Construction Industry Technician Practice Questions
Construction-related skills and knowledge required in a administrative positions in the construction industry.
Quiz Preview
- 2.
In the Construction Management agreement the construction manager is hired by the owner to _____________________.
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Coordinate the complete construction of the project.
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Select the Design Professional
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Build the project
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None
Correct Answer
A. Coordinate the complete construction of the project.Explanation
In the Construction Management agreement the construction manager is hired by the owner to coordinate the complete construction of the project. The construction manager acts as an agent for the owner. The objective of this type of agreement is to integrate the project planning, design, and construction phases of the project, in order to enhance communication, establish clear leadership, and reduce project cost by expediting the construction schedule. Construction time is often reduced through the use of fast-tracking scheduling and constant monitoring of the process by the Construction Manager.Rate this question:
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- 3.
The objective of Construction Management agreement is to integrate the project planning, design, and construction phases of the project, in order to enhance communication, establish clear leadership, and reduce project cost by expediting the construction schedule.
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True
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False
Correct Answer
A. TrueExplanation
In the Construction Management agreement the construction manager is hired by the owner to coordinate the complete construction of the project. The construction manager acts as an agent for the owner. The objective of this type of agreement is to integrate the project planning, design, and construction phases of the project, in order to enhance communication, establish clear leadership, and reduce project cost by expediting the construction schedule. Construction time is often reduced through the use of fast-tracking scheduling and constant monitoring of the process by the Construction Manager.Rate this question:
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- 4.
______________________ is a temporary business between two or more companies for a specific undertaking.
Correct Answer
Joint VentureExplanation
A Joint Venture may be comprised of two or more companies. Companies may include Sole Proprietorships, Partnerships, or Corporations.Rate this question:
- 5.
A legal entity binding an alliance of individuals into one group under a corporate name.
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Limited Liability Company
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Corporation
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Joint Venture
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General Partnership
Correct Answer
A. CorporationExplanation
A corporation is a legal entity that brings together a group of individuals under a single corporate name. This means that the individuals involved in the corporation are bound together by a legal agreement and operate as one cohesive unit. A corporation provides limited liability to its owners, meaning that their personal assets are protected from the company's debts and liabilities. This allows for greater financial security and flexibility for the individuals involved.Rate this question:
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- 6.
When contracts are written and signed, they become legally enforceable documents.
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True
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False
Correct Answer
A. TrueExplanation
When contracts are written and signed, they become legally enforceable documents. This means that both parties involved in the contract are legally obligated to fulfill their agreed-upon obligations. If either party fails to fulfill their responsibilities outlined in the contract, the other party can take legal action to seek remedies or enforce the terms of the contract. Therefore, the statement "When contracts are written and signed, they become legally enforceable documents" is true.Rate this question:
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- 7.
A Corporation can be sued.
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True
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False
Correct Answer
A. TrueExplanation
A corporation has the same rights and liabilities as an individual, but is regarded by law as "separate and distinct from its owners". A corporation is entitled to do business, incur debt, own real and personal property, sue and "be sued".Rate this question:
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- 8.
Identify the 5 different types of construction
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Civil
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Commercial
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Railroads
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Industrial
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Parks
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Institutional
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Resorts
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Residential
Correct Answer(s)
A. Civil
A. Commercial
A. Industrial
A. Institutional
A. ResidentialExplanation
The given answer correctly identifies the five different types of construction: civil, commercial, industrial, institutional, and residential. Civil construction refers to the construction of infrastructure such as roads, bridges, and dams. Commercial construction involves the construction of buildings for businesses and commerce. Industrial construction focuses on building structures for manufacturing and industrial purposes. Institutional construction involves the construction of buildings for public services like schools, hospitals, and government facilities. Residential construction involves the construction of houses and residential buildings. The answer covers a wide range of construction types, encompassing various sectors and purposes.Rate this question:
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- 9.
