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Business Management and Law for Commercial Contractors EXAM REVIEW questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationa
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  • August 5, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • business management and law for commercial contrac

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  • Commercial Construction
  • Commercial Construction

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Business Management and Law for Commercial
Contractors EXAM REVIEW
-an invitation to bid
-bid instructions
-bid forms
-supplements - ANS-ch. 7 what is all included with the bid documents?

-conceptual estimate
-square-foot method
-unit price method - ANS-ch. 7 what are other methods of estimating?

-contract award
-Pre-construction phase
-construction phase
-job completion and closeout - ANS-ch.9 what does the project lifecycle consist of?

-contract price and payment terms
- obligation of the parties
- supplemental conditions (specific for the job)
- breach of contract - ANS-Ch.8 what are contract provisions and keys ones to include?

-during pre-bid phase you must learn the regulations and cost of compliance into the estimate
-pull permits during the pre-construction phase and assign enviro. respons. to your crew
-self audits during construction phase
-post-construct. ensure all close-down procedures have been done - ANS-ch. 12 what are
environmental considerations you should do while working on a project?

-offer and acceptance
-consideration (An exchange)
- competent parties (legal capacity=u are legal)
-legal purpose - ANS-ch. 8 what are the required contract elements?

-subcontractor fees
-labor burden (add 30%)
-project overhead costs
-project equipment
-contingencies
-allowances
-company overhead

, -profit - ANS-ch. 7 what should you factor into determining estimation costs after you have
estimated materials and labor

(most accurate) you individually estimate units of materials and labor for each task you listed in
your estimating framework. - ANS-ch.7 What is the quantity take-off method in determining
estimation costs?

1. classify and record transactions- (record receipts and invoices)
2. post transactions- this is the process of organizing your receipts into 5 basic account types
like: asset, liability, equity, income, expense
3. prepare trial balance- the trial balance is a total of all the accounts, you want to balance your
debit and credit (expenses and income) in your trial balance
4.prepare adjusted trial balance- edit and prepare previous trial balance changes
5. prepare financial statements- present your statements through three basic statements-
balance sheet, income statement, statement of cash flows.
6. analyze financial statements using financial ratios: liquidity ratio-divide liabilities by assets
quick ratio- divide liabilities by assets minus inventory - ANS-ch.14 describe the 6 steps of the
accounting cycle?

a lien dissolves unless, within 90 days after the lienor last provided materials or labor for the
construction project, a notice is given to the owner containing name of person who claims
payment, descript. of labor, description of the liened property, etc. - ANS-ch.16 what is the
dissolution of lien for failure to serve statement?

a protective measure in which coverage is obtained for a specific risk through a contract -
ANS-ch.4 What is Insurance?

a written agreement between the owner and contractor to change the contract
-change in scope
-unforeseen conditions differ from what was expect
-errors in construction plans - ANS-ch.8 what is a change order and why would you use it to
make changes to the contract?

add between 5-20% based off of your prices - ANS-Ch.7 How do you calculate an overhead
percentage?

an agreement between two or more companies to share a business project - ANS-Ch.2 Joint
venture

any job over $5,000 - ANS-Ch.3 when is a contractors license needed?

Bid Bonds: Guarantees the bids of contractors on bonded jobs.
Performance Bond: Ensures the performance of the Principal through the successful completion
of a project.

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