CEM 100 Exam 1 || A+ Certified Solutions.
Statutory entity that combines the limited personal liability feature of a corporation and the
partnership feature of taxation at the owner level is termed a (an) correct answers LLC
Concerning business ownership for construction contracting firms in the US approximately
____ are individual proprietorships correct answers 75%
Some of Americas largest construction projects including the Hoover Dam in Southern
Nevada, built by Six companies, have been constructed by this business ownership from
where the assets and other resources of two or more construction firms are combined for a
specific project correct answers Joint Venture
A business ownership form that has the principal advantages of limited liability of its owners,
perpetual life of the company, relative ease of raising capital, the easy and workable
provision of multiple ownership and the economic benefit that owners pay taxes only on
profits (dividends) actually received is the ____ correct answers Corporation
In the partnership method of business ownership, a partner that is liable for partnership debts
only up to the amount of their investments in the partnership would be termed a ___ correct
answers Limited partner
The ____ is not an enduring form of business ownership. Rather the ___ is a temporary form
of ownership whereby two or more companies unite and pool their resources, assets, and
skills to perform a single construction project and then go their separate ways again following
completion correct answers Joint Venture
In a partnership, ____ exist when one party, called the principal, authorizes another who is
called the ___ to act for the former in certain types of defined business or commercial
transactions correct answers Agency, Agent
According to your textbook, in the settlement of the debts of a partnership, ___ enjoy a
position of first priority correct answers Outside creditors
Concerning establishing a partnership, state laws regarding partnerships are not entirely
consistent, although most states have adopted the ___ more or less verbatim correct answers
Uniform Partnership Act
A stock palm that is a form of deferred compensation to those working fro the corporation
consisting of those working for the corporation investing in the stock of their corporation,
with these investments funded by tax-exempt contributions. This stock plan termed a (an) ___
can be designed to accomplish different purposes, including promoting a company growth by
providing a new source of equity capital, providing benefits for long term workers, allowing
for the retirement of company owners, accomplishing a change of company ownership, and
retiring stock presently owned by stockholders correct answers Employee Stock Ownership
plan (ESOP)
Concerning establishing a partnership, the contract between the partners is termed the ___
correct answers Articles of Partnership
, The primary disadvantage of the sole proprietorship form of business organization is ___
correct answers Unlimited liability
The voting shareholders of a corporation elect a ___ that exercises general control over the
business of the incorporated company and determines the overall policies of the corporation
correct answers Board of Directors
The primary disadvantage of the corporate form of business organization concerning
corporation profit is ___ correct answers double taxation
According to your textbook, in a general partnership, each of the general partners is a
recognized member of the firm, is active in its management, and has unlimited liability to its
creditors. A ___ is one who contributes cash or property to the business and the
commensurately shares in the profits or losses of enterprise. However, the ___ does not, and
in fact cannot provide any services, nor have any voice or vote in matters of management of
the firm correct answers Limited Partner
According to your textbook, the power to act and make the decisions that are necessary in the
process of meeting ones assigned responsibilities, without the need to obtain approval from a
superior would be termed correct answers Authority
A(an) ___ serves to establish and define working relationships among company personnel.
The ___ shows who participates and to what degree, when a given activity is performed.
