CM 4211 1-4 Questions With Complete Solutions
A Work Order outlines what
a. Specific Tasks on a project
b. The size of the Hamburger
c. How much a General Worker gets paid
Specific Tasks on a project
Work orders are also ways for construction companies to record
and file the details of their projects
a. True
b. False
c. Neither True or False
True
Some Projects use a Work Order that requests the services of
a. Inspection, Maintenance, and Electrical
b. Emergency Repairs
c. Safety and Quality Inspections
d. All the above
All the above
Purchase and Sales Agreements protect the builder and the
buyer (T/F)
True
The PO outlines the price and quantity of goods or services
necessary to complete the project as agreed upon by both
parties. (T/F)
,True
There is no difference between a PO and a Contract (T/F)
False
Work Orders can be part of a PO and Service Agreement (T/F)
True
The practice of assigning or outsourcing part of a project under a
GC is
a. LLC
b. C Corp
c. Subcontractor
Subcontractor
Hiring Full-Time employees has the same cost impacts as hiring
a Subcontractor
a. True
b. False
c. Neither True nor False, it's the same cost
False
GCs must afford subcontractors the same legal protections as its
own employees
a. True
b. False
c. It's required by Federal Labor Law
False
GCs can tell the owners of subcontractors how to run their
business if they are under contract
,a. True
b. False
c. Legally Binding per the Contract
False
An Advantage of having a Joint Venture is
a. More Office Space
b. Better Office Supplies
c. Risk is minimized and shared with JV
Risk is minimized and shared with JV
What percentage of Joint Ventures get bought out by one partner
a. 50%
b. 60%
c. 70%
d. 80%
80%
Joint Ventures are advantageous cause they are less complex tax
arrangements and offer great tax shelters
a. True
b. False
c. All businesses are taxed equally
False
A GC would subcontract out a specialty task they are not
accustomed to performing
a. True
b. False
c. Partially True and False
, True
A Joint Venture is when
a. Two or more companies work together under a legal
agreement
b. Subcontractor works for another GC not on the same project
c. A sole proprietor working for his brother for free
Two or more companies work together under a legal agreement
In a Joint Venture each company maintains its separate business
structure
a. False
b. True
c. Absolutely False
True
Subcontracting is beneficial to large projects
a. False
b. True
c. It doesn't matter
True
Benefits of subcontracting to a GC is
a. Cost Efficient and Risk Adverse
b. The GC can't find anyone else
c. The two owners are best friends
Cost Efficient and Risk Adverse
What percentage is hiring a subcontractor to be cost-effective
than hiring full-time staff
A Work Order outlines what
a. Specific Tasks on a project
b. The size of the Hamburger
c. How much a General Worker gets paid
Specific Tasks on a project
Work orders are also ways for construction companies to record
and file the details of their projects
a. True
b. False
c. Neither True or False
True
Some Projects use a Work Order that requests the services of
a. Inspection, Maintenance, and Electrical
b. Emergency Repairs
c. Safety and Quality Inspections
d. All the above
All the above
Purchase and Sales Agreements protect the builder and the
buyer (T/F)
True
The PO outlines the price and quantity of goods or services
necessary to complete the project as agreed upon by both
parties. (T/F)
,True
There is no difference between a PO and a Contract (T/F)
False
Work Orders can be part of a PO and Service Agreement (T/F)
True
The practice of assigning or outsourcing part of a project under a
GC is
a. LLC
b. C Corp
c. Subcontractor
Subcontractor
Hiring Full-Time employees has the same cost impacts as hiring
a Subcontractor
a. True
b. False
c. Neither True nor False, it's the same cost
False
GCs must afford subcontractors the same legal protections as its
own employees
a. True
b. False
c. It's required by Federal Labor Law
False
GCs can tell the owners of subcontractors how to run their
business if they are under contract
,a. True
b. False
c. Legally Binding per the Contract
False
An Advantage of having a Joint Venture is
a. More Office Space
b. Better Office Supplies
c. Risk is minimized and shared with JV
Risk is minimized and shared with JV
What percentage of Joint Ventures get bought out by one partner
a. 50%
b. 60%
c. 70%
d. 80%
80%
Joint Ventures are advantageous cause they are less complex tax
arrangements and offer great tax shelters
a. True
b. False
c. All businesses are taxed equally
False
A GC would subcontract out a specialty task they are not
accustomed to performing
a. True
b. False
c. Partially True and False
, True
A Joint Venture is when
a. Two or more companies work together under a legal
agreement
b. Subcontractor works for another GC not on the same project
c. A sole proprietor working for his brother for free
Two or more companies work together under a legal agreement
In a Joint Venture each company maintains its separate business
structure
a. False
b. True
c. Absolutely False
True
Subcontracting is beneficial to large projects
a. False
b. True
c. It doesn't matter
True
Benefits of subcontracting to a GC is
a. Cost Efficient and Risk Adverse
b. The GC can't find anyone else
c. The two owners are best friends
Cost Efficient and Risk Adverse
What percentage is hiring a subcontractor to be cost-effective
than hiring full-time staff
