In Year 1 a Contractor Agrees to Build a Building

question 41

Multiple Choice

In year 1 a contractor agrees to build a building for $2,500,000 by the end of year 2.The builder's cost is estimated to be $1,800,000.The actual costs year 1 are $900,000 and year 2's actual costs are $1,300,000.Under the completed contract method,the gross profit for year 1 is

• A)$0.
• B)$300,000.
• C)$350,000.
• D)$700,000.

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Definitions:

Team Confidence

The collective belief of a team in their abilities to achieve their goals and perform successfully.

Team Goal Setting

The process of defining specific, measurable, achievable, relevant, and time-bound objectives for a group or team to achieve collectively.

Cohesion Characteristics

Traits or attributes that contribute to the solidarity, unity, and collective commitment among members of a group or team.

Communication

The process of exchanging information, ideas, feelings, and messages between individuals or groups, using diverse channels and methods.