Listed in the ___ across the top would be all of the positions, and the people who are
involved in a given function, along with the extent and nature of their involvement. Listed on
the left hand side would be the functions for which an individual is responsible and the nature
of this responsibility correct answers Operating chart
Company reports as to who prepares them, when they are prepared, and to whom they are
routed would be coveted by the ___ correct answers operating manual
A key publication that can help minimize such personnel problems as turnover, absenteeism,
and low productivity along with specific policies to provide those who manage and enforce
company personnel policies with a solid basis for action in making future personnel decisions
would be the ___ correct answers Employee Handbook
According to your textbook, the inventories area would typically be in the category of work
for the ___ in the construction firm correct answers Procurement group
From an operating or functional perspective, there are various objectives of procurement
management. Which one would NOT be one of these objectives correct answers To attain
approval from each department of every purchase
According to your textbook, the acquisition of subcontracts would typically by in the
category for the ___ in the construction firm correct answers Procurement group
Concerning construction company organization and framework there should be company
wide order and discipline and no degree of personal freedom of action for people in the
company correct answers False
Statutory entity that combines the limited personal liability feature of a corporation and the
partnership feature of taxation at the owner level is termed a (an) correct answers LLC
Concerning business ownership for construction contracting firms in the US approximately
____ are individual proprietorships correct answers 75%
Some of Americas largest construction projects including the Hoover Dam in Southern
Nevada, built by Six companies, have been constructed by this business ownership from
where the assets and other resources of two or more construction firms are combined for a
specific project correct answers Joint Venture
A business ownership form that has the principal advantages of limited liability of its owners,
perpetual life of the company, relative ease of raising capital, the easy and workable
provision of multiple ownership and the economic benefit that owners pay taxes only on
profits (dividends) actually received is the ____ correct answers Corporation
In the partnership method of business ownership, a partner that is liable for partnership debts
only up to the amount of their investments in the partnership would be termed a ___ correct
answers Limited partner
The ____ is not an enduring form of business ownership. Rather the ___ is a temporary form
of ownership whereby two or more companies unite and pool their resources, assets, and
skills to perform a single construction project and then go their separate ways again following
completion correct answers Joint Venture
In a partnership, ____ exist when one party, called the principal, authorizes another who is
called the ___ to act for the former in certain types of defined business or commercial
transactions correct answers Agency, Agent
According to your textbook, in the settlement of the debts of a partnership, ___ enjoy a
position of first priority correct answers Outside creditors
Concerning establishing a partnership, state laws regarding partnerships are not entirely
consistent, although most states have adopted the ___ more or less verbatim correct answers
Uniform Partnership Act
A stock palm that is a form of deferred compensation to those working fro the corporation
consisting of those working for the corporation investing in the stock of their corporation,
with these investments funded by tax-exempt contributions. This stock plan termed a (an) ___
can be designed to accomplish different purposes, including promoting a company growth by
providing a new source of equity capital, providing benefits for long term workers, allowing
for the retirement of company owners, accomplishing a change of company ownership, and
retiring stock presently owned by stockholders correct answers Employee Stock Ownership
plan (ESOP)
Concerning establishing a partnership, the contract between the partners is termed the ___
correct answers Articles of Partnership
, The primary disadvantage of the sole proprietorship form of business organization is ___
correct answers Unlimited liability
The voting shareholders of a corporation elect a ___ that exercises general control over the
business of the incorporated company and determines the overall policies of the corporation
correct answers Board of Directors
The primary disadvantage of the corporate form of business organization concerning
corporation profit is ___ correct answers double taxation
According to your textbook, in a general partnership, each of the general partners is a
recognized member of the firm, is active in its management, and has unlimited liability to its
creditors. A ___ is one who contributes cash or property to the business and the
commensurately shares in the profits or losses of enterprise. However, the ___ does not, and
in fact cannot provide any services, nor have any voice or vote in matters of management of
the firm correct answers Limited Partner
According to your textbook, the power to act and make the decisions that are necessary in the
process of meeting ones assigned responsibilities, without the need to obtain approval from a
superior would be termed correct answers Authority
A(an) ___ serves to establish and define working relationships among company personnel.
The ___ shows who participates and to what degree, when a given activity is performed.
Listed in the ___ across the top would be all of the positions, and the people who are
involved in a given function, along with the extent and nature of their involvement. Listed on
the left hand side would be the functions for which an individual is responsible and the nature
of this responsibility correct answers Operating chart
Company reports as to who prepares them, when they are prepared, and to whom they are
routed would be coveted by the ___ correct answers operating manual
A key publication that can help minimize such personnel problems as turnover, absenteeism,
and low productivity along with specific policies to provide those who manage and enforce
company personnel policies with a solid basis for action in making future personnel decisions
would be the ___ correct answers Employee Handbook
According to your textbook, the inventories area would typically be in the category of work
for the ___ in the construction firm correct answers Procurement group
From an operating or functional perspective, there are various objectives of procurement
management. Which one would NOT be one of these objectives correct answers To attain
approval from each department of every purchase
According to your textbook, the acquisition of subcontracts would typically by in the
category for the ___ in the construction firm correct answers Procurement group
Concerning construction company organization and framework there should be company
wide order and discipline and no degree of personal freedom of action for people in the
company correct answers False
