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AIC Exam > Management, Legal Entities & Delivery Methods > Flashcards

Management, Legal Entities & Delivery Methods Flashcards

1
Q
  1. 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

A

D. Design-Build

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2
Q
  1. 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

A

B. Unit Price

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3
Q
  1. 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

A

B. Turn Key

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4
Q
  1. 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. Cost Plus

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5
Q
  1. A contract is entered into whereby the bid quantities are stated and payment for the work is based upon the actual quantities placed. What is this type of contract called?

A. Cost Plus
B. Turn Key
C. Unit Price
D. Fixed Price

A

C. Unit Price

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6
Q
  1. 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

A

D. Construction Management

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7
Q
  1. 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

A

B. Joint Venture

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8
Q
  1. 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

A

B. Escalation

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9
Q
  1. 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

A

C. Fixed Price or Guaranteed Maximum Price

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10
Q
  1. Which legal entity is considered perpetual?

A. Partnership
B. Corporation
C. Joint Venture
D. Sole Proprietorship

A

B. Corporation

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11
Q
  1. 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

A

B. Corporation

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12
Q
  1. 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

A. Partnership

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13
Q
  1. 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

A

C. Sole Proprietorship

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14
Q
  1. Which legal entity is taxed twice?

A. Partnership
B. Corporation
C. Sole Proprietorship
D. Subchapter S Corporation

A

B. Corporation

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15
Q
  1. 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

A

D. Subchapter S Corporation

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16
Q
  1. Which type of legal entity requires a charter?

A. Partnership
B. Corporation
C. Joint Venture
D. Sole Proprietorship

A

B. Corporation

17
Q
  1. Which law are corporations formed under?

A. City
B. State
C. Federal
D. Municipal

A

B. State

18
Q
  1. 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

A. Offer, Acceptance, Meeting of the Minds and Consideration

19
Q
  1. 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

A

D. The principle of Legal Capacity has not been met, therefore, a non-responsive bid

20
Q
  1. 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

A

B. Uniform Commercial Code

21
Q
  1. 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

A

D. Behavior-based Safety Process

22
Q
  1. 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

A. Partnering

23
Q
  1. 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

A. ISO 9000

24
Q
  1. 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

A

C. Total Quality Management

25
Q
  1. What is the name of the criteria utilized to improve an organization and evaluate their progress toward becoming the best in their field?

A. Total Safety Management
B. Statistical Process Control
C. Total Quality Management
D. Baldrige Criteria for Performance Excellence

A

D. Baldrige Criteria for Performance Excellence

26
Q
  1. What management philosophy is defined as a performance and processed-oriented approach to safety and health that is improved continually and applies proven principles to maximize an organization’s long-term competitiveness?

A. Total Safety Management
B. Statistical Process Control
C. Total Quality Management
D. Baldrige Criteria for Performance Excellence

A

A. Total Safety Management

27
Q
  1. What makes TQM and TSM successful?

A. Applying the partnering process to an organization
B. Applying the TQM and TSM principles to an organization
C. Adding more Quality Control and Safety Managers to oversee the workers
D. Eliminating the isolation problem and making quality and safety everybody’s role

A

D. Eliminating the isolation problem and making quality and safety everybody’s role

28
Q
  1. What graphical measurement tool is a bar graph displaying a frequency distribution?

A. Histogram
B. Pareto Chart
C. Control Chart
D. Fishbone Chart

A

A. Histogram

29
Q
  1. What graphical measurement tool is a pictorial representation of a process?

A. Run Chart
B. Flow Chart
C. Control Chart
D. Scatter Diagram

A

B. Flow Chart

30
Q
  1. What graphical measurement tool displays the causes and effects on a diagram for analyzing problems?

A. Histogram
B. Pareto Chart
C. Control Chart
D. Fishbone Chart

A

D. Fishbone Chart

31
Q
  1. What graphical measurement tool is a bar graph of identified causes shown in descending order of magnitude?

A. Bar Chart
B. Histogram
C. Gantt Chart
D. Pareto Chart

A

D. Pareto Chart

32
Q
  1. What graphical measurement tool is a graph displaying the correlation of two characteristics?

A. Run Chart
B. Flow Chart
C. Control Chart
D. Scatter Diagram

A

D. Scatter Diagram

33
Q
  1. What graphical display tool contain line graphs that show a trend over time such as the workhours per square yard of asphalt over a period of time?

A. Bar Chart
B. Run Chart
C. Flow Chart
D. Control Chart

A

B. Run Chart

34
Q
  1. Which of the following principles of law states that if the prime contractor reasonably relies on the promise or price of the subcontractor to its detriment, then the subcontractor must be held to its promise in order to avoid harm to the prime contractor even though a signed contract between the contractor and subcontractor does not exist at the bidding phase of a project?

A. Consideration
B. Legal Purpose
C. Promissory Estoppel
D. Equitable Adjustment

A

C. Promissory Estoppel

35
Q
  1. At which point in time must the Agreement be provided to each prospective bidder?

A. At the bid opening
B. During the bidding phase of the project
C. At the signing of the Owner- Contractor Agreement
D. Just before the signing of the Owner- Contractor Agreement

A

B. During the bidding phase of the project

36
Q
  1. Which document establishes the reference date from which the beginning of the project is calculated and that the contractor can occupy the site?

A. Notice of Award
B. Notice to Proceed
C. Instructions to Bidders
D. Advertisement to Bidders

A

B. Notice to Proceed

AIC Exam (19 decks)

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