AIC Exam Chapter 3 Management Concepts Questions & Answers 2024
Which of the following is a fundamental element of a contract?
A.exchange of money
B. revised scope of work
C. time extension
D. mutual acceptance - ANSWERSD. mutual acceptance
Which of the following contract types is gen...
Which of the following is a fundamental element of a contract?
A.exchange of money
B. revised scope of work
C. time extension
D. mutual acceptance - ANSWERSD. mutual acceptance
Which of the following contract types is generally considered to have the most risk for the contractor?
A. lump sum
B. unit price
C. cost plus
D. cost plus with GMP - ANSWERSA. lump sum
Which of the following contract types is best used if the scope is well defined but not the quantities of
material?
A. lump sum
B. unit price
C. cost plus
D. cost plus with GMP - ANSWERSB. unit price
In which delivery method is the construction administrator most like a consultant?
A. lump sum
B. CM agency
C. CM at risk
D. integrated project delivery - ANSWERSB. CM agency
, Which statement is true about the design- build delivery method from the owner's perspective?
A. Design is complete when contractor is
hired.
B. Fast tracking is difficult with this delivery
method.
C. There is a single source of fault for
building system failures.
D. Design Build firms are rarely temporary
joint ventures. - ANSWERSC. There is a single source of fault for
building system failures.
Which delivery method has the most risk for the contractor?
A. design-bid-build
B. design-build
C. CM at risk
D. integrated project delivery - ANSWERSB. design-build
Which of the following is a major difference between a CM agency and a CM at risk?
A. manages construction on the owner's
behalf
B. has a contract with the designer
C. provides a lump sum price for
construction services
D. caps the construction costs the owner is
required to pay - ANSWERSD. caps the construction costs the owner is
required to pay
Under which legal structure are the least total taxes paid for the goods and services provided by the
company?
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