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Construction Estimating

Instructions:

Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. A document stating the procedures to be followed by bidders.
As-built drawings
The amount of work that can be done in an hour
Instruction to bidders
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

2. What is the maintenance bond?
Liens
Both extreme hot and cold will tend to slow down the pace of work.
The maintenance bond guarantees the owner that the GC agrees to correct all defects of workmanship and materials for a specified period (one to three years) following occupancy by the owner.
Joist

3. Describe and provide examples of specific use equipment and general use equipment.
True
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

4. What is the best source for productivity data?

5. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Scheduling overtime for more than several weeks can result in huge productivity losses.
Erection
Invitation to bid
False

6. Statements or drawings that modify the basic contract documents after the latter have been issued to the bidders - but prior to the taking of bids.
Addenda
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Invitation to bid
Finding and bidding the type of work that's appropriate for your company - Making accurate cost estimates - Using pricing strategies that reduces your risk of loss - Anticipating the bids of your competition - Tracking overhead so you know the actual

7. How are the various surety bonds that may be required on a specific project obtained?
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Surety bonds can only be obtained through companies who specialize in issuing surety bonds. The contractor will have to request the surety company to provide the bonds.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Bid

8. An agreed-to sum chargeable against the contractor as reimbursement for damages suffered by the owner because of contractor's failure to fulfill contractual obligations
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Renting - Leasing - Buying
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Liquidated Damages

9. Explain why using overtime is not recommended for most construction projects.
Scheduling overtime for more than several weeks can result in huge productivity losses.
Common labor and material portions
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
The ability to procure the right piece of equipment for the job when the unit is needed

10. The substructure that supports a building or other structure.
Foundation
Liens
Skilled labor and material portions
Master Format and Uniformat

11. An agreed-to sum chargeable against the contractor as reimbursement for damages suffered by the owner because of contractor's failure to fulfill contractual obligations
...
Lavatory
Direct Negotiation - Competitive Bidding
Liquidated Damages

12. What is the best source for productivity data?

13. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
The amount of work that can be done in an hour
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Both extreme hot and cold will tend to slow down the pace of work.
The practice of withholding a percentage of the payment due to the contractor for the work performed and completed for that payment period.Retainage can affect the cash flow of the contractor and must be considered in the preparation of the bid.

14. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Scheduling overtime for more than several weeks can result in huge productivity losses.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
The bid bond ensures that if a contractor is awarded the bid with the time specified - the contractor will enter into the contract and provide all other specified bonds.If the contractor fails to do so without justification -the bond shall be forfeit
Contract Documents

15. Operation costs include...
True
True
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
The practice of withholding a percentage of the payment due to the contractor for the work performed and completed for that payment period.Retainage can affect the cash flow of the contractor and must be considered in the preparation of the bid.

16. What is the payment bond?
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.
The Labor Hour
Common labor and material portions
Surety bonds can only be obtained through companies who specialize in issuing surety bonds. The contractor will have to request the surety company to provide the bonds.

17. What is the performance bond?
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
The performance bond guarantees the owner that - within limits - the contractor will perform all work in accordance with the contract documents - and thatthe owner will receive the project built in substantialagreement with the documents.
Common labor and material portions
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

18. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.
True
The estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

19. Where the project will be constructed does not have a major influence in the preparation of an estimate.
Surety bonds can only be obtained through companies who specialize in issuing surety bonds. The contractor will have to request the surety company to provide the bonds.
Foundation
False
Change Order

20. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
True
Skilled labor and material portions
Change Order
Bid

21. List the factors affecting labor productivity
Liens
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
As-built drawings
Instruction to bidders

22. How are the various surety bonds that may be required on a specific project obtained?
Surety bonds can only be obtained through companies who specialize in issuing surety bonds. The contractor will have to request the surety company to provide the bonds.
Punch List
Invitation to bid
Liquidated Damages

23. Assemblies Estimate...
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
The estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.

24. What is depreciation?
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
The estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.
With insurance an insurance company assumes the financial liability fora specified loss.The surety guarantees the performance of a contractor.The surety company will try to recover any losses from the contractor.
A gross unit such as the number of hospital beds is used.

