NASCLA PRACTICE EXAM 1 questions with correct answers

Balance sheet, income statement, statement of cashflow CORRECT ANSWER Three types of financial statements Sustainable practices CORRECT ANSWER specifically consider a building project's long term impact on the environment Board feet CORRECT ANSWER The volume of wood needed for a project Design-Build method of project delivery CORRECT ANSWER Owner contracts with one entity to provide both design and construction services. Design-build firm subcontracts as necessary. Unit Price Contract CORRECT ANSWER An agreement that divides a contract into various quantities of work categories for the contractor to perform cost-plus contracts CORRECT ANSWER adding a standard markup (set percentage added) to the cost of the product rather than have companies compete for the lowest bid; allowed for faster mobilization because companies made higher profits from producing more/fast Labor rate CORRECT ANSWER The most difficult factor to determine the ___ because both the hourly wage rate and crew productivity must be considered Turnkey contract CORRECT ANSWER a method of organizing a building project in which a contractor and a designer agree to provide a finished building at an agreed-upon price.