Exam (elaborations)
NCARB Project Management Questions and Answers
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NCARB Project Management
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NCARB Project ManagementAgency - answerSpeak for-another party
Addendum - answerA written or graphic document, issued by the architect during the
bid period prior to the execution of the contract, that modifies or interprets the bidding
documents by addition, deletion, clarification or correction
Design-Build - answerThe owner contracts with one entity (a person or firm) to provide
both design and construction services, that entity then subcontracts portions of the work
to others as needed
Construction Manager - answerSupervise all or part of a building projects.
Multi-prime contract - answera project in which the owner has contracts with several
prime contractors
Sole Proprietorship - answerThe simplest business type; is owned by an individual (total
management control). Main disadvantage owner is personally liable for the company's
debt's and losses.
General Partnership - answerTwo or more partners share in the management, profits,
risks of the business. Income is shared among the general partners and is reported on
personal tax forms, Each general partner is personally liable for business debts and
liabilities.
Limited Partnership - answerOne general partner and at least one limited partner.
General partner invest in the business, manage it, and are financially responsible for it.
Limited partners are investor who receive a portion of the profits, but who have no say
in the management of the company.
Disadvantage of Limited Partnership - answerAll partners are responsible and liable for
the actions of the others. Personnel assets vulnerable to lawsuits and other claims.
Income taxed at individual rates. If one partner wants to withdraw, the partnership is
usually dissolved.
Corporations - answerAssociation of individuals that exists as a legal entity apart from
its members. Created only in accordance w/ statutory requirements. i.e stockholders,
directors, officers
Disadvantages of a corporation - answer-double taxation
, -cost of setup and report filing
-each shareholder is financially liable only for the amount of money he/she invest.
S corporation - answerA unique government creation that looks like a corporation but is
taxed like sole proprietorships and partnerships. Must be domestic no more than 100
shareholders. Allocates income and losses on their shares of the business's income and
losses on their holdings. Shareholders report their shares of the business's income and
losses on their personal federal tax returns and are assessed tax at their individual
rates.
Professional Corporation - answerFor professionals such as architects, lawyers,
doctors, accountants, and interior designers. Similar to other corporations except that
liability for malpractice is limited to the person responsible for the act.
LLC (Limited Liability Company) - answerCombines the advantages of a partnership
and a corporation. Profits and loses are passed through the business to each member
who must report a profit or lose on his/her personal federal tax return.
Joint Venture - answerTemporary association of two or more persons or firms for the
purpose of completing a specific project or achieving a specific goal.
Standard of Care - answerLegal concept, defined as the level of skill and diligence that
a reasonably prudent architect would exercise in the same community, in the same time
frame, and given the same or similar facts and circumstances.
Departmental Organization - answerStaff is organized into departments, each of which
specializes in a different function. A project moves from one department to another in its
route from start to finish. i.e Horizontal Organization / Flat Organization
Accrual Accounting - answeraccounting method that records revenues and expenses
when they occur, not necessarily when cash actually changes hands
Cash Accounting - answerRevenue and expenses are recognized at the time the
business receives the cash or pays a bill
Profit and Loss statement - answerLists all the income and expenses of a business for a
certain period of time (Income Statement).
Utilization rate, overhead rate, break-even rate, net multiplier, profit-to-earnings ratio,
net revenue per employee, aged accounts receivable
Cash Flow Statement - answerShows actual inflows and outflows of cash or cash
equivalents. Cash is defined as money,checks, or anything accepted by banks
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