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Questions and Answers
Which of the following is NOT included in projected income for the design-construction industry?
Which of the following is NOT included in projected income for the design-construction industry?
- Anticipated expenses (correct)
- Anticipated professional income
- Work-in-progress
- Other anticipated income
What should be considered when adjusting projected income in the design-construction industry?
What should be considered when adjusting projected income in the design-construction industry?
- Previous year's records
- Current and projected economy
- Extraordinary conditions
- All of the above (correct)
How are profits usually estimated in the design-construction industry?
How are profits usually estimated in the design-construction industry?
- As a percentage of projected expenses
- As a percentage of projected income
- As a fixed amount
- As a percentage of projected revenues (correct)
Which of the following is NOT a component of a financial plan for an architectural practice?
Which of the following is NOT a component of a financial plan for an architectural practice?
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Why is short-term financial planning usually called budgeting?
Why is short-term financial planning usually called budgeting?
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What is the purpose of a financial plan in an architectural practice?
What is the purpose of a financial plan in an architectural practice?
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