ESTIMATING EXAM 1 QUESTIONS AND ANSWERS
Define the difference between quantity takeoff and estimating - Answers - -Estimating is
predicting a cost for a future project
-Takeoffs predicting the quantities of needed items
List two examples of direct costs - Answers - -equipment
-labor hours
-materials
List two examples of indirect cost - Answers - -office supply's
-secretary
- insurance
List two types of estimates - Answers - - detailed - most accurate most time
- square foot - least accurate least time
Which type of contractual agreement would be best used when the quantities of work
can be accurately determined in advance?
or
Which type of agreement is best used when quantities are hard to determine in
advance? - Answers - - cost plus fee
Which type of bonds guaranteed the payment of the contractors bill and act as a
protection to the owner from any liabilities in connection with claims against the project?
- Answers - payment bond
Which type of insurance policy protect projects under construction against loss due to
fire and lighting - Answers - builders risk insurance
Which type of insurance policy provides benefits to employees family if they are killed at
work - Answers - workers compensation
which part of the project manual modifies the basic contract document after it has been
issued to the bidders, but prior to the taking of the bids? - Answers - addendum
Parking on sites, location of trailers, temporary utilities, and rules unique to the owner
are examples of general conditions or special conditions - Answers - special conditions
list two factors that the contractor should consider when deciding to bid or not to bid on
the project? - Answers - location and competition
Define the difference between quantity takeoff and estimating - Answers - -Estimating is
predicting a cost for a future project
-Takeoffs predicting the quantities of needed items
List two examples of direct costs - Answers - -equipment
-labor hours
-materials
List two examples of indirect cost - Answers - -office supply's
-secretary
- insurance
List two types of estimates - Answers - - detailed - most accurate most time
- square foot - least accurate least time
Which type of contractual agreement would be best used when the quantities of work
can be accurately determined in advance?
or
Which type of agreement is best used when quantities are hard to determine in
advance? - Answers - - cost plus fee
Which type of bonds guaranteed the payment of the contractors bill and act as a
protection to the owner from any liabilities in connection with claims against the project?
- Answers - payment bond
Which type of insurance policy protect projects under construction against loss due to
fire and lighting - Answers - builders risk insurance
Which type of insurance policy provides benefits to employees family if they are killed at
work - Answers - workers compensation
which part of the project manual modifies the basic contract document after it has been
issued to the bidders, but prior to the taking of the bids? - Answers - addendum
Parking on sites, location of trailers, temporary utilities, and rules unique to the owner
are examples of general conditions or special conditions - Answers - special conditions
list two factors that the contractor should consider when deciding to bid or not to bid on
the project? - Answers - location and competition
