100% CORRECT WELL DETAILED
ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED
The beginning of every design project starts with the customer specification included in the -
ANSWER Request For Proposal or RFP.
Reading and interpreting the ____________ is a major factor in a good bid proposal and
system design. - ANSWER 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 ______________ -
ANSWER not be the low or successful bidder.
Accounts Payables - ANSWER debts that the company owes and expects to pay within
one year that are not evidenced by a written promise to pay.
Accounts Receivable - ANSWER invoices owed to the company that will likely be paid
within one year and have not been formalized by a written promise to pay, such as a note
receivable.
Assets - ANSWER 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.
1
,Balance Sheet - ANSWER 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? - ANSWER At the end of each month and at
the end of the year
Cash - ANSWER 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 - ANSWER those costs that the company has committed to pay and
can be identified before a bill is received for the costs.
Cost Control - ANSWER 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..
Cost Reporting - ANSWER 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 - ANSWER the labor and material to complete a project.
Fixed Assets - ANSWER land, buildings, construction equipment, trucks and autos, and
office equipment.
Fixed Costs - ANSWER 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.
2
,General Overhead - ANSWER 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 - ANSWER indirect costs
Gross Profit Margin - ANSWER the gross profit divided by the total revenue times
100%.
Inventory - ANSWER materials that are available for sale, or are available and expected
to be incorporated into a construction project within the next year.
Liabilities - ANSWER obligations for a company to transfer assets or render services at
some future time for which the company is already committed. Loans and warranty reserves
are common examples
Mixed Costs - ANSWER 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 - ANSWER 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 - ANSWER deducts taxes from the gross profit to obtain the margin.
The net profit margin used on each estimate may vary based on: - ANSWER The risk
involved in the project.
The owner's desired profit.
3
, The current workload of the company.
The customer - a difficult customer may pay a penalty.
Overhead Costs - ANSWER may be divided into three types of costs: variable costs,
fixed costs, and mixed costs.
Profit Equation - ANSWER ——————— = Revenue - Construction Cost - Overhead
Variable Costs - ANSWER costs that tend to vary with the volume of work, which is
most commonly expressed as a percentage of the revenues from construction projects.
Example:
If you laid off employees when there was no work.
Or:
Sales commissions that vary with the amount of sales .
Important Chapters IBC - ANSWER 2, 3, 4, 7, 9
Chapter 2 IBC - ANSWER Definitions
Chapter 3 IBC - ANSWER Use and Occupancy
Classification
Chapter 4 IBC - ANSWER Special Detailed
Requirements Based on
Use and Occupancy
Chapter 7 IBC - ANSWER Fire and Smoke
4
ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED
The beginning of every design project starts with the customer specification included in the -
ANSWER Request For Proposal or RFP.
Reading and interpreting the ____________ is a major factor in a good bid proposal and
system design. - ANSWER 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 ______________ -
ANSWER not be the low or successful bidder.
Accounts Payables - ANSWER debts that the company owes and expects to pay within
one year that are not evidenced by a written promise to pay.
Accounts Receivable - ANSWER invoices owed to the company that will likely be paid
within one year and have not been formalized by a written promise to pay, such as a note
receivable.
Assets - ANSWER 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.
1
,Balance Sheet - ANSWER 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? - ANSWER At the end of each month and at
the end of the year
Cash - ANSWER 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 - ANSWER those costs that the company has committed to pay and
can be identified before a bill is received for the costs.
Cost Control - ANSWER 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..
Cost Reporting - ANSWER 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 - ANSWER the labor and material to complete a project.
Fixed Assets - ANSWER land, buildings, construction equipment, trucks and autos, and
office equipment.
Fixed Costs - ANSWER 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.
2
,General Overhead - ANSWER 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 - ANSWER indirect costs
Gross Profit Margin - ANSWER the gross profit divided by the total revenue times
100%.
Inventory - ANSWER materials that are available for sale, or are available and expected
to be incorporated into a construction project within the next year.
Liabilities - ANSWER obligations for a company to transfer assets or render services at
some future time for which the company is already committed. Loans and warranty reserves
are common examples
Mixed Costs - ANSWER 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 - ANSWER 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 - ANSWER deducts taxes from the gross profit to obtain the margin.
The net profit margin used on each estimate may vary based on: - ANSWER The risk
involved in the project.
The owner's desired profit.
3
, The current workload of the company.
The customer - a difficult customer may pay a penalty.
Overhead Costs - ANSWER may be divided into three types of costs: variable costs,
fixed costs, and mixed costs.
Profit Equation - ANSWER ——————— = Revenue - Construction Cost - Overhead
Variable Costs - ANSWER costs that tend to vary with the volume of work, which is
most commonly expressed as a percentage of the revenues from construction projects.
Example:
If you laid off employees when there was no work.
Or:
Sales commissions that vary with the amount of sales .
Important Chapters IBC - ANSWER 2, 3, 4, 7, 9
Chapter 2 IBC - ANSWER Definitions
Chapter 3 IBC - ANSWER Use and Occupancy
Classification
Chapter 4 IBC - ANSWER Special Detailed
Requirements Based on
Use and Occupancy
Chapter 7 IBC - ANSWER Fire and Smoke
4
