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Project Controls - Exam II
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Questions in this quiz (77)
1change order is a written order to the contractor signed by the owner and the architect, issued after the contract execution
- ATrue
- BFalse
2notice window to submit a change order. time to tell the owner that an issue has been discovered.
- A48 hrs
- B24 hrs
- C1 week
- D12 hrs
3a change order signed by the contractor indicates the contractors agreement to contract price sum and contract time.
- ATrue
- BFalse
4What initiates a change?
- Acontractors, owner, or designer request.
- Bproposal request
- CRFI
- DError in Drawings
- EError in Specifications
- FDiffering site conditions
- GLack of product available
- HWeather
- IWorker strikes (union)
5Change Process
- ARecognition or initiation of a change
- Bproper contractual notice
- Cdetailed change analysis
- Destimate direct costs
- Eestimate indirect costs
- Foverhead and profit
- Gschedule impact & time extension
6change to work can have significant economic consequences for the contractors and subcontractors. therefore contractors must receive equitable compensation for accomplishing change work.
- ATrue
- BFalse
7anchoring is when a person relies heavily on the first piece of information received.
- ATrue
- BFalse
8a change order clause allows a GC to mark up a change order by 5% for the GC to make money. it is a common misconception that GC's make a lot of money on change orders
- ATrue
- BFalse
9revenue - cost = profit
- ATrue
- BFalse
10revenue and costs can be offset to balance the books.
- ATrue
- BFalse
11financial advisors try to get 6-8% on investments. they use the Monte Carlo Projections to assess risk and uncertainty. used when a lot of random variables are present.
- ATrue
- BFalse
12depositing $500/month for 48 years at a compounding interest rate of 9%/year. How much money will they have at then end of the 48 years?
- A$2,092,000
- B$4,105,682
- C$313,920
- D$1,626,142
13buy a stock, you're an owner.
buy a bond, you're a banker.- ATrue
- BFalse
14This is the cycle for budget
- ATrue
- BFalse
15When choosing a bank, you want a bank that is FDIC Insured up to $________________
- A$250,000
- B$200,000
- C$25,000
- D$20,000
16indirect cost are cost that cannot be attached to a specific project.
- ATrue
- BFalse
17what is NOT an example of indirect cost.
- Aequipment
- Btaxes
- Clabor burden
- Dinsurance
18general overhead costs are managed on a company wide basis and must be broken down to enough detail to provide enough information to show financial information and for taxes
- ATrue
- BFalse
19which company will have the most amount of overhead?
- Aheavy civil
- Bresidential
- Ccommerical
20which are examples of indirect cost?
- Aadvertising
- Bcars & trucks
- Cinsurance
- Djanitorial and cleaning
- Etelephone
- Fmaintenance
- Goffice utilities
- Hpromotion
- Ilegal & professional services
- Jemployee benefits
21what is unallocated labor/materials?
- Apeople/materials going to different jobs/projects that are not allocated for that specific job/project.
- Blabor/material that was forgotten.
- Cmaterials that are bought by labors
- Dmaterials/labor that are not needed for the project.
22general overhead % = (general overhead cost) / (revenue)
- ATrue
- BFalse
23the statement Fickel said about project overhead?
- Ahow much does it cost everyday to open the project gate?
PM, Super, Office Trailers, Security, Electricity, Project Fence, Toilets... - Bproject overhead is not needed
- Cproject overhead % is the same as profit %
- Donly heavy civil have project overhead.
- Ahow much does it cost everyday to open the project gate?
24Labor Burden
- Afringe benefits - holidays, vacation, paid sick leave.
- BBonus program
- Csocial security
- Dmedicare
- Efederal and state unemployment tax
- Fworkers compensation insurance
- Ggeneral liability
- H401k
- Ihealth insurance
256 elements of work
- Amaterials
- Binformation
- Ctools
- Dequipment
- Eenvironment
- Fmanpower
26what is the outcome of the 6 elements of work?
- Aefficient and effective work
- Bquality and safe work
- Ceffective and quality work
- Defficient and safe work
27what does environment mean in the 6 elements of work?
- Athe quality of the team of the project
- Bthe location of the project
- Cthe project scope
- Dthe quality of the location of the project
28to solve the issue of manpower, having a good environment can make up for it.
- ATrue
- BFalse
29every other element of the 6 elements of work, besides environment, can be solved with money.
- ATrue
- BFalse
30what does burden on equipment consist of?
- AFuel
- BOil
- CGrease
- DTransporting
31what is the average credit score in America (2023)?
- A715
- B700
- C685
- D635
32Examples of a credit hard hit
- Aapplying for a car loan
- Bapplying for a mortgage
- Crequesting utilities from the city
33Examples of a credit soft hit
- Aapplying for a car loan
- Bapplying for a mortgage
- Crequesting utilities from the city
34how long does hard hit stay on your credit report?
- A2 years
- B1 year
- C5 years
- D3 years
35a soft hit gets reported to your credit report.
- ATrue
- BFalse
36what are the 5 factors of how a credit report is calculated?
- A35% - paying bills on time.
- B30% - how much of your available credit you are using.
- C15% - length of debt (how long you have been using credit).
- D10% - new debt (how often do you apply for credit).