Architects are used to design Industrial projects:
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True
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False
Correct Answer
A. FalseExplanation
Architects usually design Commercial, Institutional and Residential projects.Rate this question:
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- 10.
A Corporation is owned by its ____________________.
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Employees
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General Partners
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Stockholders
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Sole Proprietor
Correct Answer
A. StockholdersExplanation
A corporation is owned by its stockholders. Stockholders are individuals or entities who hold shares of the company's stock, representing their ownership interest in the corporation. They have the right to vote on certain matters, such as electing the board of directors, and they may also receive dividends based on the company's profitability. Stockholders have limited liability, meaning their personal assets are protected in case of corporate debts or legal issues. Therefore, they play a crucial role in the ownership and decision-making of a corporation.Rate this question:
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- 11.
Specialty contractors call subcontractors are hired by general contractors.
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True
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False
Correct Answer
A. TrueExplanation
The General Contractor is responsible for the physical construction of the project. The general contractor may have the resources to construct the total project, but typically performs only a portion of the work and hires specialty contractors called subcontractors to perform the remaining work.Rate this question:
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- 12.
_______________________ a legal entity comprising one individual or an alliance of individuals under a corporate name.
Correct Answer
CorporationExplanation
A corporation is a legal entity that can be formed by a single individual or a group of individuals who come together under a common corporate name. This allows them to operate as a separate legal entity from its owners, providing limited liability and various other benefits. By forming a corporation, individuals can protect their personal assets and finances, while also enjoying the advantages of a corporate structure such as access to capital, perpetual existence, and the ability to enter into contracts and conduct business activities.Rate this question:
- 13.
_____________________ A relationship between one or more companies who unite temporarily for a specific undertaking.
Correct Answer
Joint VentureExplanation
A joint venture refers to a temporary partnership formed between one or more companies for a specific project or undertaking. In this arrangement, the companies pool their resources, expertise, and capital to achieve a common goal. This allows them to share risks, costs, and profits associated with the venture. Joint ventures are often formed when companies want to access new markets, gain a competitive advantage, or leverage each other's strengths and capabilities.Rate this question:
- 14.
Subchapter "S" corporation differs from a standard corporation in that the business elects to "transfer the corporation's tax liability to the separate stockholders.
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True
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False
Correct Answer
A. TrueExplanation
The Subchapter "S" corporation is chartered so hat it is taxed as if it were a partnership. This corporate status transfers corporate tax liability to the individual stockholders. The may be beneficial to a company in its early years when losses may occur.
(A Partnership is not formed as a legal entity, and therefore pays no taxes. Instead the partners are subject to personal taxation of their allocated shares.)Rate this question:
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- 15.
_____________________ co-owner's liabilities and profits are limited and are equal to the amount of capital and property invested in the company.
Correct Answer
Limited PartnershipExplanation
A limited partnership is a type of business structure where there are two types of partners: general partners and limited partners. In a limited partnership, the general partner has unlimited liability for the debts and obligations of the business, while the limited partner's liability is limited to the amount of capital and property they have invested in the company. This means that the limited partner's personal assets are protected and they are not personally responsible for the company's debts beyond their investment. Additionally, both the general and limited partners share in the profits of the company according to their agreed-upon partnership agreement.Rate this question:
- 16.
The parties involved in a commercial construction process are:
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Registered Professional Engineer
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Contractor
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Owner, Architect, Contractor, Subcontractor and Vendor
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Engineer is usually the primary designer, while architect plays and active role
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Residential contractor and the managing firm
Correct Answer
A. Owner, Architect, Contractor, Subcontractor and VendorExplanation
The correct answer is Owner, Architect, Contractor, Subcontractor, and Vendor. In a commercial construction process, these parties are typically involved. The owner is the individual or organization that initiates and funds the construction project. The architect is responsible for designing the project, while the contractor oversees the construction process. Subcontractors are hired by the contractor to perform specific tasks, and vendors supply materials and equipment for the project. Together, these parties collaborate to ensure the successful completion of the commercial construction project.Rate this question:
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- 17.
