AFSB 152 EXAM (Chapters 1 - 10) Save
Terms in this set (557)
1. The design professional interviews the client and
measures current and future needs
2. The design professional reviews existing facilities
for potential renovation and for their ability to
handle future growth needs
3. Professionals obtain required zoning approvals
How a typical design
and ensures plans comply with government
process works:
regulations
4. For new construction, the future owner either
acquires an option to acquire the land or building
being renovated
5. The owner obtains a building permit
6. The owner arranges financing before construction
An underwriting concern The financial strength of many of the international
with reverse flow companies resides outside of the US
international bonding is
that:
A limited liability Subchapter S Corporation
company is most similar
to a:
What describes the Supplementary data is highly significant in a
importance of contractor's financial report
supplementary data in a
contractor's financial
report?
,Courts have created the A surety that pays under its bond may take over the
surety's rights of recovery rights of those persons to whom or on
subrogation by ruling on whose behalf the surety has made payment
which one of the
following actions by the
surety?
Contractor A bid a job at An average of all of the above bids
$8 million. Contractor B,
Contractor C, and
Contractor D bid the job
at $7.1 million, $7.0 million,
and $6.9 million. In this
case, most sureties would
apply the 10 percent rule
to Contractor A's bid and:
What performance bond To fund the excess cost of completion and reserve
option is particularly the surety's rights to sue the obligee for repayment
effective in the face of a
threat of "blacklisting" by
a public, governmental
body obligee?
- Financial performance of contracts: a variety of
Analyst's must inquire factors, such as project management, weather, and
about any subsequent productivity of the labor force can affect financial
changes and determine performance
whether they have
material positive or - Mix of assets and liabilities that may change the
negative effects on the financial structure of the contracting entity
analysis.
The analysis should - Changes in ownership or management of the
consider events and contracting entity
conditions in these areas:
- Litigation involving the contractor
, If a contractor fails to The contractor is liable for the excess amount
sign a contract after
being awarded the bid,
and the difference
between the principal's
bid and the next lowest
bid is more than the
bond penalty, then?
If there is work on a Damage to surrounding structures
highway project that
requires a deep
excavation and extensive
pile driving, the
contractor should have
concerns for?
Which type of guarantees Efficiency guarantees on the finished project that
do underwriters typically hold the contractor responsible
consider objectionable?
What is the reason This is because obligees do not have time to review
contractor's are required every single bidder's qualifications
to provide bid bonds?
Benefit of Surety Bonds The bond provides confidence that, in the surety's
to Architects or judgement, the contractor can translate project
Engineers: plans into a finished product.
A contractor's ability to Operating Profit
acquire, maintain, and
successfully manage
backlogs is reflected in
which of these income
statement results over
several accounting
periods?
A written contract that expresses one partys
What is a surety bond? promise to answer for another partys failure to do
something as promised
Terms in this set (557)
1. The design professional interviews the client and
measures current and future needs
2. The design professional reviews existing facilities
for potential renovation and for their ability to
handle future growth needs
3. Professionals obtain required zoning approvals
How a typical design
and ensures plans comply with government
process works:
regulations
4. For new construction, the future owner either
acquires an option to acquire the land or building
being renovated
5. The owner obtains a building permit
6. The owner arranges financing before construction
An underwriting concern The financial strength of many of the international
with reverse flow companies resides outside of the US
international bonding is
that:
A limited liability Subchapter S Corporation
company is most similar
to a:
What describes the Supplementary data is highly significant in a
importance of contractor's financial report
supplementary data in a
contractor's financial
report?
,Courts have created the A surety that pays under its bond may take over the
surety's rights of recovery rights of those persons to whom or on
subrogation by ruling on whose behalf the surety has made payment
which one of the
following actions by the
surety?
Contractor A bid a job at An average of all of the above bids
$8 million. Contractor B,
Contractor C, and
Contractor D bid the job
at $7.1 million, $7.0 million,
and $6.9 million. In this
case, most sureties would
apply the 10 percent rule
to Contractor A's bid and:
What performance bond To fund the excess cost of completion and reserve
option is particularly the surety's rights to sue the obligee for repayment
effective in the face of a
threat of "blacklisting" by
a public, governmental
body obligee?
- Financial performance of contracts: a variety of
Analyst's must inquire factors, such as project management, weather, and
about any subsequent productivity of the labor force can affect financial
changes and determine performance
whether they have
material positive or - Mix of assets and liabilities that may change the
negative effects on the financial structure of the contracting entity
analysis.
The analysis should - Changes in ownership or management of the
consider events and contracting entity
conditions in these areas:
- Litigation involving the contractor
, If a contractor fails to The contractor is liable for the excess amount
sign a contract after
being awarded the bid,
and the difference
between the principal's
bid and the next lowest
bid is more than the
bond penalty, then?
If there is work on a Damage to surrounding structures
highway project that
requires a deep
excavation and extensive
pile driving, the
contractor should have
concerns for?
Which type of guarantees Efficiency guarantees on the finished project that
do underwriters typically hold the contractor responsible
consider objectionable?
What is the reason This is because obligees do not have time to review
contractor's are required every single bidder's qualifications
to provide bid bonds?
Benefit of Surety Bonds The bond provides confidence that, in the surety's
to Architects or judgement, the contractor can translate project
Engineers: plans into a finished product.
A contractor's ability to Operating Profit
acquire, maintain, and
successfully manage
backlogs is reflected in
which of these income
statement results over
several accounting
periods?
A written contract that expresses one partys
What is a surety bond? promise to answer for another partys failure to do
something as promised
