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Construction Estimating

Instructions:

Answer 50 questions in 15 minutes.
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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. stimating labor requires determining the number of work hours to do a specific task and then applying the wage rate.
Lump-Sum Estimate - Unit Price Estimate
Lavatory
True
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

2. Where would information be found on whether a bid bond was required and - if so - its amount?
As-built drawings
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
True

3. What are some of the factors a contractor considers when making a decision to bid?
The Labor Hour
Direct Negotiation - Competitive Bidding
Internal Factor - External Factor - Project Related-Factor
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

4. Drawings made during the progress of construction - or subsequent thereto - illustrating how various elements of the project were actually installed.
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.
A gross unit such as the number of hospital beds is used.
As-built drawings

5. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
As-built drawings
The ability to procure the right piece of equipment for the job when the unit is needed
Bid
Lavatory

6. stimating labor requires determining the number of work hours to do a specific task and then applying the 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
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Joist

7. What are some of the costs that must be included in equipment operating costs?
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors
Contract Documents
Foundation

8. A bathroom sink
The ability to procure the right piece of equipment for the job when the unit is needed
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.
Erection
Lavatory

9. The information provided in the General Conditions and Supplementary General Conditions does not influence the project cost.
False
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
Master Format and Uniformat
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.

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

11. A document stating the procedures to be followed by bidders.
Both extreme hot and cold will tend to slow down the pace of work.
Instruction to bidders
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

12. Construction estimating is more an art than a science
Retainage
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
True
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

13. Explain why using overtime is not recommended for most construction projects.
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
Scheduling overtime for more than several weeks can result in huge productivity losses.
Kept on the site over a longer period of time - throughout almost the entire construction phase.Cranes; Air compressors; Floodlights and light towersForklifts; Pumps
Joist

14. What unit of time is used to measure labor?
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
The Labor Hour
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
True

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. What are the two most common methods by which a contractor can acquire a construction contract?
Erection
Direct Negotiation - Competitive Bidding
False
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

17. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
True
A gross unit such as the number of hospital beds is used.
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.
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.

18. Explain why using overtime is not recommended for most construction projects.
Contract Documents
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
True

19. A document stating the procedures to be followed by bidders.
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.
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.
Instruction to bidders
Liquidated Damages

20. 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.
A gross unit such as the number of hospital beds is used.
Liens
Skilled labor and material portions

21. Name three common methods of procuring equipment.
Published cost standards seldom represent 100% of the project under consideration.The location factor -The time factor
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
True
Renting - Leasing - Buying

22. What are the advantages to a small contractor of renting equipment instead of owning?
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.
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a 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.
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.

23. 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.
True
Lavatory
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above

24. 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
Liquidated Damages
True
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs

25. Legal claims against an owner for amounts due those engaged in or supplying materials for the construction of the building.
Liens
Scheduling overtime for more than several weeks can result in huge productivity losses.
Renting - Leasing - Buying
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work

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

27. How do climatic conditions influence the amount of work actually completed in an hour?
Both extreme hot and cold will tend to slow down the pace of work.
Lump-Sum Estimate - Unit Price Estimate
False
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.

28. What unit of time is used to measure labor?
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 Labor Hour
A gross unit such as the number of hospital beds is used.
True

29. What does the labor hour represent?
The amount of work that can be done in an hour
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
Skilled labor and material portions
The most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work

30. Under what conditions are wage premiums applied
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 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 amount of work that can be done in an hour
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.

31. 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.
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.
Contract Documents
The Labor Hour
Change Order

32. Name 10 step process to bid

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33. What are the advantages to a small contractor of renting equipment instead of owning?
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
Bid Bond
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.
Addenda

34. Order of Magnitude 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.
A gross unit such as the number of hospital beds is used.
False
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

35. Name the types of Estimates
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
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.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

36. The location where material can be stored in relationship to the construction project affects productivity.
True
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.
Retainage
...

37. Describe the composition of the Building Cost Index (BCI).
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Skilled labor and material portions
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.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate

38. Closely spaced beams supporting a floor or ceiling.They may be wood - steel - or concrete.
Renting - Leasing - Buying
Erection
Liens
Joist

39. The substructure that supports a building or other structure.
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.
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
Foundation

40. 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
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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

41. 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.
...
As-built drawings
Addenda
The amount of work that can be done in an hour

42. 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
Lump-Sum Estimate - Unit Price Estimate
Operating costs include everything required to operate each piece of equipment.Fuel - Grease and Oil - Electricity and Tire
A gross unit such as the number of hospital beds is used.

43. 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 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.
Foundation
Common labor and material portions

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

45. Order of Magnitude Estimate...
Joist
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Instruction to bidders
A gross unit such as the number of hospital beds is used.

46. 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
Liquidated Damages
Instruction to bidders
...
The amount of work that can be done in an hour

47. What is the payment bond?
The loss in value of equipment that the contractor owns.The loss is a result of age - wear and tear - and obsolescence
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 most reliable productivity records are the contractor's own historical data based on actual experiences performing similar work
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.

48. An invitation to a selected list of contractors furnishing information on the submission of bids on a subject.
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
...
Invitation to bid
Bid

49. Describe factors affecting the accuracy of detail cost estimating.
False
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
Erection
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

50. 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 amount of work that can be done in an hour
Bid
Common labor and material portions