In a "Design/Bid/Build" (Traditional) Contractual Arrangement, who selects the design professional?
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Owner
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Subcontractor
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General Contractor
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Supplier
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Vendor
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Construction Manager
Correct Answer
A. OwnerExplanation
The Design / Bid / Build Agreement is considered to be Traditional. Owner selects and signs agreements with a design professional to prepare contract documents (working drawing, specs, agreement forms, bidding info, etc.) Through bidding process General Contractor is selected and agreement are formed between General Contractor and Owner.Rate this question:
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- 18.
In a "Design/Bid/Build" (Traditional) Contractual Arrangement, who selects the Contractor?
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Owner
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Subcontractor
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General Contractor
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Supplier
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Vendor
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Construction Manager
Correct Answer
A. OwnerExplanation
the Design / Bid / Build Agreement is considered to be Traditional. Owner selects and signs agreements with a design professional to prepare contract documents (working drawing, specs, agreement forms, bidding info, etc.) Through bidding process General Contractor is selected and agreement are formed between General Contractor and Owner.Rate this question:
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- 19.
Commercial construction companies may be categorized as:
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Small, Medium or Large
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Retail or Office
Correct Answer
A. Small, Medium or LargeExplanation
Commercial construction companies can be categorized based on their size as small, medium, or large. This classification is commonly used in the industry to differentiate companies based on their annual revenue, number of employees, and project capacity. Small companies typically have lower revenue and fewer employees, while large companies have higher revenue and a larger workforce. Medium-sized companies fall in between these two categories. This categorization helps clients and industry professionals to understand the capabilities and scale of a construction company and make informed decisions when selecting a contractor for their projects.Rate this question:
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- 20.
A construction contract and a construction agreement are the same
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True
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False
Correct Answer
A. FalseExplanation
A construction contract and a construction agreement are not the same. While both involve an agreement between parties for construction work, a contract is a legally binding document that outlines the specific terms and conditions of the project, including payment, timeline, and scope of work. On the other hand, a construction agreement is a more general term that can refer to any agreement related to construction, including contracts, subcontracts, or purchase orders. Therefore, it is incorrect to say that they are the same.Rate this question:
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- 21.
In a Turn-Key contractual arrangement, the general contractor finances, designs and builds the project.
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True
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False
Correct Answer
A. TrueExplanation
In a Turn-Key agreement the general contractor is responsible for financing and in some instances, for locating a project site. In essence, the general contractor is the project owner until the payment is rendered and the keys to the building are exchanged.Rate this question:
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- 22.
Specialty contractors call subcontractors are hired by lower tier contractors.
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True
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False
Correct Answer
A. FalseExplanation
Subcontractors (also know as specialty and prime subcontractors) hire contractors know as sub-subcontractors (or lower tier contractors) to perform a portion of the work subcontractors obligations under the contract.Rate this question:
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- 23.
______________________ the association of two or more persons who, by mutual agreement, are co-owners of a business.
Correct Answer
PartnershipExplanation
Partnership refers to the association of two or more persons who agree to become co-owners of a business. In a partnership, the individuals share the profits, losses, and responsibilities of the business. This type of business structure allows for shared decision-making and pooling of resources, skills, and expertise. Partnerships can be formed by a formal agreement or simply through a mutual understanding between the parties involved.Rate this question:
- 24.
In a limited partnership, each partner is responsible for the others' actions.
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True
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False
Correct Answer
A. FalseExplanation
Like a corporation, however, all Limited Liability Company owners are protected from person liability for business debs and claims - a feature know as limited liability. This means that if the business owes money, or faces a lawsuit for some other reason, only the assets of the business itself are at risk.Rate this question:
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- 25.
In Design/Build arrangement, a single firm designs and constructions the project.
