Bcn3027 Midterm Exam | with 100%
Correct Answers| Latest Update 2024
Which of the following business legal forms protect the personal assets of the owners from
legal liabilities? - ANSWER Sole Proprietorships
Personal assets are NOT protected
Corporations
Personal assets are protected
Limited Liability Companies
Personal assets are protected
Partnerships
Personal assets are NOT protected
Which of the following legal forms provide the owner(s) with maximum flexibility and speed
in decision
making. - ANSWER Sole Proprietorships
What is the main advantage of a Partnership? - ANSWER Enables pooling of owner assets and
talents
Which of the following business legal forms require extensive paperwork and record keeping? -
ANSWER corporations
, Which of the following factors should be taken into consideration by contractors
when choosing the
business legal form for their firm? - ANSWER Legal obligations and exposure
Financial and taxation
Business and decision making
The organization of construction companies and their work policies and procedures
are concerned only with
being efficient. - ANSWER False
Identify each of the following tasks or operations as either being efficient or effective.
- ANSWER Hiring a competent project manager
Effective
Submitting a bid proposal for a project
within the company's experiece
Effective
Eliminating uncecessary paperwork and
lengthy procedures
Effective
Ensuring no rework is required for the
concrete slab
Effective
Which of the following are examples of tasks and activities typically performed by construction
companies
Correct Answers| Latest Update 2024
Which of the following business legal forms protect the personal assets of the owners from
legal liabilities? - ANSWER Sole Proprietorships
Personal assets are NOT protected
Corporations
Personal assets are protected
Limited Liability Companies
Personal assets are protected
Partnerships
Personal assets are NOT protected
Which of the following legal forms provide the owner(s) with maximum flexibility and speed
in decision
making. - ANSWER Sole Proprietorships
What is the main advantage of a Partnership? - ANSWER Enables pooling of owner assets and
talents
Which of the following business legal forms require extensive paperwork and record keeping? -
ANSWER corporations
, Which of the following factors should be taken into consideration by contractors
when choosing the
business legal form for their firm? - ANSWER Legal obligations and exposure
Financial and taxation
Business and decision making
The organization of construction companies and their work policies and procedures
are concerned only with
being efficient. - ANSWER False
Identify each of the following tasks or operations as either being efficient or effective.
- ANSWER Hiring a competent project manager
Effective
Submitting a bid proposal for a project
within the company's experiece
Effective
Eliminating uncecessary paperwork and
lengthy procedures
Effective
Ensuring no rework is required for the
concrete slab
Effective
Which of the following are examples of tasks and activities typically performed by construction
companies
