Professional practice MCQ

What is the main focus of duty-based ethics?

Answer

Correct Answer: Doing good

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What does character-based ethics focus on?

Answer

Correct Answer: Being good, individual

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What is equity?

Answer

Correct Answer: Net worth of the firm

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What does the schedule of variances show?

Answer

Correct Answer: If the project is in balance

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What is liquidity?

Answer

Correct Answer: The ease with which an asset can be converted into cash.

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What is the maximum number of days an aged account receivable report should be?

Answer

Correct Answer: 90

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What is the Utilization rate?

Answer

Correct Answer: The percentage of time that a product or resource is in use.

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What is an itemized financial statement of the income and expenses of a company's operations?

Answer

Correct Answer: Profit loss statement

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What does net billing include?

Answer

Correct Answer: Just architectural fees

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What does "net billing" mean?

Answer

Correct Answer: Does not include expenses, just architectural fees

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What is the order of the following items?

Answer

Correct Answer: Current earnings, profits, after taxes

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What is the profit to earning ratio?

Answer

Correct Answer: Profit / net operating revenue

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What is net profit?

Answer

Correct Answer: The amount of money left after taxes and expenses have been paid

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What is net operating revenue?

Answer

Correct Answer: What comes in - what goes out

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What does a cash based system do?

Answer

Correct Answer: Track money as it goes in and out of an account

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What does cash based accounting track?

Answer

Correct Answer: Money as it goes in and out of an account

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What type of work do mechanics lean?

Answer

Correct Answer: Real-estate related

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What is accrual-based accounting?

Answer

Correct Answer: Recording revenues and costs when they are incurred, not necessarily when a firm receives or pays out cash.

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What is the purpose of retainage?

Answer

Correct Answer: To encourage completion of the project

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What is earned value?

Answer

Correct Answer: Amount paid so far

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Which of the following is the correct formula for planned value?

Answer

Correct Answer: Planned value = percent work done x planned value

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What is a B-Corp company?

Answer

Correct Answer: A company that prioritizes social and environmental performance

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What is an S Corp?

Answer

Correct Answer: A legal entity that offers limited liability with single taxation.

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A limited liability company is a business organization in which:

Answer

Correct Answer: The business - not the owner - is liable for the company's debts.

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What is a C Corp?

Answer

Correct Answer: A legal entity that offers limited liability with double taxation.

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What is a Strategic Alliance?

Answer

Correct Answer: A temporary, short-term partnership when pursuing a project.

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What is a business in which two or more persons combine their assets and skills called?

Answer

Correct Answer: Partnership

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What is a joint venture?

Answer

Correct Answer: An agreement between two or more companies to share a business project

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The owner contracts with one entity to provide both design and construction services. This is an example of what contracting method?

Answer

Correct Answer: Design build

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When is a construction manager brought onto a project?

Answer

Correct Answer: Before completion of design

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Which of the following is true about a Negotiated Select Team?

Answer

Correct Answer: The contractor is brought on early, which allows fabrication to begin sooner.

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Why is Design-Build-Bid more expensive?

Answer

Correct Answer: Contractor is brought on early and allows fabrication to begin sooner

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What is the Design Bid Build procurement method?

Answer

Correct Answer: The owner has two separate contracts with an architect and contractor.

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What is the profitability of a firm?

Answer

Correct Answer: Revenue - costs

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What is the aggregate limit?

Answer

Correct Answer: The maximum amount an insurer will pay for all covered losses during the covered policy period.

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What is the overhead multiplier?

Answer

Correct Answer: Overhead rate divided by base salary

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What is the Net/Gross Ratio?

Answer

Correct Answer: Net area / gross area

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What is the third owner responsibility?

Answer

Correct Answer: Safety

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What is the first responsibility of an architect?

Answer

Correct Answer: Instruments of service

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What does a construction change directive do?

Answer

Correct Answer: Authorizes a change in the work, the contract sum, or the contract time.

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What does the term "allowance" mean in regards to construction projects?

Answer

Correct Answer: Set aside money for appliances / things that will potentially change before the project is constructed

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What is an addendum?

Answer

Correct Answer: Revisions to construction documents after issuance of the procurement documents but before owner-contractor contract signed

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What is teamwork?

Answer

Correct Answer: Cooperative effort by the members of a group to achieve a common goal.

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What is the average heart rate after climbing one flight of stairs?

Answer

Correct Answer: 140

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What is the normal heart rate?

Answer

Correct Answer: 80 beats per minute

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What is transfemoral amputation?

Answer

Correct Answer: Amputation of a limb at the knee

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What does errors and omissions insurance protect against?

Answer

Correct Answer: Claims due to mistakes

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What is the meaning of "consequestial damages"?

Answer

Correct Answer: Provide compensation for indirect losses incurred by the injured party but not directly related to the contract

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What is liquidated damages?

Answer

Correct Answer: An amount specified in the contract for nonperformance

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What are nominal damages?

Answer

Correct Answer: Awarded when the responsibility has been established but the injury is so slight as to be inconsequential

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What must the injured party prove to win a strict liability in tort case?

