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. On certain projects the owner may accept proposals only from contractors who are invited to bid.
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.
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
As-built drawings


2. What are the two most common methods by which a contractor can acquire a construction contract?
As-built drawings
Direct Negotiation - Competitive Bidding
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
True


3. 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
Scheduling overtime for more than several weeks can result in huge productivity losses.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
Liquidated Damages


4. The substructure that supports a building or other structure.
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.
Foundation
Lavatory
Direct Negotiation - Competitive Bidding


5. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
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
True
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire


6. Five basic skills everyone should master

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7. 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.
Bid Bond
The amount of work that can be done in an hour
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.
Addenda


8. What are some of the factors a contractor considers when making a decision to bid?
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.
Internal Factor - External Factor - Project Related-Factor
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
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.


9. Where the project will be constructed does not have a major influence in the preparation of an estimate.
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.
False
Common labor and material portions
As-built drawings


10. How does insurance differ from a surety bond?
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 ability to procure the right piece of equipment for the job when the unit is needed
Invitation to bid
Liens


11. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
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.
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.
Lump-Sum Estimate - Unit Price Estimate
Joist


12. List the factors affecting labor productivity
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.
Retainage
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Master Format and Uniformat


13. Five basic skills everyone should master

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14. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
True
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.


15. What unit of time is used to measure labor?
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.
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
The Labor Hour
Skilled labor and material portions


16. What is the best source for productivity data?

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17. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Retainage
True
Lump-Sum Estimate - Unit Price Estimate
Lavatory


18. Name two systems that establish standards for the building design/construction estimating process.
Liens
Master Format and Uniformat
False
...


19. How does insurance differ from a surety bond?
A gross unit such as the number of hospital beds is used.
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.
Internal Factor - External Factor - Project Related-Factor
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.


20. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
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
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.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs


21. Name three common methods of procuring equipment.
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Scheduling overtime for more than several weeks can result in huge productivity losses.
Renting - Leasing - Buying
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


22. What are the two most common methods by which a contractor can acquire a construction contract?
Direct Negotiation - Competitive Bidding
As-built drawings
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
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.


23. What does the labor hour represent?
Invitation to bid
True
...
The amount of work that can be done in an hour


24. What is the bid bond and how does it protect the owner?
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Foundation
False
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


25. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
The amount of work that can be done in an hour
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.
Liens
Invitation to bid


26. How are the various surety bonds that may be required on a specific project obtained?
Direct Negotiation - Competitive Bidding
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.
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


27. Describe the composition of the Building Cost Index (BCI).
Instruction to bidders
Both extreme hot and cold will tend to slow down the pace of work.
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.
Skilled labor and material portions


28. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
A gross unit such as the number of hospital beds is used.
Bid
Master Format and Uniformat
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate


29. 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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30. Describe the CSI MasterFormat and how it is used.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Invitation to bid
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.
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. A bathroom sink
Punch List
Scheduling overtime for more than several weeks can result in huge productivity losses.
Lavatory
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.


32. Describe the composition of the Building Cost Index (BCI).
Bid
Skilled labor and material portions
Contract Documents
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project


33. 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.
Skilled labor and material portions
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence


34. What are the difficulties encountered by the estimator during the preparation of a project's conceptual estimate?
Renting - Leasing - Buying
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
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor


35. Describe factors affecting the accuracy of detail cost estimating.
Joist
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.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs


36. The substructure that supports a building or other structure.
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.
Foundation
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Lavatory


37. Describe and provide examples of specific use equipment and general use equipment.
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.
Liquidated Damages
Liens
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps


38. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Contract Documents
Bid
True
Common labor and material portions


39. What is retainage? Why should a contractor be concerned with a retainage clause in a contract?
Renting - Leasing - Buying
Joist
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
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.


40. Operation costs include...
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
True
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above


41. Describe the composition of the Construction Cost Index (CCI).
Punch List
A gross unit such as the number of hospital beds is used.
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.


42. Construction estimating is more an art than a science
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
Renting - Leasing - Buying
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Punch List


43. 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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44. Where would information be found on whether a bid bond was required and - if so - its amount?
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.
...
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.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.


45. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
False
As-built drawings
True
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs


46. Under what conditions are wage premiums applied
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Liquidated Damages
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Punch List


47. Describe the composition of the Construction Cost Index (CCI).
Foundation
Common labor and material portions
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
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


48. What unit of time is used to measure labor?
The Labor Hour
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.
Common labor and material portions
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above


49. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Change Order
Retainage
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 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.


50. 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
Common labor and material portions
Joist
...
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps