CM 4211 Test 2 Study Guide Ques ons and answers |
Updated 2026
The simplest form of business is the proprietorship.
True
A partnership in Louisiana may have one partner.
False (more than one)
A partnership has flow-through tax characteris cs.
True
A joint venture is a partnership for a single business venture.
True
A corpora on has a perpetual dura on (un l dissolved by some ac on)
True
Shareholders of a corpora on have liability for corporate ac ons.
False
A C corpora on is taxed as an en ty separate from its shareholders.
True
"LLC" stands for limited liability corpora on.
False (limited liability company)
An LLC may select whether to be taxed as a C corpora on, S corpora on, or a partnership.
True
An LLC may be member managed or manager managed.
True
Authority implies accountability of a supervisor for an assigned func on or duty.
False (Responsibility)
, Duty is a specifically defined task that cannot be delegated to another.
True
The list of du es for any given posi on is referred to as the job descrip on.
True
The process of assigning specific responsibili es to individual employees is called authority.
False (delega on of responsibility)
Contractor input into design is common on design-bid-build projects.
False (contractor has input on design-build projects.)
Design compe on is one of the op ons in selec ng a design firm.
True
Percentage of construc on cost is the most widely used way of compensa ng a design for its
design work.
True
The A/E acts as an independent contractor when it represents the owner during construc on.
False
The purpose of instruc ons to bidders is to make sure that all bidders are bidding the same
condi ons.
True
A base-bid material specifica on is when the contract documents name products to be used in a
base bid, but the contractors can offer alternate items.
True
One of the reasons to be familiar with labor agreements is for compe ve bidding.
True
A contractor must represent itself in the forma on of a labor agreement.
False (service agreement?)
A single cra1 labor union may represent various cra1s on a single project.
False (self explanatory)
Updated 2026
The simplest form of business is the proprietorship.
True
A partnership in Louisiana may have one partner.
False (more than one)
A partnership has flow-through tax characteris cs.
True
A joint venture is a partnership for a single business venture.
True
A corpora on has a perpetual dura on (un l dissolved by some ac on)
True
Shareholders of a corpora on have liability for corporate ac ons.
False
A C corpora on is taxed as an en ty separate from its shareholders.
True
"LLC" stands for limited liability corpora on.
False (limited liability company)
An LLC may select whether to be taxed as a C corpora on, S corpora on, or a partnership.
True
An LLC may be member managed or manager managed.
True
Authority implies accountability of a supervisor for an assigned func on or duty.
False (Responsibility)
, Duty is a specifically defined task that cannot be delegated to another.
True
The list of du es for any given posi on is referred to as the job descrip on.
True
The process of assigning specific responsibili es to individual employees is called authority.
False (delega on of responsibility)
Contractor input into design is common on design-bid-build projects.
False (contractor has input on design-build projects.)
Design compe on is one of the op ons in selec ng a design firm.
True
Percentage of construc on cost is the most widely used way of compensa ng a design for its
design work.
True
The A/E acts as an independent contractor when it represents the owner during construc on.
False
The purpose of instruc ons to bidders is to make sure that all bidders are bidding the same
condi ons.
True
A base-bid material specifica on is when the contract documents name products to be used in a
base bid, but the contractors can offer alternate items.
True
One of the reasons to be familiar with labor agreements is for compe ve bidding.
True
A contractor must represent itself in the forma on of a labor agreement.
False (service agreement?)
A single cra1 labor union may represent various cra1s on a single project.
False (self explanatory)
