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NCARB Project Management: Questions & Accurate Answers (Rated A+)
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NCARB Project Management: Questions & Accurate Answers (Rated A+)
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NCARB Project Management: Questions & AccurateAnswers (Rated A+)
Agency Right Ans - Speak for-another party
Addendum Right Ans - A written or graphic document, issued by the
architect during the bid period prior to the execution of the contract, that
modifies or interprets the bidding documents by addition, deletion,
clarification or correction
Design-Build Right Ans - The owner contracts with one entity (a person or
firm) to provide both design and construction services, that entity then
subcontracts portions of the work to others as needed
Construction Manager Right Ans - Supervise all or part of a building
projects.
Multi-prime contract Right Ans - a project in which the owner has
contracts with several prime contractors
Sole Proprietorship Right Ans - The simplest business type; is owned by an
individual (total management control). Main disadvantage owner is
personally liable for the company's debt's and losses.
General Partnership Right Ans - Two or more partners share in the
management, profits, risks of the business. Income is shared among the
general partners and is reported on personal tax forms, Each general partner
is personally liable for business debts and liabilities.
Limited Partnership Right Ans - One general partner and at least one
limited partner. General partner invest in the business, manage it, and are
financially responsible for it. Limited partners are investor who receive a
portion of the profits, but who have no say in the management of the
company.
Disadvantage of Limited Partnership Right Ans - All partners are
responsible and liable for the actions of the others. Personnel assets
,vulnerable to lawsuits and other claims. Income taxed at individual rates. If
one partner wants to withdraw, the partnership is usually dissolved.
Corporations Right Ans - Association of individuals that exists as a legal
entity apart from its members. Created only in accordance w/ statutory
requirements. i.e stockholders, directors, officers
Disadvantages of a corporation Right Ans - -double taxation
-cost of setup and report filing
-each shareholder is financially liable only for the amount of money he/she
invest.
S corporation Right Ans - A unique government creation that looks like a
corporation but is taxed like sole proprietorships and partnerships. Must be
domestic no more than 100 shareholders. Allocates income and losses on
their shares of the business's income and losses on their holdings.
Shareholders report their shares of the business's income and losses on their
personal federal tax returns and are assessed tax at their individual rates.
Professional Corporation Right Ans - For professionals such as architects,
lawyers, doctors, accountants, and interior designers. Similar to other
corporations except that liability for malpractice is limited to the person
responsible for the act.
LLC (Limited Liability Company) Right Ans - Combines the advantages of a
partnership and a corporation. Profits and loses are passed through the
business to each member who must report a profit or lose on his/her personal
federal tax return.
Joint Venture Right Ans - Temporary association of two or more persons or
firms for the purpose of completing a specific project or achieving a specific
goal.
Standard of Care Right Ans - Legal concept, defined as the level of skill and
diligence that a reasonably prudent architect would exercise in the same
community, in the same time frame, and given the same or similar facts and
circumstances.
, Departmental Organization Right Ans - Staff is organized into departments,
each of which specializes in a different function. A project moves from one
department to another in its route from start to finish. i.e Horizontal
Organization / Flat Organization
Accrual Accounting Right Ans - accounting method that records revenues
and expenses when they occur, not necessarily when cash actually changes
hands
Cash Accounting Right Ans - Revenue and expenses are recognized at the
time the business receives the cash or pays a bill
Profit and Loss statement Right Ans - Lists all the income and expenses of a
business for a certain period of time (Income Statement).
Utilization rate, overhead rate, break-even rate, net multiplier, profit-to-
earnings ratio, net revenue per employee, aged accounts receivable
Cash Flow Statement Right Ans - Shows actual inflows and outflows of cash
or cash equivalents. Cash is defined as money,checks, or anything accepted by
banks
Chargeable Ratio Right Ans - Percentage of time (sometimes calculated as
percentage of dollars) spent on direct labor, divided by the total time spent on
direct and indirect labor, vacation, holiday, and sick leave. i.e utilization rate
Net Multiplier Right Ans - Dividing the net revenue of the firm / by the cost
of direct labor. Accounts for fringe benefits, indirect labor, overhead, and
profit
Managing Accounts Receivable Right Ans - Four basic steps to collecting
accounts receivable: contract terms, timely billing, complete invoices, and
regular procedures for tracking accounts
Risk Management Right Ans - Know Client; Well-written contracts and
follow them thoroughly; Make sure the appropriate employees are assigned;
QAQC; Documentation; Avoid Last-minutes changes; Liability insurance
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