CON 365 Exam 1 Study Guide with all Correct & 100%
Verified Answers |Latest Update| Already Graded A+
Assumptions ✔Correct Answer-a educated guesss which affects the cost of the work you are
pricing
Justifications ✔Correct Answer-backup provided to "justify" your assumptions ; explain thought
process behind your reasoning
Bid ✔Correct Answer-Cost estimate typically submitted to the project owner which consists of
direct construction costs including field supervision plus markup to cover general overhead and
profit
Contingency ✔Correct Answer-is money added to a project to account for the items that are
difficult to identify or quantify at the time the base estimate is prepared
RFI ✔Correct Answer-a formal question from the contractor submitted in writing to the design
team to clarify and provide direction concerning the contract documents
RFP ✔Correct Answer-a formal written request from the owner for pricing of a proposed project
ADDENDUM ✔Correct Answer-a change in the construction methods or design directed by the
design team during bidding and before a contract has been awarded (included costs added to bid
price)
Change order ✔Correct Answer-Change in construction methods or design directed by the design
team after the project has been awarded (priced by the contractor and added to current contract
price)
unit ✔Correct Answer-will be a single piece of whatever we are are quantifying for pricing
Unit price ✔Correct Answer-a predetermined price for a single unit or work including labor,
equipment, material, sub cost, overhead etc
Client/Owner ✔Correct Answer-typically solicits the bids from the GC or group of GCs
Gen Contractor ✔Correct Answer-prices the work and submits the bid for the full scope of work
Subs ✔Correct Answer-provides pricing for the individual scopes of work
vendors ✔Correct Answer-provide material pricing or suncontractors and or the GC
Bare costs ✔Correct Answer-the cost for material labor and equipment prior to adding overhead
and profit
Profit estimating ✔Correct Answer-the money left over after all other costs have been accounted
for
Overhead ✔Correct Answer-the cost of doing business-company infrastructure cost
Verified Answers |Latest Update| Already Graded A+
Assumptions ✔Correct Answer-a educated guesss which affects the cost of the work you are
pricing
Justifications ✔Correct Answer-backup provided to "justify" your assumptions ; explain thought
process behind your reasoning
Bid ✔Correct Answer-Cost estimate typically submitted to the project owner which consists of
direct construction costs including field supervision plus markup to cover general overhead and
profit
Contingency ✔Correct Answer-is money added to a project to account for the items that are
difficult to identify or quantify at the time the base estimate is prepared
RFI ✔Correct Answer-a formal question from the contractor submitted in writing to the design
team to clarify and provide direction concerning the contract documents
RFP ✔Correct Answer-a formal written request from the owner for pricing of a proposed project
ADDENDUM ✔Correct Answer-a change in the construction methods or design directed by the
design team during bidding and before a contract has been awarded (included costs added to bid
price)
Change order ✔Correct Answer-Change in construction methods or design directed by the design
team after the project has been awarded (priced by the contractor and added to current contract
price)
unit ✔Correct Answer-will be a single piece of whatever we are are quantifying for pricing
Unit price ✔Correct Answer-a predetermined price for a single unit or work including labor,
equipment, material, sub cost, overhead etc
Client/Owner ✔Correct Answer-typically solicits the bids from the GC or group of GCs
Gen Contractor ✔Correct Answer-prices the work and submits the bid for the full scope of work
Subs ✔Correct Answer-provides pricing for the individual scopes of work
vendors ✔Correct Answer-provide material pricing or suncontractors and or the GC
Bare costs ✔Correct Answer-the cost for material labor and equipment prior to adding overhead
and profit
Profit estimating ✔Correct Answer-the money left over after all other costs have been accounted
for
Overhead ✔Correct Answer-the cost of doing business-company infrastructure cost
