Business Organization

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Who prepares and distributes the punch list?

Owner
Inspector
Punch list supervisor
Project manager (correct)

What is the main disadvantage of a C-Corporation?

Double taxation (correct)
Increased chances of a lawsuit
Must report to the shareholders
Answerable to the board of directors

What does a good project scheduling system provide?

Decreased insurance costs
Effective workflow distribution (correct)
The need for an IIPP
A decreased need for printing documents

To declare themselves a corporation, LLC, or Limited Partnership in California, the principals must file formation documents with what agency?

Secretary of State (B) Signup and view all the answers

What should a contractor do to keep a company running smoothly, if the contractor is performing all the managerial, physical, and strategic aspects of the business?

Hire a person or company to help with the payroll, administrative, and accounting duties to relieve the workload (D) Signup and view all the answers

What is an advantage of an S-Corporation?

Pass-through taxation (A) Signup and view all the answers

What is the recommended practice after a contractor receives an approved set of plans?

Double-check the plans for any errors or discrepancies (A) Signup and view all the answers

What is included in a service plan?

Who the market is and a marketing strategy (D) Signup and view all the answers

Which of the following types of job scheduling methods is generally considered to be most effective?

The critical path method (D) Signup and view all the answers

Which of the following is a characteristic of a sole-ownership business?

It is the simplest form of business organization (B) Signup and view all the answers

What is the main advantage of an S-Corporation?

The Corporation avoids double taxation (D) Signup and view all the answers

Which of the following statement(s) is/are true regarding the Employer Identification Number?

All of the above (D) Signup and view all the answers

What is the most common cause of small business failures?

Insufficient cash flow (D) Signup and view all the answers

If a company takes on multiple projects, and each project contains multiple phases, what is the most effective way to complete these projects?

Plan ahead and create a construction schedule (D) Signup and view all the answers

What are the three primary schedule types?

List schedule, time scale (bar or Gantt chart), and Critical Path Method (CPM) (C) Signup and view all the answers

What is Float time?

The amount of leeway allowed when starting or completing an activity without delaying the project completion date. (A) Signup and view all the answers

Which of the following would benefit office employees the LEAST?

A GPS tracker (C) Signup and view all the answers

If a project takes a few months to complete, what is the BEST way to assess the progress of the project?

Do a job walk-through and compare the progress with the schedule (C) Signup and view all the answers

Which of these scheduling techniques is relatively simple, and graphically shows the starting and finishing time for individual tasks that make up a job?

Bar chart (C) Signup and view all the answers

The primary topics that should be included in a Business Plan are:

A description of the goals of the business, markets and marketing, finances, and management. (B) Signup and view all the answers

Which of the following best describes the critical path?

The sequence of tasks between the start and completion of the project which takes the longest amount of time (B) Signup and view all the answers

Which of the following applies to a sole ownership?

The company relies primarily on the resources available to the individual (A) Signup and view all the answers

When purchasing a union company with a successor clause, how long must the existing collective bargaining agreement be kept after the purchase?

Three years or until it expires, whichever occurs first (B) Signup and view all the answers

How can three or four companies get one license to work together?

Joint venture (D) Signup and view all the answers

Which of the following should a contractor do if they fall behind on a project’s time schedule?

Extend deadlines if the owner accepts these terms (C) Signup and view all the answers

When the ownership of a company has changed, the collective bargaining agreement:

will be binding until it is expired (D) Signup and view all the answers

Which business structure has a board of directors?

Corporation (C) Signup and view all the answers

When should the project be scheduled?

After obtaining building permits (B) Signup and view all the answers

What is the main weakness of a time scale or bar chart?

It does not show the interdependency of the activities (A) Signup and view all the answers

Project Manager's Role

The project manager is responsible for creating and distributing a punch list.

C-Corp Disadvantage

C-Corporations face double taxation (profits taxed at corporate and personal levels).

Project Scheduling System Benefit

A good project scheduling system facilitates efficient workflow distribution.

California Business Formation

To form a corporation, LLC, or LP in California, file formation documents with the Secretary of State.