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ARE 5.0 PCM FULL QUIZZES WITH 100% CORRECT ANSWERS!!
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ARE 5.0 PCM FULL QUIZZES WITH 100% CORRECT ANSWERS!!
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ARE 5.0 PCM FULL QUIZZES WITH 100% CORRECTANSWERS!!
*(4) conditions of negligence
Answers :1.Duty
2.breach
3.cause
4.damage
*(2) Most common claims against architect
Answers :1. Negligence
2.breach of contract
*(3) keys in a contract
Answers :1.Project scope
2.project time frame
3.project fees
**Mutual waiver of consequential damages
Answers :Can't be sued for indirect damages
**Amount to pay damages
Answers :-The amount typically puts the plaintiff back where they would be if the
contract had not been breached
*Betterment
Answers :-Can apply to claims of omission by the architect
,architect would be held responsible for the cost of the change order.
-If it was something the owner was already going to have to pay for, the architect
only has to pay for the premium the contractor adds for a change order
*Experience based firms
Answers :1.Complex design problems
2.mixture of tasks and staffing
3.diverse projects
*Total Labor
Answers :Direct Labor + Indirect Labor
*Total Direct Expenses
Answers :Direct Labor + Direct Expenses
*Total Indirect Expenses
Answers :Indirect Labor + Indirect expenses
**Net Profit
Answers :Gross Revenue - (Total Labor + Indirect Expenses)
*before distributions and taxes
**Profit Earnings Ratio
Answers :-Measure of the firm's effectiveness in generating profit as a percentage.
-Net Profit / Net Operating Revenue
,-(target: equal or greater than anticipated net profit in the annual profit plan; 20%
or greater)
*Net Revenue per Employee
Answers :-Annual Net Operating Revenue / total number of employees
-Measure of revenue earnings for each employee, contributes to establishing net
operating revenue in coming year's budget
-(target: greater than $100,000 per employee)
**Revenue Factor
Answers :-Net Multiplier x Utilization Rate
OR
Net Operating Revenue / Total Labor Dollars
-Used to check the balance between revenue and labor (is there enough revenue to
support existing staff?)
-(target: gold standard is 1.98)
**Return on Overhead
Answers :Net Profit / Indirect Expenses Useful for measuring branch office
contributions to a company
**Equity
Answers :Value of shares of stock, invested capital by shareholders, and firm's
cumulative retained earnings
*WIP (work in progress)
, Answers :revenue earned, not billed
**Solvency (aka Current Ratio)
Answers :-Measure of a firm's ability to pay current debt
-Ensuring enough cash is on hand to pay for a firm's obligations.
-Firms typically have a hard line they will not dip below, in order to stay solvent
-(target: min. 1.5 to 1.0)
-total current assets / total current liabilities
—1.0 is about minimum acceptable
—1.5 or more indicates a healthy business
*Quality Control Circles
Answers :-Standards committee
-identify and resolve issues that affect their work
*gross revenue
Answers :-the revenue generated by a business during a stated period of time.
-Income from all sources.
*Indirect labor
Answers :-labor not charged to a specific project or revenue producing account
-ex. administration, general office time, and marketing
*liabilities
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