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Cm 485 > 3 and 6 > Flashcards

3 and 6 Flashcards

1
Q

Which of the following is a fundamental
element of a contract?
A. exchange of money
B. revised scope of work
C. time extension
D. mutual acceptance

A

d

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2
Q

Which of the following contract types is
generally considered to have the most risk
for the contractor?
A. lump sum
B. unit price
C. cost plus
D. cost plus with GMP

A

a

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3
Q

Which of the following contract types is best
used if the scope is well defined but not the
quantities of material?
A. lump sum
B. unit price
C. cost plus
D. cost plus with GMP

A

b

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4
Q

In which delivery method is the construction
administrator most like a consultant?
A. lump sum
B. CM agency
C. CM at risk
D. integrated project delivery

A

b

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5
Q

Which statement is true about the designbuild delivery method from the owner’s
perspective?
A. Design is complete when contractor is
hired.
B. Fast tracking is difficult with this delivery
method.
C. There is a single source of fault for
building system failures.
D. Design Build firms are rarely temporary
joint ventures.

A

c

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6
Q

Which delivery method has the most risk for
the contractor?
A. design-bid-build
B. design-build
C. CM at risk
D. integrated project delivery

A

b

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7
Q

Which of the following is a major difference
between a CM agency and a CM at risk?
A. manages construction on the owner’s
behalf
B. has a contract with the designer
C. provides a lump sum price for
construction services
D. caps the construction costs the owner is
required to pay

A

d

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8
Q

Under which legal structure are the least
total taxes paid for the goods and services
provided by the company?
A. sole proprietorship
B. federalist
C. corporation
D. joint venture

A

a

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9
Q

In the construction industry, which legal entity
is often a temporary arrangement?
A. sole proprietorship
B. partnership
C. limited liability corporation
D. joint venture

A

d

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10
Q

Which is an advantage of forming a
corporation?
A. Shareholders have reduced personal
liability.
B. The corporation’s value can’t go down
from its initial purchase price.
C. Less taxes are paid than in a limited
liability corporation.
D. Quick decision making is possible,
especially for large companies.

A

a

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11
Q

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?
A. 0.5
B. 0.67
C. 1.3
D. 1.5

A

a 10,000/20,000=.5

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12
Q

What is the return on assets assuming a net
profit before tax of $15,000 and $30,000
total assets?
A. 0.5%
B. 2%
C. 50%
D. 200%

A

c 15000/30000*100=50%

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13
Q

A company has $50,000 in equipment,
$20,000 in cash, and $30,000 in accounts
payable. How much working capital does it
have?
A. ($10,000)
B. $10,000
C. $20,000
D. $40,000

A

a 20000-30000=-10000

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14
Q

Which chart would be the most appropriate
to show the percentage of fall protection
safety violations compared to all safety
violations?
A. histogram
B. bar chart
C. pie chart
D. line chart

A

c

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15
Q

Which of the following is a management
system used to improve customer
satisfaction?
A. TQM
B. Six Sigma
C. Lean
D. All the above

A

d

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16
Q

Which management system was developed
based on Toyota’s Production System?
A. TQM
B. Six Sigma
C. Lean
D. ISO 9000

A

c

17
Q

Which of the following should a construction
professional provide when delivering
services to his or her clients based on the AIC
code of ethics?
A. adjustable ethics based on clients’
preferences
B. management excellence
C. minimum industry standards
D. complete transparency to everyone on
every task

A

b

18
Q

Using Figure 6-2, what are the projected
completion costs if the to date quantities
changed from 124 to 150 and the to date
expended costs changed from $179 to
$225?
A. $1,680
B. $2,199
C. $2,224
D. $3,222

A

A. 225/120 = $1.50/sq ft; 1.5 × 1,120
= 1,680

19
Q

Using Figure 6-3, what would be the
expected projected gain/loss for cost code
035300.4000-Subcontracts assuming that a
$100 change order was approved by the
owner and that 100% of the change order
was subcontractor costs?
A. ($113) Loss
B. ($13) Loss
C. $0
D. $113 Gain

A

B. (207 + 100) – (120 + 100) = ($13);
no change

20
Q

Which of the following statements is true
about a company’s cost code structure?
A. is most typically organized
alphabetically by item description
B. is most typically organized by sequence
of installation
C. often organized by CSI division with
adaptations by individual companies
D. completely unique to each company

A

c

21
Q

Which of the following statements is true
about the work breakdown structure?
A. divides the work into manageable
packages
B. is created by the project manager to
organize the activities of the operational
team
C. is created at the end of the project to
finalize and categorize costs
D. is organized by sequence of installation

A

a

22
Q

A work breakdown structure typically
includes which of the following for each work
package?
A. budgeted cost of work scheduled
B. actual cost of work performed
C. budgeted cost of work performed
D. earned value

A

a

23
Q

When are commercial contractors typically
paid by the owner?
A. as the costs are received
B. weekly
C. monthly
D. a lump sum at the end of the project

A

c

24
Q

Which statement is true about front end
loading a schedule of values?
A. common practice that is accepted by
owners
B. increases the value of activities at the
end of the project in the schedule of
values to ensure the contractor completes
them
C. increases the value of activities at the
beginning of a project in the schedule of
values to improve the contractor’s cash
flow
D. is typically denoted on a schedule of
values, making it easy to identify which
line items are front end loaded

A

c

25
Q

Which of the following statements is true
about liquidated damages?
A. determined at the end of the job based
on actual loss of revenue
B. determined at the time of contract
signing based on estimated owner losses
C. a lump sum value deducted from the
contract if the contractor is late
D. calculated by number of days late
divided by total duration of contract and
expressed as a percentage of total job
cost

A

b

Cm 485 (20 decks)

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