CFM 445 Midterm Questions and Answers 100% Pass Most companies fail when they have to face ____ or more risks at the same time 2
_____ is the most common element among contractors who fail significant increase in the size of projects undertaken
Events leading to contractor failure usually take pl...
CFM 445 Midterm Questions and Answers 100% Pass Most companies fail when they have to face ____ or more risks at the same time ✔✔2 _____ is the most common element among contractors who fail ✔✔significant increase in the size of projects undertaken Events leading to contractor failure usually take place in _______ ✔✔during profitable years prior to failure T/F Past success is a good indication of future success ✔✔False T/F A board of directors should be made up of internal and external members ✔✔True T/F Rapid growth is key to profitability as long as it is controlled ✔✔False Name 3 things a company must do in order to be successful (3 functions of a construction company) ✔✔1. Get the work 2. Perform the work 3. Account for the work When is the b est time to acquire credit? ✔✔When you are doing well. Credit is harder to get when you really need it. T/F a company should downsize when the market is slowing ✔✔True What should employee bonuses be tied to ✔✔Profits T/F The risks of taking on much lar ger projects than before are, in some cases, outweighed ✔✔False Is it better to take on one large project or many small projects? ✔✔Many small projects T/F Part of taking on new projects is evaluating owners payment history ✔✔True T/F A company that beg ins work in new areas should have a plan to withdraw ✔✔True T/F A contractor should know their specialty and stick to it in most cases ✔✔True Who is considered "key personnel" in smaller companies ✔✔Owner Should growth be volume or market driven? ✔✔Market (and profit) T/F Historical prices can be extrapolated for larger projects ✔✔False T/F Distance creates cost ✔✔True T/F Ability in one type of construction doesn't imply ability in another ✔✔True Union shop to open shop ✔✔Lack of skilled labor Open shop to union shop ✔✔Choke on restrictive work rules
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