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CSLB Law and Business > Estimating > Flashcards

Estimating Flashcards

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1
Q

When preparing a bid, a contractor must consider

A

profit, overhead, labor and mateiral, and evaluate the effect of unexpected delays on costs

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2
Q

space holder

A
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3
Q

if you place an advertisement which offers a home improvement service for $95 and have no intention of signing a contract for that low of a price this is

A

a misdemeanor and cause for disciplinary action

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4
Q

a cotractor signs a home improvement contract and accepts a down payment, but never shows up to do the work. what is the fine

A

contracotr is subjected to a penalty of $100-$5000 and or one year in jail

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5
Q

you are bidding on a state college job and the work involves new construction. you decide to use subcontractors to do some of the work. you do not however submit the names of any subcontractors

A

you will be responsible for completing the whole contract yourself

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6
Q

a contractor finds a 12” discrepancy on a set of drawings for an office building. the contractor should

A

contact the architect or designer

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7
Q

when preparing a bid, which of the following is normally the most difficult to estimate

A

labor

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8
Q

if a contractors bilingual salesperson makes a presentation to a customer in spanish, the home solicitation contract must also be

A

written in spanish

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9
Q

the homeowner has drawn plans for the job that you are bidding on and the dimensions on the plans are not accurate. you should

A

notify the homeowner that you cannot bid until proper corrections are made

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10
Q

every contractor and estimator considers cost estimating a challenge

A

due to weather, location, number of employees, and each job is different

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11
Q

you have prepared a bid which enables you to make a profit, however fthe customer cannot afford it. what should you do

A

do not change your bid unless the scope of the job is reduced

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12
Q

what is job costing?

A

-it assists you in defining costs for future bidding
-assures that cost estimates will be accurate
-it assists you with the labor and material costs

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13
Q

if you are doing a complete package bid including all phases of the new house so that you can give the customer a price that will be complete and you forgot to charge for one phase, what should you do

A

do all of the phases including the one that you forgot to charge for regardless if it means that you will have to absorb the loss

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14
Q

the benefit of using job cost cards is

A

to keep accurate costs records for bidding in the future

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15
Q

labor costs can be established by

A

taking the hours from the detailed job cost time cards from past jobs

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16
Q

how do you prepare a bid accurately

A

factor in effects of the unexpected cost of delays

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17
Q

job costing is helpful in

A

determining the profit or loss on the job

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18
Q

you would not include which of the following in a bid

A

possible legal fees

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19
Q

the reason for standardizing bidding with your company is that it

A

guarantees the accurancy of cost estimates

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20
Q

you know if you are bidding correctly when

A

the job and estimated costs correspond

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21
Q

what is the best way to access the job that you are bidding on

A

you inspect the job

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22
Q

what is the most difficult item to estimate

A

labor

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23
Q

a contractor should include material, labor and direct costs, permits, profit and ____ when bidding on a home improvement contract

A

overhead costs

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24
Q

in order to ensure no errors in the bid, you should

A

double check the bid prior to submitting it

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25
Q

what does direct labor consist of

A

actual cost of the labor payroll

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26
Q

when bidding a job, it is alright to

A

double check your estimate

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27
Q

job costs cards do not provide any benefit in

A

keeping cost records that are accurate for bookkeeping

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28
Q

what is the usual procedure for the contractor if changes have been made to the original construction documents after the project has been issued and work has commenced

A

the contractor should have a signed change order for the additional costs

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29
Q

the most important element of a contract between the parties involved is

A

mutual agreement

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30
Q

which of the following generally summarizes the work and closeout of the project

A

general requirements

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31
Q

on large jobs, the person usually in charge for guaranteeing that the project drawings are in accordance with the building codes and local ordinances is

A

the architect/ engineer

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32
Q

when a contractor agrees to fulfill work or services for a given labor rate per hour and a 15% profit on the cost of materials, this is called a

A

cost plus fee contract

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33
Q

the two basic types of construction contracts are

A

competitive bid and negotiated

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34
Q

construction estimating is the analysis of all the elements in the cost of a project. which of the following is the best description of this

A

material, labor, equipment, job and company overhead and profit

35
Q

once the documents for a construction projects are completed, bids taken, the contract issued and ____ then the contractor can commence construction

A

the contract is signed

36
Q

the purpose of an addendum to the bidding and construction documents is

A

to make changes to the documents prior to the contractor being awarded the contract

37
Q

which of the following is awarded the contract, when the construction documents state a lump sum bid

A

low bid

38
Q

which of the following is ussually awarded a building construciton contract

A

the low bidder

39
Q

when working with construction contracts which of the following best depicts front end loading

A

the practice of contractors overpricing items of work in the beginning of the job

40
Q

the term “time is of the essence in this agreement” is best described by which of the following

A

specified completion dates must be met

41
Q

a competative bid contract is

A

a lump sum and unit price contract

42
Q

do most construction contracts allow the owner to change work durring construction

