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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. What is the payment bond?
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.
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.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
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.

2. Describe factors affecting the accuracy of detail cost estimating.
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.
As-built drawings
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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.

3. What is the bid bond and how does it protect the owner?
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
Change Order
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Foundation

4. Five basic skills everyone should master

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5. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Invitation to bid
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

6. 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
The ability to procure the right piece of equipment for the job when the unit is needed
Master Format and Uniformat
The amount of work that can be done in an hour

7. What is estimating in construction?
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Internal Factor - External Factor - Project Related-Factor
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.

8. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Generally - the advertisement describes the location - extent - and nature of the work. It will designate the authority under which the project originated. Concerning the bid - it will give the place where bidding documents are available and list the
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
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.

9. What is the bid bond and how does it protect the owner?
Punch List
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
Erection
Addenda

10. Construction estimating is more an art than a science
Contract Documents
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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

11. A common error made by GCs in their dealings with subcontractors is to hand them a single technical specifications section relating to their trade - without copies of either the General Requirements or the General and Supplementary General Conditions
...
True
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
Both extreme hot and cold will tend to slow down the pace of work.

12. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
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.
Lavatory
True
Liquidated Damages

13. Assemblies Estimate...
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.
The ability to procure the right piece of equipment for the job when the unit is needed
1. Review scope 2. Quantity takeoff 3. Price materials 4. Price labor 5. Price equipment 6. Obtain specialty contractor's bid 7. Obtain supplier's bid 8. Calculate taxes - bonds - insurance - and overhead 9. Contingency 10. Profit
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

14. Name two systems that establish standards for the building design/construction estimating process.
Master Format and Uniformat
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
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.
Internal Factor - External Factor - Project Related-Factor

15. What are the benefits of renting equipment?
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
The ability to procure the right piece of equipment for the job when the unit is needed
Common labor and material portions
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

16. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
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
Contract Documents

17. What are some of the costs that must be included in equipment operating costs?
Foundation
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work

18. Where the project will be constructed does not have a major influence in the preparation of an estimate.
Scheduling overtime for more than several weeks can result in huge productivity losses.
False
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
A gross unit such as the number of hospital beds is used.

19. A common error made by GCs in their dealings with subcontractors is to hand them a single technical specifications section relating to their trade - without copies of either the General Requirements or the General and Supplementary General Conditions
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
...
Scheduling overtime for more than several weeks can result in huge productivity losses.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

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

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21. What is the performance bond?
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.
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.
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.

22. Name the types of Estimates
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Lump-Sum Estimate - Unit Price Estimate
Foundation
False

23. What is estimating in construction?
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
True
As-built drawings
Bid Bond

24. Explain why using overtime is not recommended for most construction projects.
Foundation
Lavatory
Scheduling overtime for more than several weeks can result in huge productivity losses.
Erection

25. A document stating the procedures to be followed by bidders.
Instruction to bidders
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Renting - Leasing - Buying
True

26. Describe the composition of the Building Cost Index (BCI).
Common labor and material portions
Bid
False
Skilled labor and material portions

27. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
True
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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

28. A bathroom sink
Lavatory
Common labor and material portions
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
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

29. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
Liens
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.
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

30. What unit of time is used to measure labor?
Invitation to bid
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
The Labor Hour
True

31. 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.
Skilled labor and material portions
False
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.

32. How are the various surety bonds that may be required on a specific project obtained?
True
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.
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.
Renting - Leasing - Buying

33. Name 10 step process to bid

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34. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Bid Bond
Both extreme hot and cold will tend to slow down the pace of work.
True
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.

35. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Bid Bond
The amount of work that can be done in an hour
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

36. How do climatic conditions influence the amount of work actually completed in an hour?
Renting - Leasing - Buying
1. Review scope 2. Quantity takeoff 3. Price materials 4. Price labor 5. Price equipment 6. Obtain specialty contractor's bid 7. Obtain supplier's bid 8. Calculate taxes - bonds - insurance - and overhead 9. Contingency 10. Profit
Both extreme hot and cold will tend to slow down the pace of work.
Contract Documents

37. Describe the composition of the Building Cost Index (BCI).
Skilled labor and material portions
Master Format and Uniformat
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

38. What is the maintenance bond?
The ability to procure the right piece of equipment for the job when the unit is needed
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.
Lump-Sum Estimate - Unit Price Estimate
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.

39. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
Bid
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar 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.
Punch List

40. Describe and provide examples of specific use equipment and general use equipment.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
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.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

41. Order of Magnitude Estimate...
A gross unit such as the number of hospital beds is used.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
The amount of work that can be done in an hour
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.

42. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
Bid Bond
False
Direct Negotiation - Competitive Bidding
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

43. What are the benefits of renting equipment?
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Lavatory
The ability to procure the right piece of equipment for the job when the unit is needed
True

44. Construction estimating is more an art than a science
Lump-Sum Estimate - Unit Price Estimate
Generally - the advertisement describes the location - extent - and nature of the work. It will designate the authority under which the project originated. Concerning the bid - it will give the place where bidding documents are available and list the
Master Format and Uniformat
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

45. Explain firm price contracting estimates.
...
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.
Lump-Sum Estimate - Unit Price Estimate
As-built drawings

46. Describe and provide examples of specific use equipment and general use equipment.
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.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Common labor and material portions

47. Where would information be found on whether a bid bond was required and - if so - its amount?
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.
False
The ability to procure the right piece of equipment for the job when the unit is needed
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

48. On certain projects the owner may accept proposals only from contractors who are invited to bid.
Generally - the advertisement describes the location - extent - and nature of the work. It will designate the authority under which the project originated. Concerning the bid - it will give the place where bidding documents are available and list the
True
The Labor Hour
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

49. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
Change Order
The Labor Hour
Invitation to bid
As-built drawings

50. How are the various surety bonds that may be required on a specific project obtained?
Liquidated Damages
Lump-Sum Estimate - Unit Price Estimate
True
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.