Test your basic knowledge |

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 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.
Invitation to bid
The ability to procure the right piece of equipment for the job when the unit is needed
Renting - Leasing - Buying
Change Order

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

3. Where would information be found on whether a bid bond was required and - if so - its amount?
As-built drawings
Foundation
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project
Bid bond requirements are stated in the advertisement of Bidders.They are usually amplified in the specifications.

4. Name 10 step process to bid

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183

5. Order of Magnitude Estimate...
True
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
True
A gross unit such as the number of hospital beds is used.

6. A sum withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement.
Liquidated Damages
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
True
Retainage

7. 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
Bid Bond
Foundation
Skilled labor and material portions

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

9. What are the two most common methods by which a contractor can acquire a construction contract?
Invitation to bid
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
True
Direct Negotiation - Competitive Bidding

10. What is the bid bond and how does it protect the owner?
True
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
Liquidated Damages

11. 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 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.
Direct Negotiation - Competitive Bidding
The amount of work that can be done in an hour

12. The most reliable productivity rates come from historical data
True
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
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

13. Under what conditions are wage premiums applied
Overtime work - shift work - hazardous work conditions - or unusually strenuous work.
True
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

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

15. What is the best source for productivity data?

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183

16. The equipment used on construction projects can be divided into three categories: Owned - leased - and rented.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Liquidated Damages
False
True

17. Drawings made during the progress of construction - or subsequent thereto - illustrating how various elements of the project were actually installed.
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
As-built drawings
Contract Documents
Erection

18. What are the benefits of renting equipment?
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.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
The ability to procure the right piece of equipment for the job when the unit is needed
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

19. Describe factors affecting the accuracy of detail cost estimating.
The ability to procure the right piece of equipment for the job when the unit is needed
Renting - Leasing - Buying
1. Construction Materials 2. Erection Labor 3. Fixed Equipment 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

20. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
Foundation
Liens
Bid Bond
Invitation to bid

21. 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
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.
...
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 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.

22. Where the project will be constructed does not have a major influence in the preparation of an estimate.
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
False
True
True

23. Explain firm price contracting estimates.
Lump-Sum Estimate - Unit Price Estimate
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
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

24. Operation costs include...
Lump-Sum Estimate - Unit Price Estimate
A. Tires and other wear itemsb. Fuel - lubricants - and filtersc. Repair reservesd. All of the above
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
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions

25. How do climatic conditions influence the amount of work actually completed in an hour?
Common labor and material portions
Master Format and Uniformat
Both extreme hot and cold will tend to slow down the pace of work.
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

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

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

28. What types of information are provided in the Invitation to Bid?
Renting - Leasing - Buying
Bid Bond
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

29. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
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.
True
Bid
Predicting the cost in advance based on a model (formal or informal - plans and specifications) of a project

30. A surety bond guaranteeing that a bidder will sign a contract - if offered - in accordance with their proposal.
Both extreme hot and cold will tend to slow down the pace of work.
...
Bid 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.

31. 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
Bid
Renting - Leasing - Buying
Bid
Liquidated Damages

32. Where the project will be constructed does not have a major influence in the preparation of an estimate.
False
Punch List
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.
Units are assignable to jobs and are not shared by other subcontractors. Tractors; Scrapers; Front shovels; Hoes; Loaders and backhoe loaders; Hauling units; Compactors

33. Name two systems that establish standards for the building design/construction estimating process.
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.
Bid Bond
Liquidated Damages
Master Format and Uniformat

34. Working drawings - specifications - general conditions - supplementary general conditions - the owner-contractor agreement - and all addenda (if issued).
Contract Documents
As-built drawings
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

35. Explain why using overtime is not recommended for most construction projects.
Liquidated Damages
Truly - its both - it will never be a science. Estimators rely on their - intuition - past experience - judgment and sometimes guesses.
Scheduling overtime for more than several weeks can result in huge productivity losses.
True

36. The assembly of components to form the completed portion of a job.
Erection
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.
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

37. What are the benefits of renting equipment?
Skilled labor and material portions
Change Order
Bid
The ability to procure the right piece of equipment for the job when the unit is needed

38. What does the labor hour represent?
The amount of work that can be done in an hour
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.
Common labor and material portions
False

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

40. On certain projects the owner may accept proposals only from contractors who are invited to bid.
True
Common labor and material portions
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
Erection

41. Explain why using overtime is not recommended for most construction projects.
Direct Negotiation - Competitive Bidding
Scheduling overtime for more than several weeks can result in huge productivity losses.
Invitation to bid
Renting - Leasing - Buying

42. What is the performance bond?
True
Joist
Renting - Leasing - Buying
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.

43. How are the various surety bonds that may be required on a specific project obtained?
Foundation
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.
Both extreme hot and cold will tend to slow down the pace of work.

44. Describe the composition of the Building Cost Index (BCI).
Bid
Liens
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
Skilled labor and material portions

45. Order of Magnitude Estimate...
1. Construction Materials 2. Erection Labor 3. Fixed Equipment Costs
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.
False

46. 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.
True
Joist
Instruction to bidders

47. What are the advantages to a small contractor of renting equipment instead of owning?
The Labor Hour
Addenda
...
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.

48. What are some of the factors a contractor considers when making a decision to bid?
The Labor Hour
Renting - Leasing - Buying
External factors: market conditions and climatic conditions; beyond the control of the contractors.Internal factors: work conditions and management conditions
Internal Factor - External Factor - Project Related-Factor

49. Name 10 step process to bid

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183

50. Proposal prepared by prospective contractor specifying the charges to be made for doing the work in accordance with the contract documents.
Bid
Both extreme hot and cold will tend to slow down the pace of work.
Order of Magnitude Estimate - Square foot and cubic foot estimate - Assemblies(Systems estimate) - Detailed Estimate
Lavatory

Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?

Major Subjects
Tests & Exams AP CLEP DSST GRE SAT GMAT	Certifications CISSP go to https://www.isc2.org/ PMP ITIL RHCE MCTS More...	IT Skills Android Programming Data Modeling Objective C Programming Basic Python Programming Adobe Illustrator More...	Business Skills Advertising Techniques Business Accounting Basics Business Strategy Human Resource Management Marketing Basics More...
Soft Skills Body Language People Skills Public Speaking Persuasion Job Hunting And Resumes More...	Vocabulary GRE Vocab SAT Vocab TOEFL Essential Vocab Basic English Words For All Global Words You Should Know Business English More...	Languages AP German Vocab AP Latin Vocab SAT Subject Test: French Italian Survival Norwegian Survival More...	Engineering Audio Engineering Computer Science Engineering Aerospace Engineering Chemical Engineering Structural Engineering More...
Health Sciences Basic Nursing Skills Health Science Language Fundamentals Veterinary Technology Medical Language Cardiology Clinical Surgery More...	English Grammar Fundamentals Literary And Rhetorical Vocab Elements Of Style Vocab Introduction To English Major Complete Advanced Sentences Literature Homonyms More...	Math Algebra Formulas Basic Arithmetic: Measurements Metric Conversions Geometric Properties Important Math Facts Number Sense Vocab Business Math More...	Other Major Subjects Science Economics History Law Performing-arts Cooking Logic & Reasoning Trivia

Test your basic knowledge |

Construction Estimating

Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?

Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests

Major Subjects

Tests & Exams

Certifications

IT Skills

Business Skills

Soft Skills

Vocabulary

Languages

Engineering

Health Sciences

English

Math

Other Major Subjects

Browse all subjects

Browse all tests

Most popular tests