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STUDIO 2 - ESTIMATING EXAM | 114 QUESTIONS |
WITH COMPLETE SOLUTIONS/NEWEST UPDATE
Questions and Correct Answers/ Latest Update /
Already Graded
This provides the general contractor an acceptable rate of return and
compensation for the risk associated with the project. Choose the ONE best
answer.
Ans: Profit Margin
A detailed estimate determines the quantity and cost of everything required for
the project including: Select All that Apply.
Ans: Bonds, Insurance, Overhead, Labor, Materials
Square foot estimates may be adjusted for: Choose the ONE best answer.
Ans: Building Height
Quantity takeoff skills include: Choose the ONE best answer.
Ans: Reading and quantifying plans
Types of bids include: Choose the ONE best answer.
Ans: Competitive and Negotiated bids
Contract documents include: Choose the ONE best answer.
Ans: Technical specifications and drawings
The best source of estimating information is: Choose the ONE best answer.
© 2025/ 2026 | ® All rights reserved
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Ans: Historical Data
Types of Agreements include: Select All that Apply.
Ans: Lump Sum, Unit-Price, Cost-Plus-Fee
Agreement Provisions include: Choose the ONE best answer.
Ans: All the answers shown
The type of bond which guarantees payment on another party's obligations is a
_________ bond. Choose the ONE best answer.
Ans: Surety
The type of bond which guarantees that the contractor will perform all the work
in accordance with the contract documents is a _______ bond. Choose the ONE
best answer.
Ans: Performance
________________ insurance provides benefits for workers injured or killed on
the job. Choose the ONE best answer.
Ans: Worker's Compensation
Real property includes: Choose the ONE best answer.
Ans: All the answers shown
Instruction to bidders include which procedures: Choose the ONE best answer.
Ans: All the answers shown
© 2025/ 2026 | ® All rights reserved
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Which of the following statement is correct? Choose the ONE best answer.
Ans: The advantage of the percentage fee is that it allows the owner to save
fees paid to the contractor when construction costs go down.
Document ________ should be brought to the attention of the architect or
engineer. Choose the ONE best answer.
Ans: Errors
The required level of accuracy coupled with the amount of information about the
project that is available will dictate the type of estimate that can be prepared.
Which of the following is a correct order for estimating methods from lower to
higher accuracy and time to complete? Choose the ONE best answer.
Ans: Project Comparison - Square Foot - Parametric - Model - Assembly -
Detailed
To be able to do quantity takeoffs, the estimator must _____________. Choose
the ONE best answer.
Ans: All the answers shown
___________________ is a drawing or information that modifies the basic
contract documents after they have been issued to the bidder, but prior to the
taking of bids. They may provide clarification, correction, or changes in the other
documents. Choose the ONE best answer.
Ans: Addenda
In a _______________ agreement, the contractor agrees to construct the
project in accordance with the contract documents, for a set price arrived at
through competitive bidding or negotiation. The contractor agrees that the work
© 2025/ 2026 | ® All rights reserved
STUDIO 2 - ESTIMATING EXAM | 114 QUESTIONS |
WITH COMPLETE SOLUTIONS/NEWEST UPDATE
Questions and Correct Answers/ Latest Update /
Already Graded
This provides the general contractor an acceptable rate of return and
compensation for the risk associated with the project. Choose the ONE best
answer.
Ans: Profit Margin
A detailed estimate determines the quantity and cost of everything required for
the project including: Select All that Apply.
Ans: Bonds, Insurance, Overhead, Labor, Materials
Square foot estimates may be adjusted for: Choose the ONE best answer.
Ans: Building Height
Quantity takeoff skills include: Choose the ONE best answer.
Ans: Reading and quantifying plans
Types of bids include: Choose the ONE best answer.
Ans: Competitive and Negotiated bids
Contract documents include: Choose the ONE best answer.
Ans: Technical specifications and drawings
The best source of estimating information is: Choose the ONE best answer.
© 2025/ 2026 | ® All rights reserved
, 2 | Page
Ans: Historical Data
Types of Agreements include: Select All that Apply.
Ans: Lump Sum, Unit-Price, Cost-Plus-Fee
Agreement Provisions include: Choose the ONE best answer.
Ans: All the answers shown
The type of bond which guarantees payment on another party's obligations is a
_________ bond. Choose the ONE best answer.
Ans: Surety
The type of bond which guarantees that the contractor will perform all the work
in accordance with the contract documents is a _______ bond. Choose the ONE
best answer.
Ans: Performance
________________ insurance provides benefits for workers injured or killed on
the job. Choose the ONE best answer.
Ans: Worker's Compensation
Real property includes: Choose the ONE best answer.
Ans: All the answers shown
Instruction to bidders include which procedures: Choose the ONE best answer.
Ans: All the answers shown
© 2025/ 2026 | ® All rights reserved
, 3 | Page
Which of the following statement is correct? Choose the ONE best answer.
Ans: The advantage of the percentage fee is that it allows the owner to save
fees paid to the contractor when construction costs go down.
Document ________ should be brought to the attention of the architect or
engineer. Choose the ONE best answer.
Ans: Errors
The required level of accuracy coupled with the amount of information about the
project that is available will dictate the type of estimate that can be prepared.
Which of the following is a correct order for estimating methods from lower to
higher accuracy and time to complete? Choose the ONE best answer.
Ans: Project Comparison - Square Foot - Parametric - Model - Assembly -
Detailed
To be able to do quantity takeoffs, the estimator must _____________. Choose
the ONE best answer.
Ans: All the answers shown
___________________ is a drawing or information that modifies the basic
contract documents after they have been issued to the bidder, but prior to the
taking of bids. They may provide clarification, correction, or changes in the other
documents. Choose the ONE best answer.
Ans: Addenda
In a _______________ agreement, the contractor agrees to construct the
project in accordance with the contract documents, for a set price arrived at
through competitive bidding or negotiation. The contractor agrees that the work
© 2025/ 2026 | ® All rights reserved
