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?
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Correct Answer:
Being good, individual
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What is equity?
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Correct Answer:
Net worth of the firm
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What does the schedule of variances show?
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Correct Answer:
If the project is in balance
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What is liquidity?
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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?
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What is the Utilization rate?
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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?
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Correct Answer:
Profit loss statement
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What does net billing include?
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Correct Answer:
Just architectural fees
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What does "net billing" mean?
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Correct Answer:
Does not include expenses, just architectural fees
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What is the order of the following items?
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Correct Answer:
Current earnings, profits, after taxes
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What is the profit to earning ratio?
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Correct Answer:
Profit / net operating revenue
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What is net profit?
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Correct Answer:
The amount of money left after taxes and expenses have been paid
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What is net operating revenue?
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Correct Answer:
What comes in - what goes out
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What does a cash based system do?
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Correct Answer:
Track money as it goes in and out of an account
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What does cash based accounting track?
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Correct Answer:
Money as it goes in and out of an account
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What type of work do mechanics lean?
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Correct Answer:
Real-estate related
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What is accrual-based accounting?
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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?
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Correct Answer:
To encourage completion of the project
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What is earned value?
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Correct Answer:
Amount paid so far
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Which of the following is the correct formula for planned value?
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Correct Answer:
Planned value = percent work done x planned value
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What is a B-Corp company?
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Correct Answer:
A company that prioritizes social and environmental performance
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What is an S Corp?
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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:
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Correct Answer:
The business - not the owner - is liable for the company's debts.
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What is a C Corp?
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Correct Answer:
A legal entity that offers limited liability with double taxation.
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What is a Strategic Alliance?
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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?
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Correct Answer:
Partnership
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What is a joint venture?
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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?
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Correct Answer:
Before completion of design
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Which of the following is true about a Negotiated Select Team?
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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?
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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?
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Correct Answer:
The owner has two separate contracts with an architect and contractor.
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What is the profitability of a firm?
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Correct Answer:
Revenue - costs
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What is the aggregate limit?
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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?
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Correct Answer:
Overhead rate divided by base salary
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What is the Net/Gross Ratio?
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Correct Answer:
Net area / gross area
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What is the third owner responsibility?
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What is the first responsibility of an architect?
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Correct Answer:
Instruments of service
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What does a construction change directive do?
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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?
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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?
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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?
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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?
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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"?
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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?
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Correct Answer:
An amount specified in the contract for nonperformance
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What are nominal damages?
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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?
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Correct Answer:
Architects, structural engineers, building designers
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What is the commonality between the three design professionals?
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Correct Answer:
They are all design professionals.
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What is the purpose of general damages?
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Correct Answer:
To make up for the injury that was sustained
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What are special damages?
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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?
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Correct Answer:
Must have been injury
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For a valid tort action, there must have been what?
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A crime is a wrong committed against _____.
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What is the difference between a civil tort and criminal lawsuit?
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Correct Answer:
A crime is a wrong against society.
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What is a tort?
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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?
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Correct Answer:
Showing beyond a reasonable doubt
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What is compensatory fraud?
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Correct Answer:
Fraud for which damages are available
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When is misrepresentation a breach of contract?
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Correct Answer:
When a contract is involved.
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What is the definition of "misrepresentation"?
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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?
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Correct Answer:
A civil wrong for which damages may be recovered
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What is the definition of negligence?
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Correct Answer:
Action, willful or unwillful, taken without proper care or consideration for safety
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What are punitive damages?
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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?
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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?
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What is an unintentional breach of contract?
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Correct Answer:
Providing less than adequate quality of work or materials.
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What is a willful breach of contract?
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Correct Answer:
A contractor walking off a construction job
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What is the definition of "breach of contract"?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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Correct Answer:
Errors and Omissions
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What is the responsibility of the prime contractors?
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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?
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Correct Answer:
Prime contractor or prime
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What is a general contractor?
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Correct Answer:
A person who the entire construction project is awarded to
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What does an engineer do?
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Correct Answer:
Performs stress and capacity calculations
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What is the main role of a building designer?
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Correct Answer:
To develope design on simple small projects
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What does an architect do?
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Correct Answer:
Design the project according to established codes and guidelines
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What is an owner-developer?
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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?
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Correct Answer:
Architect and/or engineer
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What is the meaning of "subcontract"?
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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?
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Correct Answer:
Clauses that have specific wordings that should not normally be changed.
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What is fiduciary responsibility?
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Correct Answer:
The agent must be honest and loyal
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What does the word "agent" mean?
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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"?
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Correct Answer:
The owner/person who has authority
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What type of document is a contract?
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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?
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Correct Answer:
All contracts
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What is a contract?
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Correct Answer:
Legally binding agreement or promise to exchange goods or services
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