Page 1 of 21
ESTIMATING TEST 1 EXAM UPDATED QUESTIONS
AND ANSWERS (VERIFIED)
>> What type of estimate is prepared by multiplying the square footage of a building by a cost
per square foot?
A. Assembly Estimate
B. Detailed Estimate
C. Parametric Estimate
D. Square-foot Estimate
- correct answer- D. Square-foot Estimate
>> By taking off building elements in broad groups, this type of estimate can be prepared fairly
quickly (in hours) with moderate accuracy:
A. Assembly Estimate
B. Detailed Estimate
C. Parametric Estimate
D. Square-foot Estimate
- correct answer- A. Assembly Estimate
>> Which of the following is NOT a component of a detailed estimate?
A. A/E Fee
B. Insurance
C. Labor Cost
D. Material Cost
- correct answer- A A/E Fee
>> What is the base year for the current cost index in RS Means [in the video]?
, Page 2 of 21
A. 1969
B. 1982
C. 2000
D. 2016
- correct answer- D. 2016
>> The cost per square foot of a building may be determined by ________ the cost by the size of
the building.
A. Adding
B. Dividing
C. Multiplying
D. Subtracting
- correct answer- B. Dividing
>> Square-Foot Estimates are more time consuming than?
A. Detailed Estimates
B. Guaranteed Maximum Price Estimates
C. Parametric Estimates
D. Project Comparison Estimates
- correct answer- D. Project Comparison Estimates
>> Why would a construction firm not use the quantities proved to them for their estimate?
A. Architects only look out for their best interest
B. Engineers can ?t be trusted to count
C. Gives the firm a competitive advantage to use their own numbers
D. It is easier to unbalance a bid if you have your own numbers
- correct answer- C. Gives the firm a competitive advantage to use their own numbers
, Page 3 of 21
>> What is unbalancing a unit-price bid?
A. Developing the estimate into one lump sum cost
B. Heavy loading the cost of the beginning of a project, while equally lessening the cost of the
latter part of the project
C. Placing the contract documents on a scale to see how much it weighs
D. Using previous bids to throw your competitors off guard
- correct answer- B. Heavy loading the cost of the beginning of a project, while equally lessening
the cost of the latter part of the project
>> Project overhead is typically _________ percent of the total project cost?
A. 3-5
B. 1-10
C. 5-15
D. None of the above
- correct answer- C. 5-15
>> For what type of bid will cost savings typically go directly to the general contractor?
A. Cost Plus
B. GMP
C. Lump Sum (Hard Bid)
D. Unit Price
- correct answer- C. Lump Sum (Hard Bid)
>> What type of bid is procured similar to a lump sum, but profit is limited to a specified
amount?
A. Cost Plus
ESTIMATING TEST 1 EXAM UPDATED QUESTIONS
AND ANSWERS (VERIFIED)
>> What type of estimate is prepared by multiplying the square footage of a building by a cost
per square foot?
A. Assembly Estimate
B. Detailed Estimate
C. Parametric Estimate
D. Square-foot Estimate
- correct answer- D. Square-foot Estimate
>> By taking off building elements in broad groups, this type of estimate can be prepared fairly
quickly (in hours) with moderate accuracy:
A. Assembly Estimate
B. Detailed Estimate
C. Parametric Estimate
D. Square-foot Estimate
- correct answer- A. Assembly Estimate
>> Which of the following is NOT a component of a detailed estimate?
A. A/E Fee
B. Insurance
C. Labor Cost
D. Material Cost
- correct answer- A A/E Fee
>> What is the base year for the current cost index in RS Means [in the video]?
, Page 2 of 21
A. 1969
B. 1982
C. 2000
D. 2016
- correct answer- D. 2016
>> The cost per square foot of a building may be determined by ________ the cost by the size of
the building.
A. Adding
B. Dividing
C. Multiplying
D. Subtracting
- correct answer- B. Dividing
>> Square-Foot Estimates are more time consuming than?
A. Detailed Estimates
B. Guaranteed Maximum Price Estimates
C. Parametric Estimates
D. Project Comparison Estimates
- correct answer- D. Project Comparison Estimates
>> Why would a construction firm not use the quantities proved to them for their estimate?
A. Architects only look out for their best interest
B. Engineers can ?t be trusted to count
C. Gives the firm a competitive advantage to use their own numbers
D. It is easier to unbalance a bid if you have your own numbers
- correct answer- C. Gives the firm a competitive advantage to use their own numbers
, Page 3 of 21
>> What is unbalancing a unit-price bid?
A. Developing the estimate into one lump sum cost
B. Heavy loading the cost of the beginning of a project, while equally lessening the cost of the
latter part of the project
C. Placing the contract documents on a scale to see how much it weighs
D. Using previous bids to throw your competitors off guard
- correct answer- B. Heavy loading the cost of the beginning of a project, while equally lessening
the cost of the latter part of the project
>> Project overhead is typically _________ percent of the total project cost?
A. 3-5
B. 1-10
C. 5-15
D. None of the above
- correct answer- C. 5-15
>> For what type of bid will cost savings typically go directly to the general contractor?
A. Cost Plus
B. GMP
C. Lump Sum (Hard Bid)
D. Unit Price
- correct answer- C. Lump Sum (Hard Bid)
>> What type of bid is procured similar to a lump sum, but profit is limited to a specified
amount?
A. Cost Plus