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True
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False
Correct Answer
A. TrueExplanation
Design/Build is a method of project delivery in which one entity, the Design/Build Professional, enters into a single contract with the Owner to provide for both design and construction services.Rate this question:
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- 26.
Architects are usually contracted to design Residential, Commercial and Industrial construction.
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True
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False
Correct Answer
A. TrueExplanation
Architects are typically hired to design various types of construction projects, including residential, commercial, and industrial buildings. This means that they are responsible for creating plans and blueprints for these different types of structures, considering factors such as functionality, aesthetics, and safety. Therefore, it is true that architects are contracted to design residential, commercial, and industrial constructions.Rate this question:
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- 27.
The parties involved in a Residential construction process are:
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Registered Professional Engineer
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Contractor
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Owner, Architect, Contractor, Subcontractor and Vendor
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Engineer is usually the primary designer, while architect plays and active role
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Residential contractor and the managing firm
Correct Answer
A. Residential contractor and the managing firmExplanation
The parties involved in a residential construction process include the residential contractor and the managing firm. These two entities are responsible for overseeing and managing the construction project. The residential contractor is typically in charge of the actual construction work, while the managing firm handles the overall project management and coordination. They work together to ensure that the construction process runs smoothly and efficiently.Rate this question:
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- 28.
Who is usually the owner in a Civil project?
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Construction company can one person or large corporation
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Private individual, a corporation or government agency
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Private or government entity
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Private individual or company
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City, County, States and Federal agencies
Correct Answer
A. City, County, States and Federal agenciesExplanation
In a Civil project, the owner is usually a government entity such as a city, county, state, or federal agency. These entities have the authority and resources to initiate and fund civil projects for the benefit of the public. While a construction company or private individual can also be the owner in some cases, it is more common for government agencies to take on this role.Rate this question:
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- 29.
Check which applies to a general partner.
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Has all rights associated with controlling business
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Has unlimited personal liability for all partnership debts
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Acts as agent of partnership
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Has no right to participate in management and control of business
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Liability limited to amount of capital partner has contributed to business
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Is not an agent of the partnership
Correct Answer(s)
A. Has all rights associated with controlling business
A. Has unlimited personal liability for all partnership debts
A. Acts as agent of partnershipExplanation
A general partner in a partnership has all rights associated with controlling the business, meaning they have the authority to make decisions and manage the operations of the partnership. They also have unlimited personal liability for all partnership debts, which means they are personally responsible for any debts or obligations of the partnership. Additionally, a general partner acts as an agent of the partnership, meaning they can enter into contracts and make legal decisions on behalf of the partnership.Rate this question:
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- 30.
Select advantages of a Limited Partnership.
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Simplest form of business ownership
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Combining of financial resources
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Co-owner's liabilities and profits are limited and are equal to the amount of capital and property invested in the company.
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Combining resources
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Stock can be sold to obtain capital
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No business taxes to pay
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Retains all company profits
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Cannot be held personally responsible for company s debt
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Combines resources, assets, and facilities as well as spreading project risk
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Owners are regarded as separate and distinct by law
Correct Answer
A. Co-owner's liabilities and profits are limited and are equal to the amount of capital and property invested in the company.Explanation
A Limited Partnership offers the advantage of limiting the liabilities and profits of co-owners to the amount of capital and property they have invested in the company. This means that each co-owner's personal assets are protected from the company's debts. Additionally, this structure allows for the combining of financial resources, which can be beneficial for the growth and success of the business.Rate this question:
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- 31.
The business of a corporation is controlled by its ___________________.
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Managers
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Employees
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General Partners
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Stockholders
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Board of Directors
Correct Answer
A. Board of DirectorsExplanation
A Board of Directors is elected by the stockholders (owners). The directors are responsible for conducting business in accordance with the by-laws of the corporation and for establishing company policies. The corporate officers handle the day-to-day administrative and management operations of the corporation. These include the president, vice-president, secretary, and treasurer. Generally the Board of Directors appoint the corporate officers.Rate this question:
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- 32.
