business organization

Which of the following applies to a sole ownership?

The company relies primarily on the resources available to the individual

If a company takes on multiple projects, and each project contains multiple phases, what is the most effective way to complete these projects?

Plan ahead and create a construction schedule

Which of the following is a characteristic of a sole ownership business?

It is the simplest form of business organization

If a project takes a few months to complete, what is the BEST way to assess the progress of the project?

Do a job walk through and compare the progress with the schedule

Which of these scheduling techniques is relatively simple, and graphically shows the starting and finishing time for individual tasks that make up a job?

Bar chart

How can three or four companies get one license to work together? 

Joint venture 

Which of the following statement(s) is/are true regarding the Employer Identification Number?

It is required when applying for a partnership license

It is recorded by the CSLB upon application for a license

It is obtained from the IRS

All of the above

All of the above

Which business structure has a board of directors?

Corporation

Which of the following should a contractor do if they fall behind on a project’s time schedule?

Extend deadlines if the owner accepts these terms 

What is an advantage of an S-Corporation? 

Pass-through taxation 

What is the recommended practice after a contractor receives an approved set of plans?

Double check the plans for any errors or discrepancies

When purchasing a union company with a successor clause, how long must the existing collective bargaining agreement be kept after the purchase?

Three years or until it expires, whichever occurs first

When should the project be scheduled?

After obtaining building permits

Which of the following would benefit office employees the LEAST?

A GPS tracker

What are the three primary schedule types?

List schedule, time scale (bar or Gantt chart), and Critical Path Method (CPM)

Which of the following types of job scheduling methods is generally considered to be most effective?

The critical path method

If the CSLB suspends the contractor’s license of an LLC entity, what happens to the company's ongoing projects?

The LLC must stop work during the period of suspension

When the ownership of a company has changed, the collective bargaining agreement:

will be binding until it is expired

Which of the following best describes the critical path?

The sequence of tasks between the start and completion of the project which takes the longest amount of time

To declare themselves a corporation, LLC or Limited Partnership in California, the principals must file formation documents with what agency?

Secretary of State

What is Float time?

The amount of leeway allowed when starting or completing an activity without delaying the project completion date.

What is the main advantage of an S-Corporation?

The Corporation avoids double taxation

What is included in a service plan?

Who the market is and a marketing strategy

Who prepares and distributes the punch list?

Project manager

What is the main weakness of a time scale or bar chart?

It does not show the interdependency of the activities

What is the main disadvantage of a C-Corporation?

Double taxation

What is the most common cause of small business failures?

Insufficient cash flow

The primary topics that should be included in a Business Plan are:

A description of the goals of the business, markets and marketing, finances, and management.

What should a contractor do to keep a company running smoothly, if the contractor is performing all the managerial, physical, and strategic aspects of the business?

Hire a person or company to help with the payroll, administrative and accounting duties to relieve the workload

What does a good project scheduling system provide?

Effective work flow distribution