25. The assembly of components to form the completed portion of a job.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Erection
The maintenance bond guarantees the owner that the GC agrees to correct all defects of workmanship and materials for a specified period (one to three years) following occupancy by the owner.
Liens

26. What are the two most common methods by which a contractor can acquire a construction contract?
Bid
Lump-Sum Estimate - Unit Price Estimate
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Direct Negotiation - Competitive Bidding

27. What is the performance bond?
Instruction to bidders
The CSI format is a numbering system which divides the major areas involved in the construction project into 50 divisions (0 to 49). The format allows the contractor to develop a tracking system for all types of information.
True
The performance bond guarantees the owner that - within limits - the contractor will perform all work in accordance with the contract documents - and thatthe owner will receive the project built in substantialagreement with the documents.

28. Where would information be found on whether a bid bond was required and - if so - its amount?
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
True
Punch List
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire

29. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
True
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
False
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

30. Explain why using overtime is not recommended for most construction projects.
Lump-Sum Estimate - Unit Price Estimate
False
Scheduling overtime for more than several weeks can result in huge productivity losses.
With insurance an insurance company assumes the financial liability fora specified loss.The surety guarantees the performance of a contractor.The surety company will try to recover any losses from the contractor.

31. Name three common methods of procuring equipment.
False
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.
Renting - Leasing - Buying
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

32. What are the advantages to a small contractor of renting equipment instead of owning?
1. The contractor can get the most suitable piece of equipment.2. The equipment is most likely newer and in a better state of repair.3. The rental company handles maintenance.4. The contractor does not tie up their capital.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps

33. Why is it a good idea for the general contractor to perform quantity surveys on work that is to be subcontracted out?

34. Describe and provide examples of specific use equipment and general use equipment.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
True
The ability to procure the right piece of equipment for the job when the unit is needed
Foundation

35. Name 10 step process to bid

36. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
1. Better understanding of the work to be subcontracted -2. Establishment of fair cost estimate for evaluating subcontractor's bid - 3. Checking of a subcontractor's scope of work - and4. Determination of time duration that can be assigned to a sub
True
Master Format and Uniformat

37. Describe the CSI MasterFormat and how it is used.
The ability to procure the right piece of equipment for the job when the unit is needed
The estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
The CSI format is a numbering system which divides the major areas involved in the construction project into 50 divisions (0 to 49). The format allows the contractor to develop a tracking system for all types of information.

38. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
True
Invitation to bid
Foundation
1. Better understanding of the work to be subcontracted -2. Establishment of fair cost estimate for evaluating subcontractor's bid - 3. Checking of a subcontractor's scope of work - and4. Determination of time duration that can be assigned to a sub

39. Five basic skills everyone should master

40. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Finding and bidding the type of work that's appropriate for your company - Making accurate cost estimates - Using pricing strategies that reduces your risk of loss - Anticipating the bids of your competition - Tracking overhead so you know the actual
Retainage
Punch List
Contract Documents

41. Explain firm price contracting estimates.
Common labor and material portions
True
Lump-Sum Estimate - Unit Price Estimate
True

42. Describe factors affecting the accuracy of detail cost estimating.
The CSI format is a numbering system which divides the major areas involved in the construction project into 50 divisions (0 to 49). The format allows the contractor to develop a tracking system for all types of information.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Scheduling overtime for more than several weeks can result in huge productivity losses.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

43. How do climatic conditions influence the amount of work actually completed in an hour?
False
Both extreme hot and cold will tend to slow down the pace of work.
...
The payment bond (labor and material bond) guarantees the payment of all bills incurred by the contractor for labor and materials incurred or supplied on the project.

44. What unit of time is used to measure labor?
Lump-Sum Estimate - Unit Price Estimate
Liquidated Damages
The Labor Hour
Foundation

45. What is estimating in construction?
Common labor and material portions
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Lavatory

46. Under what conditions are wage premiums applied
There may be hesitation to bid a project just before the expiration of a union agreement due to the uncertainty of the outcomes of the negotiations. There is the possibility of a strike or dramatic increases in the prevailing wage rate.
With insurance an insurance company assumes the financial liability fora specified loss.The surety guarantees the performance of a contractor.The surety company will try to recover any losses from the contractor.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Erection

47. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
With insurance an insurance company assumes the financial liability fora specified loss.The surety guarantees the performance of a contractor.The surety company will try to recover any losses from the contractor.
Bid Bond
Renting - Leasing - Buying

48. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
True
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
The amount of work that can be done in an hour
...

49. The assembly of components to form the completed portion of a job.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Renting - Leasing - Buying
False
Erection

50. A good database of past project experiences is essential to preparing a quick and accurate estimate.
Finding and bidding the type of work that's appropriate for your company - Making accurate cost estimates - Using pricing strategies that reduces your risk of loss - Anticipating the bids of your competition - Tracking overhead so you know the actual
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
True
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above