Who is usually the owner in a Commercial project?
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Construction company can one person or large corporation
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Private individual, a corporation or government agency
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Private or government entity
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Private individual or company
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City, County, States and Federal agencies
Correct Answer
A. Private individual, a corporation or government agencyExplanation
In a commercial project, the owner is usually a private individual, a corporation, or a government agency. This means that the ownership can be held by a single person, a large corporation, or a government entity. The construction company may be involved in the project, but they are not typically the owner. Instead, they are hired by the owner to carry out the construction work. Additionally, city, county, state, and federal agencies can also be owners in commercial projects.Rate this question:
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- 33.
Typically, all contractors have the resources to perform all the work on a project.
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True
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False
Correct Answer
A. FalseExplanation
The General Contractor is responsible for the physical construction of the project. The general contractor may have the resources to construct the total project, but typically performs only a portion of the work and hires specialty contractors called subcontractors to perform the remaining work.Rate this question:
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- 34.
Select the key individuals typically involved in a "Turn-Key" Contractual Arrangement.
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Owner
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Subcontractor
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General Contractor
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Design Professional
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Supplier
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Vendor
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Construction Manager
Correct Answer(s)
A. Owner
A. General ContractorExplanation
The Turn-Key agreement is similar to design/build arrangement. The major difference is that the GC is responsible for financing and, in some instances, for locating a project site.Rate this question:
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- 35.
Who is usually the owner in an Institutional project?
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Construction company can one person or large corporation
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Private individual, a corporation or government agency
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Private or government entity
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Private individual or company
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City, County, States and Federal agencies
Correct Answer
A. Private or government entityExplanation
In an institutional project, the owner is typically a private or government entity. This means that the project could be owned by a private organization or a government agency at the local, state, or federal level. The owner could be a private individual or a company, but it could also be a city, county, or state government agency. The key is that the owner is not limited to just one type of entity, but can be either private or government.Rate this question:
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- 36.
Select advantages of a General Partnership.
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Simplest form of business ownership
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Combining of financial resources
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Co-owner's liabilities and profits are limited and are equal to the amount of capital and property invested in the company.
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Combining resources
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Stock can be sold to obtain capital
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No business taxes to pay
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Retains all company profits
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Cannot be held personally responsible for company s debt
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Combines resources, assets, and facilities as well as spreading project risk
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Owners are regarded as separate and distinct by law
Correct Answer
A. Combining of financial resourcesExplanation
A general partnership allows for the combining of financial resources between two or more individuals. This means that partners can pool their money together to invest in the business and provide capital for its operations. By combining their financial resources, partners can have access to a larger amount of funding, which can help the business grow and expand more quickly. This advantage allows for the sharing of financial responsibilities and can also lead to increased purchasing power and economies of scale.Rate this question:
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- 37.
Which applies to a Sole Proprietorship?
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Owner take full responsibility for the company's assets, debts, obligations and profits
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An association of two or more persons
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Pays no corporate taxes
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"General" and "Limited" describes this type of ownership
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Has Stockholders as owners
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A Joint Venture
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Combine the advantages of partnerships and corporations
Correct Answer(s)
A. Owner take full responsibility for the company's assets, debts, obligations and profits
A. Pays no corporate taxesExplanation
A sole proprietorship is a type of business where the owner is solely responsible for the company's assets, debts, obligations, and profits. This means that the owner assumes all the risks and liabilities associated with the business. Additionally, sole proprietorships are not subject to corporate taxes. This type of ownership is described as "general" because there is no distinction between the owner and the business entity.Rate this question:
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- 38.
Who is usually the owner in an Industrial project?
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Construction company can one person or large corporation
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Private individual, a corporation or government agency
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Private or government entity
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Private individual or company
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City, County, States and Federal agencies
Correct Answer
A. Private individual or companyExplanation
In an industrial project, the owner is typically a private individual or company. This means that the project is usually funded and managed by a private entity rather than a government agency or public organization. The owner is responsible for overseeing the project and ensuring its success, including making decisions about design, construction, and operation. They may hire a construction company to carry out the physical work, but ultimately, the owner retains ownership and control over the project.Rate this question:
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- 39.
