CM 4221 QUIZZES QUESTIONS AND ANSWERS
How many CSI divisions does the post-2004 masterformat have? - Answer -50
Divisions
What is an EIS? - Answer -A document prepared to describe the effects for proposed
construction activities on the surrounding natural and physical environment
This testing process helps to reduce the risk that major project systems (HVAC,
electrical, etc) will work according to the project objectives, plans, and specifications -
Answer -Commissioning
Based on laws and regulations, privately financed projects must utilize competitive
bidding to procure a construction firm - Answer -False
Bid shipping is illegal, yet construction companies still use it gain a competitive edge -
Answer -False
An agency construction manager firm is contracted with the Owner, lead designer, and
construction firm on a project - Answer -False; An agency CM firm only contracts with
the Owner of the project. There is no contract between the lead designer and
construction firm and the agency CM
Low bid is a procurement procedure used to select a contractor based solely on total
construction cost - Answer -True
One major advantage of multi-prime contracting is the ease in phasing a project -
Answer -True
Which of the following delivery methods is the most used method in construction today?
- Answer -Design-Bid-Build
This procurement procedure utilizes cost and technical factors to select a construction
firm for a project - Answer -Best Value
Retained earnings is defined as an inflow of assets, not necessarily cash, in exchange
of goods and services sold - Answer -False
For a company's annual balance sheet, the total amount of assets must always equal
the total amount of liabilities plus the total amount of equity - Answer -True
The quick ratio is calculated by adding all cash and receivables and dividing that value
by the total current liabilities for a company - Answer -True
, A construction firm has just purchased a 3D printer for performing small scale
construction work on commercial projects. The initial cost of the new asset is $150,000.
The firm expects to use the 3D printer for 12 years and expects to salvage the printer
for $3,000 at that time. What is the annual depreciation of the 3D printer? - Answer -
$12,250
Which of the following is considered a long-term debt? - Answer -Construction loan
Which of the following contract terms does NOT influence a project's cash flow?
-payment terms and payment schedule
-mobilization
-subcontractor payment requirements
-provisions for stockpile of materials
-none of these - Answer -None of these
What is retainage? - Answer -An amount of money that the Owner holds from every
pay app to ensure the contractor continues the work as business as usual
The scheduled values shown in column C of G703 Continuation Sheet are monetary
values that the contractor can change from one pay app to the next pay app to better fit
the cash flow requirements of the contractor - Answer -False
A cash flow schematic diagram is used to forecast the maximum amount of working
capital a contractor will need to have to finance the construction work - Answer -True
The G702 payment application and G703 continuation sheet are common documents
used in construction for requesting payment from an Owner for completed work by a
contractor - Answer -True
Which statistical control method is used to determine if the variance of two samples are
statistically the same or different? - Answer -F-test
A t-statistic was calculated to be 2.39. The critical t-value for this test is 3.37. What does
this mean in terms of the mean values for two different sample sets for the same testing
method? - Answer -The t-statistic is less than the critical t-value, so that means the
means are statistically the same between the two samples
Using quality management helps to establish true quality control for a project by making
quality "inspected-in" rather than "built-in" - Answer -False
A project that shows good quality will be completed per the design and specs as well as
being completed on time and on budget - Answer -True
Increasing the size of a sample increases the reliability of the testing and also
decreases the cost of testing - Answer -False
How many CSI divisions does the post-2004 masterformat have? - Answer -50
Divisions
What is an EIS? - Answer -A document prepared to describe the effects for proposed
construction activities on the surrounding natural and physical environment
This testing process helps to reduce the risk that major project systems (HVAC,
electrical, etc) will work according to the project objectives, plans, and specifications -
Answer -Commissioning
Based on laws and regulations, privately financed projects must utilize competitive
bidding to procure a construction firm - Answer -False
Bid shipping is illegal, yet construction companies still use it gain a competitive edge -
Answer -False
An agency construction manager firm is contracted with the Owner, lead designer, and
construction firm on a project - Answer -False; An agency CM firm only contracts with
the Owner of the project. There is no contract between the lead designer and
construction firm and the agency CM
Low bid is a procurement procedure used to select a contractor based solely on total
construction cost - Answer -True
One major advantage of multi-prime contracting is the ease in phasing a project -
Answer -True
Which of the following delivery methods is the most used method in construction today?
- Answer -Design-Bid-Build
This procurement procedure utilizes cost and technical factors to select a construction
firm for a project - Answer -Best Value
Retained earnings is defined as an inflow of assets, not necessarily cash, in exchange
of goods and services sold - Answer -False
For a company's annual balance sheet, the total amount of assets must always equal
the total amount of liabilities plus the total amount of equity - Answer -True
The quick ratio is calculated by adding all cash and receivables and dividing that value
by the total current liabilities for a company - Answer -True
, A construction firm has just purchased a 3D printer for performing small scale
construction work on commercial projects. The initial cost of the new asset is $150,000.
The firm expects to use the 3D printer for 12 years and expects to salvage the printer
for $3,000 at that time. What is the annual depreciation of the 3D printer? - Answer -
$12,250
Which of the following is considered a long-term debt? - Answer -Construction loan
Which of the following contract terms does NOT influence a project's cash flow?
-payment terms and payment schedule
-mobilization
-subcontractor payment requirements
-provisions for stockpile of materials
-none of these - Answer -None of these
What is retainage? - Answer -An amount of money that the Owner holds from every
pay app to ensure the contractor continues the work as business as usual
The scheduled values shown in column C of G703 Continuation Sheet are monetary
values that the contractor can change from one pay app to the next pay app to better fit
the cash flow requirements of the contractor - Answer -False
A cash flow schematic diagram is used to forecast the maximum amount of working
capital a contractor will need to have to finance the construction work - Answer -True
The G702 payment application and G703 continuation sheet are common documents
used in construction for requesting payment from an Owner for completed work by a
contractor - Answer -True
Which statistical control method is used to determine if the variance of two samples are
statistically the same or different? - Answer -F-test
A t-statistic was calculated to be 2.39. The critical t-value for this test is 3.37. What does
this mean in terms of the mean values for two different sample sets for the same testing
method? - Answer -The t-statistic is less than the critical t-value, so that means the
means are statistically the same between the two samples
Using quality management helps to establish true quality control for a project by making
quality "inspected-in" rather than "built-in" - Answer -False
A project that shows good quality will be completed per the design and specs as well as
being completed on time and on budget - Answer -True
Increasing the size of a sample increases the reliability of the testing and also
decreases the cost of testing - Answer -False
