AFSB 152 - The Institutes Practice Exam Questions / AFSB 152 – exam latest 2024 with 100% correct answers

AFSB 152 - The Institutes Practice Exam Questions / AFSB 152 – exam latest 2024 with 100% correct answers
- When the quantity of work cannot be determined in advance. - CORRECT ANSWER-When the quantity of work cannot be determined in advance.
Which one of the following is true regarding joint ventures?
- All partners must participate equally in a joint venture.
- All partners are always fully responsible for the entire project.
- In a silent joint venture, the silent partner has limited responsibility.
- A limited joint venture can be formed to limit an individual's participation. - CORRECT ANSWER-A limited joint venture can be formed to limit an individual's participation
In construction contracts, the critical path method
· Ensures that, during mobilization, the crew moves big equipment from one location to another following the shortest route, in terms of mileage
· Ensures that, during mobilization, the crew moves big equipment from one location to another on less-used roads and during times when traffic is minimal
· Ensures that work is completed in a logical sequence and that the project is completed within the time budget specified in the contract terms
· Ensures that all minor finishing tasks, identified in a punch list, are completed before the project reaches substantial completion - CORRECT ANSWER-Ensures that work is completed in a logical sequence and that the project is completed within the time budget specified in the contract terms
The party that directly benefits from the additional security of knowing that the contractor has satisfied the surety's comprehensive prequalification review is the
· Suppliers
· Laborers
· Project Owners
· Architect or engineer - CORRECT ANSWER-Project Owners
Private work is not bid as tightly as public work because all bidders usually understand that a fair markup of a contractor's work is expected and that
- Numerous, unexpected change orders would become a nuisance
- The owner, architect, and contractor are likely to collaborate on a private project
- The quality of work on private projects is expected to meet only the specific standards
- When the contractor begins to seek extras, owners and architects believe they are being mistreated - CORRECT ANSWER-Numerous, unexpected change orders would become a nuisance
Due to the scope of the project, Cortland Company and May Contracting agreed to a cost-plus construction contract. Which one of the following accurately describes a cost-plus construction contract?
- A cost-plus contract includes cost of work and a fee for overhead and profit.
- A cost-plus contract is a fixed-price contract with a changes clause.
- A cost-plus contract includes costs of materials plus labor costs.