Select advantages of a Sole Proprietorship.
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Simplest form of business ownership
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Combining of financial resources
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Co-owner's liabilities and profits are limited and are equal to the amount of capital and property invested in the company.
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Combining resources
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Stock can be sold to obtain capital
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No business taxes to pay
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Retains all company profits
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Cannot be held personally responsible for company s debt
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Combines resources, assets, and facilities as well as spreading project risk
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Owners are regarded as separate and distinct by law
Correct Answer(s)
A. Simplest form of business ownership
A. No business taxes to pay
A. Retains all company profitsExplanation
A sole proprietorship is the simplest form of business ownership because it does not require any formal legal processes or paperwork to establish. Additionally, sole proprietors are not subject to business taxes as the profits and losses are reported on the owner's personal tax return. This also means that the owner retains all of the company's profits.Rate this question:
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- 40.
Select the key individuals typically involved in a "Construction Management" Contractual Arrangement.
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Owner
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Subcontractor
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General Contractor
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Design Professional
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Supplier
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Vendor
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Construction Manager
Correct Answer(s)
A. Owner
A. Construction ManagerExplanation
Construction Management is an agreement in which Owner hires a Construction Manager to coordinate the complete construction of the project. The Construction Manager acts as the agent for the Owner.Rate this question:
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- 41.
Who is usually the owner in a Residential project?
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Construction company can one person or large corporation
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Private individual, a corporation or government agency
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Private or government entity
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Private individual or company
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City, County, States and Federal agencies
Correct Answer
A. Construction company can one person or large corporationExplanation
The correct answer is "Construction company can be one person or large corporation." In a residential project, the owner is typically the construction company responsible for building the project. This can be a single individual who owns the company or a large corporation that specializes in construction. The owner is responsible for overseeing the project, managing the construction process, and ensuring that the project is completed according to the specifications and requirements.Rate this question:
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- 42.
Select advantages of using Design/Build agreement.
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Cost can be controlled
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Clear lines of communication can be established between parties
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Cost savings can be realized by overlapping the design and construction phases, which is referred to as "fast-tracking"
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Realignment of responsibilities and risks on project by allocating them to the parties most capable of managing them
Correct Answer(s)
A. Cost can be controlled
A. Clear lines of communication can be established between parties
A. Cost savings can be realized by overlapping the design and construction phases, which is referred to as "fast-tracking"Explanation
The advantages of using a Design/Build agreement include the ability to control costs, establish clear lines of communication between parties, and realize cost savings by overlapping the design and construction phases, known as "fast-tracking." Additionally, this type of agreement allows for the realignment of responsibilities and risks on the project, allocating them to the parties most capable of managing them.Rate this question:
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- 43.
_____________________ consist of one or more persons who co-own a business by contributing capital, equipment, and/or property.
Correct Answer(s)
General PartnershipExplanation
A general partnership is a type of business structure where two or more individuals come together to co-own and operate a business. Each partner contributes capital, equipment, or property to the partnership. In this structure, the partners share both the profits and the liabilities of the business. This type of partnership does not have a separate legal entity from its owners, meaning that the partners are personally liable for the debts and obligations of the business.Rate this question:
- 44.
A corporation which has made a profit and paid all taxes may use the remaining profit in the following ways:
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Reinvest the profit back into the corporation
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Pay off loans
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Purchase additional stock
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Distribute dividends to stockholders
Correct Answer(s)
A. Reinvest the profit back into the corporation
A. Distribute dividends to stockholdersExplanation
A corporation that has made a profit and paid all taxes has the option to either reinvest the profit back into the corporation or distribute dividends to stockholders. Reinvesting the profit allows the corporation to use the funds for further growth and expansion, such as investing in new projects or acquiring assets. On the other hand, distributing dividends to stockholders means that the profits are shared among the shareholders as a return on their investment in the company. This can be in the form of cash dividends or additional shares of stock. Both options provide benefits to the corporation and its shareholders.Rate this question:
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- 45.
