Top 150+ Solved Cost and Works Accounting 1 MCQ Questions Answer
Q. __________ is a written order directing the contractor to make changes according to the provisions of the contract documents.
a. Change order / purchase order amendment
b. Contract order modifications
c. Contractor claim
d. Owner directive
Q. __________ defines when the work is ready for or is being used for the purpose intendedand is so certified.
a. Final completion
b. Substantial completion
c. Final acceptance
d. Mechanical completion
Q. __________ is a request for interim stoppage of work due to non conformance, funding ortechnical considerations.
a. Bid protest
b. Stop work order
c. Notice to proceed
d. Supplier default notice
Q. The process that may be used by an unsuccessful supplier to seek remedy for a non awardof work is:
a. Bid protest
b. Stop work order
c. Back charge
d. Contract dispute
Q. The __________ specification describes, defines or specifies the goods / services to besupplied. Performance
a. Functional
b. Technical
c. Bid
d. General Requirements
Q. The Bid Evaluation process is characterized by all of the following activities except?
a. Evaluation of suppliers financial resources
b. Ability to comply with technical specifications
c. Delivery schedule and cost factors
d. Competitors method of sourcing
Q. Which is not a consideration in a make or buy decision?
a. Cost factors
b. Sales volume
c. Existence of sufficient administrative / technical personnel
d. Political and social factors with the organization
Q. There are four methods of government procurement. Which is not one of these methods?
a. Assistance
b. Sealed bidding
c. Competitive proposals
d. Acquisition
Q. A purchasing operation does not contain this classification of work?
a. Management
b. Buying
c. Follow-up and expedition
d. Marketing
Q. __________ is a register of suppliers invited to submit bids for goods / services as specified.
a. Procurement invitation
b. Bid list
c. Resource identification
d. Supplier's rankings
Q. __________ is a formal invitation to submit a price for goods and / or services as specified.
a. Request for quotation
b. Bid response
c. Intention to bid
d. Request for proposal
Q. Which contract type should be used by the owner on a high risk project?
a. Cost plus percentage of cost
b. Cost plus incentive fee
c. Lump sum
d. Fixed price plus incentive fee
Q. Cost reimbursable contracts are equivalent to:
a. Progress payment contracts
b. Extra work order contracts
c. Cost plus contracts
d. Fixed price contracts
Q. Fixed price and incentive type contracts place responsibility for performance and financialrisks associated with delay or non-performance on the:
a. Contractor
b. Owner
c. Lending institution
d. Project manager
Q. __________ is based on information gathered and analyzed about demand and supply. this forecast provides a prediction of short and long term prices and the underlying reasons for those trends.
a. Sales forecast
b. Consumer price index
c. Production forecast
d. Price forecast