Management Concepts AIC Test Exam Questions & Answers.
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Module
AIC.
Institution
AIC.
Management Concepts AIC Test Exam Questions & Answers.
Which of the following is a fundamental element of a contract? - CORRECT ANSWER Mutual acceptance
Which of the following contract types has the most risk for the contractor? - CORRECT ANSWER Lump sum
Which of the following contract t...
Management Concepts AIC Test Exam
Questions & Answers.
Which of the following is a fundamental element of a contract? - CORRECT ANSWER Mutual acceptance
Which of the following contract types has the most risk for the contractor? - CORRECT ANSWER Lump
sum
Which of the following contract types is best used if the scope is defined but not the quantities of
material? - CORRECT ANSWER Unit price
Which delivery method is the construction administrator most like a consultant? - CORRECT ANSWER
CM Agency
Which statement is true about the Design-Build delivery method? - CORRECT ANSWER There is a sole
source for fault for building system failures
Which delivery method has the most risk for the contractor? - CORRECT ANSWER Design-Build
Which of the following is a major difference between a CM agency and a CM at risk? - CORRECT
ANSWER One caps the construction costs the owner is required to pay
Under which legal entity are the most amount of total taxes paid? - CORRECT ANSWER Corporation
In the construction industry, which legal entity is often a temporary arrangement? - CORRECT ANSWER
Joint ventures
Which is an advantage of forming a corporation? - CORRECT ANSWER Reduced personal liability of
shareholders
, What chart would be the most appropriate to show the percentage of fall protection safety violations
compared to all safety violations? - CORRECT ANSWER Pie chart
Which of the following are management systems used to improve customer satisfaction? - CORRECT
ANSWER TQM, Six Sigma, and Lean
Which management system was developed based on Toyota's production system? - CORRECT ANSWER
Lean
The Owner wants to Fast-Track a construction project., Which project delivery system best supports this
process? - CORRECT ANSWER Design-Build
A clause in the contract states that "if the Quantities of an item of work varies from the estimated
quantities by more than 20 percent, then the price will be adjusted." Which type of contract will this
clause be primarily used in? - CORRECT ANSWER Unit Price
A contract has been entered into whereby the Contractor agrees to design, build, purchase the land and
finance the project. What is this type of contract called? - CORRECT ANSWER Turn Key
A contract is entered into whereby the design and scope are undefined and the Owner agrees to pay for
all Direct Labor, Materials, Equipment, plus some agreed upon allowance to the Contractor for their
services. What is this type of contract called? - CORRECT ANSWER Cost Plus
A contract is entered into whereby the bid quantities are stated and payment for the work is based upon
the actual quantities placed. What is this type of contract called? - CORRECT ANSWER Unit Price
A contract is entered into whereby the Design and Scope are partially undefined, the Owner holds a
contract with the A/E, the Owner holds the contracts with each trade and the Owner also holds a
contract with a management service company to perform the trade coordination, cost control and
scheduling services. What is this project delivery called? - CORRECT ANSWER Construction Management
A contract is entered into whereby two Contractors agree to combine their resources to bid and build a
specific project. What is this type of contract called? - CORRECT ANSWER Joint Venture
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