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AFSB 152 Simulated Exam Questions with complete verified solutions 2024
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AFSB 152 Simulated Exam Questions with complete verified solutions 2024
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AFSB 152:Simulated Exam
Questions with
complete
verified
solutions 2024
Which one of the following is an advantage of
the takeover option? - answer The obligee
may forgive a delay or liquidated damages.
The quality of the plans and specifications
can greatly influence three tasks that can
determine whether the contractor can
successfully perform the work. The three
tasks are... - answer Estimating, planning,
and managing the work to be performed.
,Eastown Contracting's balance sheet shows
$100,000 in cash, $300,000 in accounts
receivable, $50,000 in equipment, and
$150,000 in accounts payable amounts; the
contractor's working capital is - answer
$250,000.
Unlike performance and payment bonds, bid
bonds - answer May not contain specific
penal sums or bond penalties.
Underwriter Albert of Smithson Insurance
and Surety would be most interested in
which one of the following groups of financial
statements? - answer Balance sheets,
income statements, cash flow statements,
and supporting notes and schedules for the
past three to five years, including interim
statements for the current fiscal year and
concurrent statements for all indemnitors.
Genkins Construction is a general contractor.
Because of the highly competitive market in
the area surrounding its office, where it
typically bids jobs, Genkins began bidding
, jobs outside its usual territory. Genkins won
bids on five projects that are 400 miles west
of its normal operating territory in a nearby
state. Genkins expects those jobs to continue
over the next two years, but development in
the area appears promising, so Genkins
might bid additional jobs in this new location.
Aside from project-specific risk, what other
possibility might Genkins consider? - answer
Genkins might consider opening a regional
office in the new region with the expectation
of competing for work there on an ongoing
basis.
Major Office Complex Financial Data 25%
Complete Total Contract:
Contract price $1,100,000
Estimated price 1,000,000
Estimated gross profit $100,000
Cumulative From Inception:
Billings to date $300,000
Costs incurred to date 250,000
Billings in excess of cost $50,000
Collections to date $200,000
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