- E10% - type of debt (mortgage, car loan, credit card, personal loan...)
37canceling a credit card can impact your credit score negatively since you are reducing the amount of credit you are using.
- ATrue
- BFalse
38do not ask your superintendent or project manager about employee benefits. every company has an expert about employee benefit.
- ATrue
- BFalse
39your employee benefits represents 30% or more of your total employment package
- ATrue
- BFalse
40every company has an enrollment period to change your benefits. you can change outside of the enrollment period with qualified event.
- ATrue
- BFalse
41which health insurance plan is local to worker?
- AHMO - Health Maintenance Organization
- BPPO - Preferred Provider Organization
42which health insurance plan is not required to have a primary care physician
- AHMO - Health Maintenance Organization
- BPPO - Preferred Provider Organization
43which health insurance plan is generally the least expensive option?
- AHMO - Health Maintenance Organization
- BPPO - Preferred Provider Organization
44must have a referral from your primary care physician (PCP) to see another doctor or specialty doctor.
- AHMO - Health Maintenance Organization
- BPPO - Preferred Provider Organization
45get to choose a doctor from a larger pool. referral is not required.
- AHMO - Health Maintenance Organization
- BPPO - Preferred Provider Organization
46maximum annual contribution for an HSA
- A$4150 - single
$8300 - family - B$4150 - family
$8300 - single - C$5140 - family
$3800 - single - D$5140 - single
$3800 - family
- A$4150 - single
47health savings account rolls over year to year. it is transportable.
- ATrue
- BFalse
48over 55 can contribute +$1,000 annually.
- ATrue
- BFalse
49you can withdraw from your HSA tax free if it is used for approved medical expenses.
- ATrue
- BFalse
50a maximum of $640 may roll over to the next years plan if using an FSA account.
- ATrue
- BFalse
51when using an FSA account, the money in the account must be used within the tax year that the money was contributed.
- ATrue
- BFalse
52life insurance basic package equates to $50,000
- ATrue
- BFalse
53life insurance is 2x more if you're a tobacco user.
- ATrue
- BFalse
54if you lie about being a tobacco user, insurance has an investigator to question friends/family to find the truth.
- ATrue
- BFalse
55winning at money is 80% behavior and 20% knowledge.
- ATrue
- BFalse
562024 401K employee yearly contribution.
- A$23,000
- B$7,000
- C$4,150
- D$30,500
572024 Roth IRA yearly contribution.
- A$23,000
- B$7,000
- C$4,150
- D$30,500
58credit card companies are trying to sell prestige.
- ATrue
- BFalse
59debt snowball
- Apay off lowest debt amount first to highest debt amount.
- Bpay off highest interest rate first to lowest interest rate.
60debt avalanche
- Apay off lowest debt amount first to highest debt amount.
- Bpay off highest interest rate first to lowest interest rate.
6188% of people who sign off on a furniture loan have a late payment and do not pay it off within the contract terms.
- ATrue
- BFalse
627 baby steps for a total money makeover.
- A$1,000 emergency fund
- Bpay off all credit card debt with debt snowball
- C3-6 months expenses in savings accounts - liquid
- Dinvest 15% of income into Roth IRA
- Ecollege fund
- Fpay off home early if it makes sense
- Gbuild wealth and give
63a budget is people telling their money where to go instead of wondering where it went.
- ATrue
- BFalse
64people who have a financial advisor have 3-4x more money
- ATrue
- BFalse
65budget once a month, check it weekly.
- ATrue
- BFalse
66get a month ahead. pay this months bills with last months money.
- ATrue
- BFalse
67buy a house if you intend to live at the location for how long?
- A5-7 years
- B3-5 years
- C7-10 years
- Dalways buy
- Ealways rent
68leading careers for millionaires.
- Aengineers
- Baccountant
- Cteachers
- Dmanagement
- Eattorney
69one of the biggest things that can negatively impact the financials of a job is the lack of safety.
- ATrue
- BFalse
70construction has the 2nd most workplace deaths, topped only by truck driving.
- ATrue
- BFalse
712022, over 1000 construction workers died.
- ATrue
- BFalse
72you cannot teach a person safety, you can only help a person discover it within themselves.
- ATrue
- BFalse
73people love to be recognized and is used as an incentive to increase safety on a job.
i.e. - when people were not recognized for working safely and the Safety Bucks became standardized as apart of employees paychecks, the safety went away.- ATrue
- BFalse
74safety is a moral obligation and there is a moral obligation to knowing.
i.e. - if you see something unsafe, take action immediately. no not put it off later.- ATrue
- BFalse
75safety has to be personal to everyone.
i.e. - what will make it personal for you?- ATrue
- BFalse
76people listen to you for their reasons, not for you reasons.
- ATrue
- BFalse
77$40,000 injury.
how much does the company need to make to offset the injury cost if the company is making 5% profit.- A$840,000
- B$800,000
- C$2,000
- D$42,000
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- Description
- Management Construction Quiz on Project Controls - Exam II, created by Tyler Warford on 14/10/2024.
- Author
- Tyler Warford
- Language
- English
- Views
- 76
- History
- Created on 14 Oct 2024 · updated on 14 Oct 2024
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