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CNST 302 test 2 review || with 100% Errorless Answers.
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  • CNST 302

Which liability insurance may the contractor take up if the subcontractors' insurance is inadequate or non-existent? correct answers Contingent liability An unpaid bond claimant cannot sue on the payment bond until 90 days after the last of the labor was performed or the last of the materials wa...

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  • August 4, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • which liability insurance may the contractor take

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  • CNST 302
  • CNST 302

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CNST 302 test 2 review || with 100% Errorless Answers.
Which liability insurance may the contractor take up if the subcontractors' insurance is
inadequate or non-existent? correct answers Contingent liability

An unpaid bond claimant cannot sue on the payment bond until 90 days after the last of the labor
was performed or the last of the materials was delivered. However, suit must he brought within
_____ after last work or delivery. correct answers One year

Which business property depreciating method is approved for use by construction companies by
the Internal Revenue Service? correct answers All of the above

Where would you classify shares in a balance sheet? correct answers Net worth

In a guaranteed maximum price (GMP) contract, costs above the GMP are covered by the
contractor. correct answers true

In a pure construction management approach, the construction manager usually guarantees the
overall price of the project. correct answers false

Which type of estimate is most appropriate to use when the nature of the work is well defined,
but the quantities of work items may not be precisely determinable? correct answers Unit-price

A-E is a party to the contract under ______ contract. correct answers Design-build

The premiums for completed-operations insurance are based on ______ amounts. correct
answers Payroll

The quick net worth multiple applied for determining bonding capacity of contractors is
relatively smaller for heavy civil construction than for building projects. correct answers true

Retainage can be used to offset liquidated damages. correct answers true

Which worker needs to give the contractor a notice of claim within a 90-day period under the
Miller Act? correct answers Sub-subcontractor

When adjusting an estimate for time and location, the adjustment for location must be made first.
correct answers false

Contract time is often calibrated based on _______. correct answers Calendar days

If a company purchases less than 40% of their annual dollar value of equipment in the final
quarter of the year, which Internal Revenue Service's rule for charging equipment depreciation
should apply? correct answers Half-year rule

, The premiums for contractor's contingent liability insurance are derived from ______ amounts.
correct answers Subcontract

Where would you classify retained income in a balance sheet? correct answers Net worth

Which financial ratio measures a company's liquidity? correct answers Quick ratio

A __________ bond requires that the contractor will acceptably accomplish the work contracted.
correct answers Performance

The Internal Revenue Service (IRS) takes the position that a project contract is complete when it
________. correct answers Is substantially finished

Which financial ratio does not consider the available inventory? correct answers Quick ratio

__________ contracts are widely used for residential and non-residential building construction.
correct answers Lump-sum

In which AIA Document A-312 bond is a waiver of notice to surety for changes included?
correct answers Performance

Under the ____ doctrine, the employee cannot obtain redress from the employer for the injurious
actions of fellow employers. correct answers Negligent act of fellow employee(s)

A great majority of compensation cases involve injuries of the _______ classification, meaning
that the worker is unable to work for a while but ultimately recovers fully from injuries and
returns to employment. correct answers Temporary-total

The choice of which delivery method is correct is a factor of perceived risks. Which of the
following is a source of project risk? correct answers All of the above

Why may depreciation not be counted in a cash method of business accounting? correct answers
Depreciation relates to equipment

Which type of estimate is most appropriate to use when the nature of the work and the quantities
are well defined in the bidding documents? correct answers Lump-sum

A general contractor is engaged inwhen seeking lower-priced subcontracts by approaching
subcontractors other than those whose quoted prices were used in the winning bid. correct
answers Bid shopping

Why is the insurance field controlled and regulated by federal and state statutes? correct answers
To protect public welfare

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