A

Yes, if the contractor is compensated

43
Q

Construction estimating is best defined by which of the following

A

analyzing all elements involved in the cost of a building construciton project

44
Q

which of the following person is hired as a full time employee by the contractor preparing materials lists, labor units and other costs for the project that the firm has bid on

A

estimator

45
Q

when a contractor is submitting a competitive bid on a construction project a ____ is necessary

A

set of construction documents

46
Q

after a material takeoff, the unit prices are generally put in and the material prices extend to reach a complete cost of material for the job. generally, the next step in the estimate is

A

to figure the labor units (generally in hrs)

47
Q

who should be contacted if the working drawings are unclear durring the process of takeoff and bidding

A

the architect

48
Q

a lump sum contract is best described by which of the folloowing

A

one in which the contractor agrees to perform specific work or services in place of a fixed amount of money

49
Q

Space holder

A
50
Q

the first step in determining an accurate cost of a construction project iss

A

making a complete material takeoff

51
Q

a contractors gross profit for a project is determined by which of the following

A

amount of contract - direct costs - indirect costs gross profit

52
Q

it is the ____ responsibility for the subcontractors work in a standard building construction contract

A

general contractors

53
Q

the two basic types of construction contracts are

A

competitive bid and negotiated

54
Q

eevery contractor and estimator consideres cost estimating a challenge

A

-due to weatehr location, proper numbers of emloyees and otehr problems
-because each job is different therby making it difficult to make a takeoff, assignment of labor units and the pricing of construction costs uniform

55
Q

____ shows all bids recieved with teh name of each contractor and the amount of each bid

A

a bid opening report

56
Q

items which must be included in the bid are costs for permits, borrowed funds and additional insurace and other fees which are all considered ____ costs

A

indirect

57
Q

which of the following should be charged to individual jobs and not be included in direct labor estimates

A

supervision

58
Q

when preparing an estimate and the cost of labor and materials are known but the total estimate is not known, you should use ____ to calculate overhead and profit to arrive at the total price

A

the mark up equation

59
Q

if mistakes happen and all of those bidding did not receive identical bidders documents, it is sufficient cause to have bids cancelled and the entire project

A

re-bid

60
Q

when preparing an estimate, there are times when a contingency factor might be neccessary. what is a contingency factor

A

an estimated value figured into a bid that allows for unexpected delays and costs

61
Q

upon competion and acceptance of the job or upon final payment, the owner may request ____ from the contractor

A

a waiver and release

62
Q

which of the following is not a good practice when bidding on a job

A

figuring out how to beat the competition

63
Q

If the second lowest bidder challenges the bid and the low bidder is non-responsive, the contention of an award may result in potential:

A

-litigation
-forfeiture of the award
-advertising the contract again

64
Q

When preparing an estimate, in what category would you consider equipment and general maintenance

A

indirect costs

65
Q

which of the following includes all payrool taxes, insurance and employees’ benefits assessed against the labor payroll

A

direct labor burden

66
Q

on a public works job, the prime contractor has ____ after receipt of bids, to submit requested subcontractor information

A

24 hours

67
Q

to provide a good accurate bid, the contractor must ____ the construction process on paper

A

plan

68
Q

after receiving all bids, what is the phase of elevation of bids called

A

bid opening phase

69
Q

when preparing an estimate, which of the following would you factor into the cost of doing the job

A

cost of performance bond

70
Q

when preparing a bid for a contract, which of the following is most difficult to calculate

A

labor

71
Q

contract ____ generally exceed the profits and represnt a claim of the working capital

A

retentions

72
Q

when preparing an estimate, general administration, office help and bad debts are considered an

A

overhead cost

73
Q

which of the following is essential to the continuation of business and must be included in all bids

A

profit

74
Q

mike has reviewed plans and specification for a remodeling job for an architect and would like to bid the job. what is his next step

A

walk the jobsite

75
Q

in order to provide a good accurate bid, it is neccessary for the contractor to carefuly review the job through ____ inspection

A

on the site

76
Q

durring bidding time when contracts are updated with change orders, all contract bidders will be mailed the updates by

A

certified mail with a return receipt requested form

77
Q

if you have lost practically every bid that you have placed in the past 3 months, which of the following is most likely the reason

A

you are trying to make more profit than is realistic

78
Q

what is considered a cost management system

A

a computer record of all costs of previous jobs

79
Q

work classification calculated provides information on bids for

A

labor

80
Q

____ should be charged to individual jobs and should not be included in direct labor estimates

A

supervision

81
Q

overhead and profit are added to the job estimate using ____ based on the total job estimate

A

a mark up percent

82
Q

____ must not be taken in material cost estimates unless the contractor is certain that sufficient funds are available

A

cash discounts

83
Q

____ bid is one that meets all of the requirements specified in the notice inviting bids and instructions to bidders

A

responsive

84
Q

how can a contractor make sure that they will receive progressive payments on time

A

have the owner open a third party escrow account

CSLB Law and Business (8 decks)

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