CM 3111 EXAM 1 QUESTIONS AND CORRECT
ANSWERS
Home office overhead costs are incurred regardless of any specific project - ANS ...
What is the major difference between home office overhead costs and job
overhead costs?
Fair labor standards act (FLSA) - ANS ... All construction companies with revenues of
$500,000 or more and many smaller construction companies must comply with the
_______, which establishes the requirements for payment of a minimum wage and
overtime.
Davis-bacon act - ANS ... The _____ requires that prevailing wages be paid on
jobs with federal funding.
Open shop - ANS ... ____ contractors and suncontractors have more flexibility in
determining wage rates, benefits, and working conditions for their employees than
union contractors.
Estimating - ANS ... The determination of probable construction costs for a project
that are prepared from the contract documents.
To establish project budget and order materials - ANS ... What is estimating in
construction used for?
Profit margin - ANS ... Provides the general contractor an acceptable rate of return
and compensation for the risk associated with the project
, Detailed estimate - ANS ... Type of estimate that determines the quantity and cost
of everything required for the project, including material, labor, equipment,
insurance, bonds, overhead, etc.
Assembly estimating - ANS ... Type of estimate where rather than bidding each of
the individual components of the project, the estimator bids the components in
groups
Square foot estimates - ANS ... Type of estimate that is bid based on an average
cost per square foot
Parametric estimates - ANS ... Type of estimate that uses equations that express the
statistical relationship between building parameters and the cost of the building
Model estimating - ANS ... Type of estimate that uses computer models to prepare
an estimate based on a number of questions answered by the estimator
Project comparison estimate - ANS ... A type of estimate that is prepared by
comparing the costs of a proposed project to a similar project
Quantity takeoff - ANS ... Some skills that you need for ______ include: read and
quantify plans, knowledge of math and geometry, patience, doing careful,
thorough work, computer literate
Competitive bidding - ANS ... A type of bid that involves each contractor submitting
a lump sum bid or a proposal that is awarded based upon price and best value
Negotiated bidding - ANS ... A type of bid in which the parties arrive at a mutually
agreed upon price, terms and conditions, and contractual relationship.
ANSWERS
Home office overhead costs are incurred regardless of any specific project - ANS ...
What is the major difference between home office overhead costs and job
overhead costs?
Fair labor standards act (FLSA) - ANS ... All construction companies with revenues of
$500,000 or more and many smaller construction companies must comply with the
_______, which establishes the requirements for payment of a minimum wage and
overtime.
Davis-bacon act - ANS ... The _____ requires that prevailing wages be paid on
jobs with federal funding.
Open shop - ANS ... ____ contractors and suncontractors have more flexibility in
determining wage rates, benefits, and working conditions for their employees than
union contractors.
Estimating - ANS ... The determination of probable construction costs for a project
that are prepared from the contract documents.
To establish project budget and order materials - ANS ... What is estimating in
construction used for?
Profit margin - ANS ... Provides the general contractor an acceptable rate of return
and compensation for the risk associated with the project
, Detailed estimate - ANS ... Type of estimate that determines the quantity and cost
of everything required for the project, including material, labor, equipment,
insurance, bonds, overhead, etc.
Assembly estimating - ANS ... Type of estimate where rather than bidding each of
the individual components of the project, the estimator bids the components in
groups
Square foot estimates - ANS ... Type of estimate that is bid based on an average
cost per square foot
Parametric estimates - ANS ... Type of estimate that uses equations that express the
statistical relationship between building parameters and the cost of the building
Model estimating - ANS ... Type of estimate that uses computer models to prepare
an estimate based on a number of questions answered by the estimator
Project comparison estimate - ANS ... A type of estimate that is prepared by
comparing the costs of a proposed project to a similar project
Quantity takeoff - ANS ... Some skills that you need for ______ include: read and
quantify plans, knowledge of math and geometry, patience, doing careful,
thorough work, computer literate
Competitive bidding - ANS ... A type of bid that involves each contractor submitting
a lump sum bid or a proposal that is awarded based upon price and best value
Negotiated bidding - ANS ... A type of bid in which the parties arrive at a mutually
agreed upon price, terms and conditions, and contractual relationship.
