BCM 455 Final Exam Latest Update 2024-2025 120 Questions and 100% Verified Correct Answers Guaranteed A+ Are companies required to hire disabled workers who apply for vacant positions? -
CORRECT ANSWER: Not required unless they are qualified for the job
Explain the marketing concept denoted by the letters STP? - CORRECT ANSWER: S -
segmenting the market to determine the specific sectors of interest.T - targeting the specific set of customers of interest.P - positioning the company for competitive advantage.
Explain what is meant by moving a customer up the buying cycle. - CORRECT ANSWER: Developing a close personal relationships at all levels between the firm and the customer's organization that will cause the organization to use the firm for all its projects.
Financial data are recorded in both journals and the general ledger? What is the
purpose of the journal? - CORRECT ANSWER: The purpose of the journal is input
financial data such as payroll, invoices, cash, and progress payments. They are used for the development of management reports. Journal entries are posted to the general ledger for the preparation of financial statements.
How are craft unions organized in the construction industry? - CORRECT ANSWER:
Union construction firms negotiate separate contracts with each craft union represented in their workforce. These contracts define the working conditions for all employees who are employed by the construction firm and that signs the contract.
How are worker's compensation insurance premiums determined? - CORRECT
ANSWER: a. Base premium = (direct wages)(base rate)/$100
- Modified Premiums = (Base Premiums)(EMR)
How do company leaders influence the company culture? - CORRECT ANSWER:
Management's role in creating a positive company culture is to provide employees with opportunities to learn to be more effective as leaders and to maintain an increased awareness of the impact of their actions and decisions on others.
How do company managers influence employee retention? - CORRECT ANSWER:
Managers should involve employees in as many decision making processes as possible, providing ownership and accountability for their actions and incentives for their successes.
How does a company leader influence the ethical performance of a company's employees? - CORRECT ANSWER: Create a statement of values that provide moral 1 / 2
guidelines for company employees and define the essential characteristics of appropriate employee behavior. Core values.
How does a company's decision-making process influence employee motivation? -
CORRECT ANSWER: Adopting a strategic planning process and a decentralized
decision-making approach generally encourages employees to invest their time and effort in cultivating new business by strengthening existing customer relationships.
How does a construction company transfer some of its risk by purchasing insurance policies? - CORRECT ANSWER: Transfer risk to a professional risk taker, combine risk transfer with risk assumption by the use of deductibles, protect against severe financial loss associated with risk, spread the cost of risk overtime.
How does a surety bond differ from an insurance policy? - CORRECT ANSWER: a. A
surety bond is a three-party contract. Should the construction company default on its contractual obligations, the surety agrees to step in and perform the contractual obligations or to compensate the oblige for any additional costs up to the penal sum of the bond.
- An insurance policy are two-party contracts under which the insurer promises, for a
fee or premium, to assume financial responsibility for specified losses or liabilities of the insured for a specified period of time.
How is a balance sheet organized and what is it used for? - CORRECT ANSWER: a.
Balance sheet represents the financial condition of a company as of the date of the balance sheet, usually end of the month, quarter or year.
- Accounts must show assets = liabilities + owner's equity.
- Compare previous years to current period.
How is the debt-to-equity ratio used in evaluating the financial condition of a company? -
CORRECT ANSWER: It compares the amount of capital provided by creditors to the
equity or capitalization of the firm. A high ratio indicates a heavy dependency on debt, with the associated risks to creditors.
How is working capital calculated, and why is it an important financial measure for a
construction company? - CORRECT ANSWER: a. Working capital = current assets -
current liabilities
- Working capital is the liquid assets that the company has available to finance its
future operations.
How would you assess the satisfaction of current customers? - CORRECT ANSWER: a.Have a personal contact with decision makers in the customers firm to assess their satisfaction.
- Survey each customer after the end of each project.
How would you conduct an external analysis for a construction firm? Why is it an important part of the strategic planning process? - CORRECT ANSWER: a. Is made to
- / 2