UMASS BCT 353 FINAL EXAM 2026 FINAL
REVIEW PACK COMPLETE QUESTION SET AND
CORE CONCEPT SUMMARY
◉ limited partnership (description, advantages, disadvantages).
Answer: -a co-owners liabilities and profits are limited and are equal
to the amount of capital and property invested in the company
-liability does not extend to a partners personal assets
Limited partners: invest money in a business, but don't contribute to
the management of the firm
advantages:
-increased opportunity to raise financial capital
-limited liability: personal assets protected
-the partnership is not automatically dissolved by the death if a
limited partner
-prior agreement is necessary
Disadvantages:
-limited partner provides no service to the business
-no authority in the signing of contracts and acquiring debt
-you need to trust
,◉ Joint venture (description, advantages, disadvantages). Answer:
relationship between two or more companies which unite to form a
single company for a specific undertaking
reason- to share risk and rewards
advantages:
-additional resources - financial and technical
-shared project risk
-each partner carries individual liability for the ventures
performance and debts
disadvantages:
-each partner shares equally in the profits and the losses of the
venture
-very limited power to control relations (the actions of other
partners)
-may be difficult at times to arrive at a consensus on key project
decisions - people
◉ Corporation (description, advantages, disadvantages). Answer:
legal entities created by binding individuals into one group under a
corporate name
,owned by stockholders who may reside inside or outside of
company
controlled by board of directors who are elected by the stockholders
advantages:
-limited owner liability
-extended financial resources
-perpetual life of the company
disadvantages:
-costly start-up
-double taxes: profit at state and federal
-strict government regulations
-may be bureaucratic
-management may not carry the same incentive for success as other
forms of business ownership
◉ General risk area and sources. Answer: -financial
-time
-design
-quality
, -project type
-project site or location
-owner organization
-accelerated design-build schedule
◉ Project delivery phases. Answer: predesign phase
schematic design
design development
construction documents
preconstruction phase
construction phase
◉ Design-Bid-Build (advantages, disadvantages). Answer:
advantages:
-single fixed price
-historical precedence
-open competition
-active owner not required
disadvantages:
-difficult to fast track
-no construction input
REVIEW PACK COMPLETE QUESTION SET AND
CORE CONCEPT SUMMARY
◉ limited partnership (description, advantages, disadvantages).
Answer: -a co-owners liabilities and profits are limited and are equal
to the amount of capital and property invested in the company
-liability does not extend to a partners personal assets
Limited partners: invest money in a business, but don't contribute to
the management of the firm
advantages:
-increased opportunity to raise financial capital
-limited liability: personal assets protected
-the partnership is not automatically dissolved by the death if a
limited partner
-prior agreement is necessary
Disadvantages:
-limited partner provides no service to the business
-no authority in the signing of contracts and acquiring debt
-you need to trust
,◉ Joint venture (description, advantages, disadvantages). Answer:
relationship between two or more companies which unite to form a
single company for a specific undertaking
reason- to share risk and rewards
advantages:
-additional resources - financial and technical
-shared project risk
-each partner carries individual liability for the ventures
performance and debts
disadvantages:
-each partner shares equally in the profits and the losses of the
venture
-very limited power to control relations (the actions of other
partners)
-may be difficult at times to arrive at a consensus on key project
decisions - people
◉ Corporation (description, advantages, disadvantages). Answer:
legal entities created by binding individuals into one group under a
corporate name
,owned by stockholders who may reside inside or outside of
company
controlled by board of directors who are elected by the stockholders
advantages:
-limited owner liability
-extended financial resources
-perpetual life of the company
disadvantages:
-costly start-up
-double taxes: profit at state and federal
-strict government regulations
-may be bureaucratic
-management may not carry the same incentive for success as other
forms of business ownership
◉ General risk area and sources. Answer: -financial
-time
-design
-quality
, -project type
-project site or location
-owner organization
-accelerated design-build schedule
◉ Project delivery phases. Answer: predesign phase
schematic design
design development
construction documents
preconstruction phase
construction phase
◉ Design-Bid-Build (advantages, disadvantages). Answer:
advantages:
-single fixed price
-historical precedence
-open competition
-active owner not required
disadvantages:
-difficult to fast track
-no construction input