Answer

Correct Answer: That the injury was caused by the other party

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What is the order of the design professionals from left to right?

Answer

Correct Answer: Architects, structural engineers, building designers

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What is the commonality between the three design professionals?

Answer

Correct Answer: They are all design professionals.

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What is the purpose of general damages?

Answer

Correct Answer: To make up for the injury that was sustained

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What are special damages?

Answer

Correct Answer: Awarded for the direct financial loss due to the breach of contract

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What is one of the requirements of a valid tort action?

Answer

Correct Answer: Must have been injury

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For a valid tort action, there must have been what?

Answer

Correct Answer: Injury

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A crime is a wrong committed against _____.

Answer

Correct Answer: Society

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What is the difference between a civil tort and criminal lawsuit?

Answer

Correct Answer: A crime is a wrong against society.

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What is a tort?

Answer

Correct Answer: A civil wrong committed by one person causing damage to another person or person's property.

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What is required to prove fraud?

Answer

Correct Answer: Showing beyond a reasonable doubt

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What is compensatory fraud?

Answer

Correct Answer: Fraud for which damages are available

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When is misrepresentation a breach of contract?

Answer

Correct Answer: When a contract is involved.

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What is the definition of "misrepresentation"?

Answer

Correct Answer: An intentionally false statement known to be false at the time it is made.

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What is a tort action?

Answer

Correct Answer: A civil wrong for which damages may be recovered

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What is the definition of negligence?

Answer

Correct Answer: Action, willful or unwillful, taken without proper care or consideration for safety

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What are punitive damages?

Answer

Correct Answer: Awarded in addition to actual damages

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What does the phrase "specific performance" refer to in the context of a contract?

Answer

Correct Answer: The act of fulfilling all the remaining provisions of a contract.

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What is another term for the injured party?

Answer

Correct Answer: Victim

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What is an unintentional breach of contract?

Answer

Correct Answer: Providing less than adequate quality of work or materials.

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What is a willful breach of contract?

Answer

Correct Answer: A contractor walking off a construction job

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What is the definition of "breach of contract"?

Answer

Correct Answer: When one of the parties fails to satisfy all of its obligations under a contract.

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What is a construction lien?

Answer

Correct Answer: A construction lien establishes the supplier's security interest in the property.

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What does a mechanic's lien establish?

Answer

Correct Answer: The supplier's security interest in the property

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How much does the architect and/or engineer get paid for their work on a construction project?

Answer

Correct Answer: A percentage of the final total cost of the project.

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What is the incentive fee structure based on?

Answer

Correct Answer: Established target costs and fees

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What does the word "retainer" mean?

Answer

Correct Answer: The minimum amount paid by the client, usually in total and in advance

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What does "per diem fee" mean?

Answer

Correct Answer: The engineer is paid a specific sum for each day spent on the job.

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What is the advantage of cost plus fixed fee?

Answer

Correct Answer: When the scope of services cannot be determined accurately in advance

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What does the clinet pay the engineer in a cost plus fixed fee contract?

Answer

Correct Answer: All costs and a predetermined fee

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What is the best payment method for when required materials can be accurately identified and estimated before the contract is finalized?

Answer

Correct Answer: Unit price

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What are contract fees based on?

Answer

Correct Answer: Estimated quantities and unit pricing

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What is unit pricing based on?

Answer

Correct Answer: Estimated quantities

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A construction manager is an agent of the owner-developer that ____________

Answer

Correct Answer: Manages the construction

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What does "E&O" stand for?

Answer

Correct Answer: Errors and Omissions

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What is the responsibility of the prime contractors?

Answer

Correct Answer: Responsible for all acts of the subcontractors

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What is the term for the contractor who hires all of the different subcontractors?

Answer

Correct Answer: Prime contractor or prime

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What is a general contractor?

Answer

Correct Answer: A person who the entire construction project is awarded to

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What does an engineer do?

Answer

Correct Answer: Performs stress and capacity calculations

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What is the main role of a building designer?

Answer

Correct Answer: To develope design on simple small projects

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What does an architect do?

Answer

Correct Answer: Design the project according to established codes and guidelines

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What is an owner-developer?

Answer

Correct Answer: When the owner and developer are the same person

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Who does a developer contract with for the design of the project?

Answer

Correct Answer: Architect and/or engineer

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What is the meaning of "subcontract"?

Answer

Correct Answer: When a party to a contract engages a third party to perform the work in the original contract.

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What are boilerplate clauses?

Answer

Correct Answer: Clauses that have specific wordings that should not normally be changed.

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What is fiduciary responsibility?

Answer

Correct Answer: The agent must be honest and loyal

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What does the word "agent" mean?

Answer

Correct Answer: The one providing services and acts on behalf of the principal

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What is the meaning of the word "principal"?

Answer

Correct Answer: The owner/person who has authority

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What type of document is a contract?

Answer

Correct Answer: An agreement between two or more parties to do or not do something

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What type of contracts must be in writing to be enforceable according to the statute of frauds?

Answer

Correct Answer: All contracts

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What is a contract?

Answer

Correct Answer: Legally binding agreement or promise to exchange goods or services

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