AFSB 152 Simulated Exam 2023 with 100% correct answers

The tender preparation stage of estimating begins after... - correct answer the architect and owner solicit bids, when the contractors begin their estimating processes To find clarity on payment bond terms, you can... - correct answer consult the applicable and relatively stable case law that does define the terms A surety needs additional information, such as _____________, to adequately evaluate the work-backlog risk of granting this bond - correct answer the contractor's overall capacity and financial capacity The Schedule of __________ is one of the most important schedules used by producers and underwriters when analyzing a contractor's financial statement - correct answer construction in progress A potential problem a project owner could encounter when using a design/build contractor is that government requirements may require a seal on the plans from a professional engineer or a registered architect, and the design/build contractor may not have a designer on staff (T/F) - correct answer T The design/build contractor charges a separate design fee in addition to the construction overhead and profit (T/F) - correct answer F You can recognize a small companies tax method by looking at their balance sheet (T/F) - correct answer T Vast majority of small contractors use one method for both tax reporting and financial reporting - correct answer F Bid bonds may not contain specific penal sums or bond penalties (T/F) - correct answer T Through a sharing