Design/Build may be accomplished completely in-house or by a ___________________________
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Construction Management Company
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Partnership
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Joint Venture
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Multiple Prime Contractors
Correct Answer
A. Joint VentureExplanation
The Design Build may be a single firm with both design and construction capacity in-house, or it may be a
combination of two or more firms with complementary abilities. If there are multiple firms, they may be structured as a joint venture or with one of the firms prime and the others in a subcontracting role. The critical aspect is that the owner contracts with one entity which has the responsibility for both designing and constructing the project.Rate this question:
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- 46.
A partnership is considered a legal entity
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True
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False
Correct Answer
A. FalseExplanation
A partnership is not formed as a legal entity, and therefore pays no taxes. Instead, the partners are subject to personal taxation of their allocated shares of partnership profits.Rate this question:
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- 47.
Select the advantages of using the Design/Build, Turn-Key, and Construction Management agreement,
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Overcome communication problem found in the traditional arrangement of contracting
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Shift the traditional responsibilities in construction
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Reduce the time involved to produce finished project
Correct Answer(s)
A. Overcome communication problem found in the traditional arrangement of contracting
A. Shift the traditional responsibilities in construction
A. Reduce the time involved to produce finished projectExplanation
Using the Design/Build, Turn-Key, and Construction Management agreement can provide several advantages. Firstly, it helps overcome communication problems that are often found in the traditional arrangement of contracting. This is because all parties involved in the project, including the client, contractor, and design team, are brought together from the beginning, allowing for better collaboration and coordination. Secondly, this agreement allows for a shift in the traditional responsibilities in construction. The contractor takes on more responsibility, including design and construction, which can streamline the process and lead to more efficient project delivery. Lastly, this approach can help reduce the time involved to produce a finished project, as the design and construction phases can overlap, saving time and potentially reducing costs.Rate this question:
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- 48.
The parties involved in a Industrial construction process are:
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Registered Professional Engineer
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Contractor
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Owner, Architect, Contractor, Subcontractor and Vendor
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Engineer is usually the primary designer, while architect plays and active role
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Residential contractor and the managing firm
Correct Answer
A. Registered Professional EngineerExplanation
In an industrial construction process, the parties involved are typically the Registered Professional Engineer, Contractor, Owner, Architect, Subcontractor, and Vendor. The Registered Professional Engineer is usually the primary designer, responsible for the technical aspects of the project. The Architect also plays an active role in the design and planning process. The Contractor is responsible for overseeing the construction work, while the Owner is the individual or organization for whom the project is being built. Subcontractors and Vendors are typically hired to provide specialized services or supplies for the project.Rate this question:
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- 49.
Check which applies to a limited partner.
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Has all rights associated with controlling business
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Has unlimited personal liability for all partnership debts
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Acts as agent of partnership
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Has no right to participate in management and control of business
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Liability limited to amount of capital partner has contributed to business
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Is not an agent of the partnership
Correct Answer(s)
A. Has no right to participate in management and control of business
A. Liability limited to amount of capital partner has contributed to business
A. Is not an agent of the partnershipExplanation
A limited partner is someone who has invested capital into a partnership but does not have the right to participate in the management and control of the business. This means that they cannot make decisions or have a say in how the partnership is run. Additionally, their liability is limited to the amount of capital they have contributed to the business. This means that they are not personally responsible for any debts or obligations of the partnership beyond their initial investment. Finally, a limited partner is not considered an agent of the partnership, meaning they do not have the authority to act on behalf of the partnership.Rate this question:
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Oct 15, 2024Quiz Edited by
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Mar 21, 2014Quiz Created by
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