AC exam- Management Concepts with 100- correct answers

Which of the following is a fundamental element of a contract? Mutual acceptance Which of the following contract types has the most risk for the contractor? Lump sum Which of the following contract types is best used if the scope is defined but not the quantities of material? unit price Which delivery method is the construction administrator most like a consultant? CM Agency Which statement is true about the design-build delivery method? There is a sole source for fault for building system failures. Which delivery method has the most risk for the contractor? design-build Which of the following is a major difference between a CM agency and a CM at risk? One caps the construction costs the owner is required to pay Under which legal entity are the most amount of total taxes paid? Corporation In the construction industry, which legal entity is often a temporary arrangement? Joint ventures Which is an advantage of forming a corporation? Reduced personal liability of shareholders Assume a company has $10000 in cash, $20000 in equipment and $20000 in accounts payable. The tax rate is 13%. What is the current ratio? .5 What is your return on assets assuming a net profit before tax of $15000 and $30000 total assets? 50% How much working capital do you have if you have $50000 in equipment, $20000 in cash, and $30000 in accounts payable? -$10000 What chart would be most appropriate to show the percentage of fall protection safety violations compared to all safety violations? Pie chart Which of the following are management systems used to improve customer satisfaction? All of the above (TQM, Six Sigma, Lean). Which management system was developed based on Toyota's production system? Lean Which of the following should a construction professional provide when providing services to their clients based on the AIC code of conduct? Management excellence