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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 maintenance bond?
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.
...
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
Joist

2. Assemblies Estimate...
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.
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
As-built drawings

3. A good database of past project experiences is essential to preparing a quick and accurate estimate.
As-built drawings
True
Bid
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.

4. What are some of the costs that must be included in equipment operating costs?
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
Invitation to bid
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
...

5. Order of Magnitude Estimate...
Both extreme hot and cold will tend to slow down the pace of work.
Contract Documents
A gross unit such as the number of hospital beds is used.
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.

6. A document stating the procedures to be followed by bidders.
Instruction to bidders
Contract Documents
False
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.

7. Explain firm price contracting estimates.
Lump-Sum Estimate - Unit Price Estimate
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
Instruction to bidders
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor

8. Name 10 step process to bid

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9. Where the project will be constructed does not have a major influence in the preparation of an estimate.
False
Punch List
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Internal Factor - External Factor - Project Related-Factor

10. 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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11. A list prepared by the architect or engineer of the contractor's uncompleted work or work to be corrected.
Punch List
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.
...
Liquidated Damages

12. Explain firm price contracting estimates.
Lavatory
True
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Lump-Sum Estimate - Unit Price Estimate

13. 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.
Change Order
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.

14. A bathroom sink
True
The amount of work that can be done in an 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.
Lavatory

15. 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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16. Operation costs include...
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
Bid Bond
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
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

17. 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
...
Skilled labor and material portions
Liquidated Damages
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

18. A document stating the procedures to be followed by bidders.
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.
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.
Instruction to bidders

19. What is estimating in construction?
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
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.
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

20. What are the two most common methods by which a contractor can acquire a construction contract?
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.
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.
Lump-Sum Estimate - Unit Price Estimate
Direct Negotiation - Competitive Bidding

21. What is the payment bond?
The amount of work that can be done in an 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.
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.

22. 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
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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence

23. Name the types of Estimates
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Internal Factor - External Factor - Project Related-Factor
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
Scheduling overtime for more than several weeks can result in huge productivity losses.

24. What is the performance bond?
True
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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.
As-built drawings

25. 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.
True
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
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

26. How does insurance differ from a surety bond?
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.
Bid Bond
The amount of work that can be done in an hour

27. A work order - usually prepared by the architect and signed by the owner or the owner's agent - authorizing a change in the scope of the work and a change in the cost of the project.
Change Order
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Erection
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

28. What is the performance 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.
Bid
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

29. The most reliable productivity rates come from historical data
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
False
Lump-Sum Estimate - Unit Price Estimate

30. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Contract Documents
True
Joist
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.

31. Describe the composition of the Building Cost Index (BCI).
Skilled labor and material portions
Bid Bond
Change Order
Invitation to bid

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

33. What are some of the factors a contractor considers when making a decision to bid?
False
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Internal Factor - External Factor - Project Related-Factor

34. How do climatic conditions influence the amount of work actually completed in an hour?
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
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
Both extreme hot and cold will tend to slow down the pace of work.

35. Order of Magnitude Estimate...
As-built drawings
A gross unit such as the number of hospital beds is used.
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.
Foundation

36. Assemblies Estimate...
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 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 estimator uses more detailed information such as the bay size - square feet of partition wall - number of plumbing fixtures - or square feet of carpet.
Internal Factor - External Factor - Project Related-Factor

37. What is the best source for productivity data?

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38. Under what conditions are wage premiums applied
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
The amount of work that can be done in an hour
Both extreme hot and cold will tend to slow down the pace of work.
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

39. A bathroom sink
Lavatory
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.
True
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

40. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
True
Bid Bond
Addenda
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.

41. What is the bid bond and how does it protect the owner?
True
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
True

42. What is estimating in construction?
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
False
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

43. A good database of past project experiences is essential to preparing a quick and accurate 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
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
True

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

45. Why do many contractors hesitate to bid just before the expiration of a union contract?
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.
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
Invitation to bid
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.

46. A work order - usually prepared by the architect and signed by the owner or the owner's agent - authorizing a change in the scope of the work and a change in the cost of the project.
True
Direct Negotiation - Competitive Bidding
Change Order
Retainage

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

48. The location where material can be stored in relationship to the construction project affects productivity.
Foundation
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.
Instruction to bidders

49. The substructure that supports a building or other structure.
False
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Foundation
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

50. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
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.
True
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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project