Business and Finance Exam two Questions and Answers

Business and Finance Exam two Questions and Answers All of the following are normally required for a loan application. - ANSWER BGA 317 According to BGA, the only reasonable way to assign overhead is in proportion to what? - ANSWER Direct labor hours BGA 228 Previously unrecognized error or omission in the contract documents resulted in damages on a project. According to AIA-A201, the contractor is; - ANSWER not liable to the architect or the owner AIA 201, 3.2.3 CPM and PERT are methods of construction ___________. - ANSWER Scheduling CM 10-57 According to AIA-A401, when must the contractor make good on such deficiencies? - ANSWER If the contractor fails within five business days after receipt of written notice from the contractor to commence and continue correction of such default or neglect. AIA 4O1, 3.5 According to the CM, the square footage method of estimating is not recommended for _______________. - ANSWER Cost-plus contracts CM 10-12 What is it mean by discounts on a loan? - ANSWER a one time charge made as a percentage of a loan normally deducted from the amount of the loan CM 3-74 To become valid a change order must be signed by the __________. - ANSWER Architect, owner, and contractor AIA 201, 15.1.3.1 A change order is issued which changes the quantities of a material covered by a unit price in the original contract. According to AIA-A201, what price adjustment, is any can be made? - ANSWER the unit price can be adjusted equitably in either the contractor or owners favor AIA 201, 9.1.2 What portion of the contract documents consist of the written requirements for materials, equipment, construction systems, standards and workmanship for the work, and performance or related services? - ANSWER specifications AIA 201, 1.16