old 3 and 6 Flashcards
The Owner wants to Fast-Track a construction project., Which project delivery system
best supports this process?
A. Partnering
B. Design- Bid-Build
C. Construction Management
D. Design-Build
d
A clause in the contract states that “if the Quantities of an item of work varies from the
estimated quantities by more than 20 percent, then the price will be adjusted.” Which type
of contract will this clause be primarily used in?
A. Cost Plus
B. Unit Price
C. Fixed Price
D. Turn Key
b
A contract has been entered into whereby the Contractor agrees to design, build, purchase
the land and finance the project. What is this type of contract called?
A. Cost Plus
B. Turn Key
C. Unit Price
D. Fixed Price
b
A contract is entered into whereby the design and scope are undefined and the Owner
agrees to pay for all Direct Labor, Materials, Equipment, plus some agreed upon
allowance to the Contractor for their services. What is this type of contract called?
A. Cost Plus
B. Turn Key
C. Unit Price
D. Lump Sum
a
A contract is entered into whereby the Design and Scope are partially undefined, the
Owner holds a contract with the A/E, the Owner holds the contracts with each trade and
the Owner also holds a contract with a management service company to perform the trade
coordination, cost control and scheduling services. What is this project delivery called?
A. Partnering
B. Joint Venture
C. Design-Build
D. Construction Management
d
A contract is entered into whereby two Contractors agree to combine their resources to
bid and build a specific project. What is this type of contract called?
A. Partnering
B. Joint Venture
C. Design-Build
D. Construction Management
b
What is the name of the clause that is sometimes used if the contract has the potential of
an uncertainty in either labor or material prices?
A. Incentive
B. Escalation
C. Contingency
D. Equitable Adjustment
b
What are the two FEE methods that an Agency CM firm may offer an Owner?
A. Incentive or Target
B. Unit Price or Alternate Prices
C. Fixed Price or Guaranteed Maximum Price
D. Cost-Plus a Percentage or Cost Plus Fixed Price
c
Which legal entity is considered perpetual?
A. Partnership
B. Corporation
C. Joint Venture
D. Sole Proprietorship
b
Which legal entity affords an individual the most protection of individual assets from
creditors of the business?
A. Partnership
B. Corporation
C. Joint Venture
D. Sole Proprietorship
b
Which legal entity exposes the personal assets of a person to pay for actions of other
people involved in the business?
A. Partnership
B. Corporation
C. Joint Venture
D. Sole Proprietorship
a
Which legal entity makes it extremely difficult to generate new capital to expand the
business?
A. Partnership
B. Corporation
C. Sole Proprietorship
D. Subchapter S Corporation
c
Which legal entity is taxed twice?
A. Partnership
B. Corporation
C. Sole Proprietorship
D. Subchapter S Corporation
b
Which type of legal entity allows the net income or losses of the corporation to flow
through to the individual tax returns of the shareholders and avoids federal taxes?
A. Partnership
B. Corporation
C. Sole Proprietorship
D. Subchapter S Corporation
d
Which type of legal entity requires a charter?
A. Partnership
B. Corporation
C. Joint Venture
D. Sole Proprietorship
b
Which law are corporations formed under?
A. City
B. State
C. Federal
D. Municipal
b
Which of the following contract formation principles are needed to form a valid contract?
A. Offer, Acceptance, Meeting of the Minds and Consideration
B. Performance, Technical Specifications and Consideration
C. General Conditions, Supplementary Conditions and a Proposal
D. Plans, Technical Specifications, General and Supplementary Conditions
a
The owner requests that you submit a proposal supplement titled “Statement of
Contractors’ Qualifications - All Contracts” and under the officers/principals section it
requests the names and titles of the vice president and the president. A proposal is
submitted to the Owner with a bid bond, signed addenda, and the proposal form is
attached and signed by the chief estimator. Have all of the contract formation principles
been satisfied and would the proposal be considered responsive?
A. The principle of Consideration has been met, therefore, responsive bid
B. The principle of Legal Capacity has been met, therefore, responsive bid
C. The principle of the meeting of the minds has been met, therefore, responsive bid
D. The principle of Legal Capacity has not been met, therefore, a non-responsive bid
d
Which law establishes basic rules governing the sale of goods, used to establish a
Purchase Order?
A. Davis Bacon Act
B. Uniform Commercial Code
C. National Labor Relations Act
D. Uniform Transportation Code
b
Which of the following Safety criteria that has the greatest potential for reducing the costs
of accidents?
A. Experience
B. Safety Meetings
C. Traditional Safety Program
D. Behavior-based Safety Process
d
What management concept has as its primary goal to get commitment from top
management of all project participants and stakeholders to develop open communications
and cooperation on a project?
A. Partnering
B. Total Safety Management
C. Statistical Process Control
D. Total Quality Management
a
What are the quality standards used internationally called?
A. ISO 9000
B. Statistical Process Control
C. Total Quality Management
D. Baldrige Criteria for Performance Excellence
a
What management philosophy tries to maximize the competitiveness of an organization
through continuous improvement?
A. Partnering
B. Statistical Process Control
C. Total Quality Management
D. Baldrige Criteria for Performance Excellence
c
