NICET
NICET 3 FIRE ALARM COMPLETE
EXAM PASSED SOLUTION
The beginning of every design project starts with the
customer specification
included in the - Request For
Proposal or RFP.
Reading and interpreting the ____________ is a major factor
in a good bid
proposal and system design. -
Specification
If you take the safer approach, and add safety factors into your
bid to account for
things you may have missed in the specification, you
probably will
______________ - not be the low or successful
bidder.
Accounts Payables - debts that the company owes and expects
to pay within one
year that are not evidenced by a written
promise to pay.
Accounts Receivable - invoices owed to the company that will
likely be paid within
NICET 3 FIRE ALARM COMPLETE EXAM PASSED SOLUTION
,NICET
one year and have not been formalized by a written promise
to pay, such as a
note
receivable.
Assets - resources held by the company that will probably lead to
some future cash inflows. For example, a piece of property is an
asset because it could be sold to produce a cash inflow.
Balance Sheet - The balance sheet is a snapshot of a company's
financial assets, liabilities, and the value of the company to its
owner at a specific point in time (often referred to as net worth, or
equity).
Balance Sheets are prepared how often? - At the end of each
month and at the
end of the
year
Cash - demand deposits (such as savings and checking accounts),
time deposits (such as certificates of deposits) with a maturity of
one year or less, and petty cash.
Committed Costs - those costs that the company has
committed to pay and can
be identified before a bill is received for
the costs.
Cost Control - occurs when the accounting system provides
management with the
accounting data in time for management to analyze the
data and make
corrections in a timely
manner..
NICET 3 FIRE ALARM COMPLETE EXAM PASSED SOLUTION
,NICET
Cost Reporting - occurs when the accounting system provides
management with the accounting data after the opportunity has
passed for management to respond and correct the problems
indicated by the data.
Direct Costs - the labor and material to complete a project.
Fixed Assets - land, buildings, construction equipment, trucks
and autos, and
office
equipment.
Fixed Costs - costs that tend to be fixed over a specific range of
revenues. For example, if a company currently has two salaried
employees working as estimators, the cost of these employees is
fixed over the volume of work that can be won by these
employees. Rent is normally a fixed cost if the size of the office
does not vary based on workload.
General Overhead - costs that cannot be specifically identified to
the completion
of a construction project. includes all main office and
supervisory costs that
cannot be billed to a specific
construction project.
Another term for General Overhead - indirect costs
Gross Profit Margin - the gross profit divided by the total revenue
times 100%.
Inventory - materials that are available for sale, or are
available and expected to
be incorporated into a construction project within
the next year.
Liabilities - obligations for a company to transfer assets or
NICET 3 FIRE ALARM COMPLETE EXAM PASSED SOLUTION
, NICET
render services at some
future time for which the company is already committed.
Loans and warranty
reserves are common
examples
Mixed Costs - costs that contain both a variable cost component
and a fixed cost
component. For example, if a company paid its estimators a
base salary plus a
bonus based on the volume of
work won
Net Profit - calculated as Gross Profit minus Taxes.
If you think of it in terms of your paycheck, you have your profit,
and the amount
you are left with after
taxes
Net Profit Margin - deducts taxes from the gross profit to obtain
the margin.
The net profit margin used on each estimate may vary
based on: - The risk
involved in the
project.
The owner's desired
profit.
The current workload of the
company.
The customer - a difficult customer may
pay a penalty.
Overhead Costs - may be divided into three types of costs:
NICET 3 FIRE ALARM COMPLETE EXAM PASSED SOLUTION
NICET 3 FIRE ALARM COMPLETE
EXAM PASSED SOLUTION
The beginning of every design project starts with the
customer specification
included in the - Request For
Proposal or RFP.
Reading and interpreting the ____________ is a major factor
in a good bid
proposal and system design. -
Specification
If you take the safer approach, and add safety factors into your
bid to account for
things you may have missed in the specification, you
probably will
______________ - not be the low or successful
bidder.
Accounts Payables - debts that the company owes and expects
to pay within one
year that are not evidenced by a written
promise to pay.
Accounts Receivable - invoices owed to the company that will
likely be paid within
NICET 3 FIRE ALARM COMPLETE EXAM PASSED SOLUTION
,NICET
one year and have not been formalized by a written promise
to pay, such as a
note
receivable.
Assets - resources held by the company that will probably lead to
some future cash inflows. For example, a piece of property is an
asset because it could be sold to produce a cash inflow.
Balance Sheet - The balance sheet is a snapshot of a company's
financial assets, liabilities, and the value of the company to its
owner at a specific point in time (often referred to as net worth, or
equity).
Balance Sheets are prepared how often? - At the end of each
month and at the
end of the
year
Cash - demand deposits (such as savings and checking accounts),
time deposits (such as certificates of deposits) with a maturity of
one year or less, and petty cash.
Committed Costs - those costs that the company has
committed to pay and can
be identified before a bill is received for
the costs.
Cost Control - occurs when the accounting system provides
management with the
accounting data in time for management to analyze the
data and make
corrections in a timely
manner..
NICET 3 FIRE ALARM COMPLETE EXAM PASSED SOLUTION
,NICET
Cost Reporting - occurs when the accounting system provides
management with the accounting data after the opportunity has
passed for management to respond and correct the problems
indicated by the data.
Direct Costs - the labor and material to complete a project.
Fixed Assets - land, buildings, construction equipment, trucks
and autos, and
office
equipment.
Fixed Costs - costs that tend to be fixed over a specific range of
revenues. For example, if a company currently has two salaried
employees working as estimators, the cost of these employees is
fixed over the volume of work that can be won by these
employees. Rent is normally a fixed cost if the size of the office
does not vary based on workload.
General Overhead - costs that cannot be specifically identified to
the completion
of a construction project. includes all main office and
supervisory costs that
cannot be billed to a specific
construction project.
Another term for General Overhead - indirect costs
Gross Profit Margin - the gross profit divided by the total revenue
times 100%.
Inventory - materials that are available for sale, or are
available and expected to
be incorporated into a construction project within
the next year.
Liabilities - obligations for a company to transfer assets or
NICET 3 FIRE ALARM COMPLETE EXAM PASSED SOLUTION
, NICET
render services at some
future time for which the company is already committed.
Loans and warranty
reserves are common
examples
Mixed Costs - costs that contain both a variable cost component
and a fixed cost
component. For example, if a company paid its estimators a
base salary plus a
bonus based on the volume of
work won
Net Profit - calculated as Gross Profit minus Taxes.
If you think of it in terms of your paycheck, you have your profit,
and the amount
you are left with after
taxes
Net Profit Margin - deducts taxes from the gross profit to obtain
the margin.
The net profit margin used on each estimate may vary
based on: - The risk
involved in the
project.
The owner's desired
profit.
The current workload of the
company.
The customer - a difficult customer may
pay a penalty.
Overhead Costs - may be divided into three types of costs:
NICET 3 FIRE ALARM COMPLETE EXAM PASSED SOLUTION
