CC Estimating and Bidding

Question 1

Which type of estimate is typically the most detailed and accurate for a construction project?

Accepted Answer

Definitive estimate

Answer

Conceptual estimate

Answer

Schematic estimate

Answer

Order-of-magnitude estimate

Question 2

When preparing a bid, which document outlines the rules, conditions, and procedures contractors must follow during the bidding process?

Accepted Answer

Instructions to Bidders

Answer

Scope of work

Answer

General Conditions

Answer

Specifications

Question 3

A contractor's overhead costs that cannot be directly attributed to a single project are called:

Accepted Answer

General overhead

Answer

Direct costs

Answer

Job site overhead

Answer

Material costs

Question 4

What does the term 'quantity takeoff' refer to in construction estimating?

Accepted Answer

Measuring and listing all materials needed for a project

Answer

Removing excess materials from a job site

Answer

Calculating the profit margin on a bid

Answer

Estimating the number of workers required

Question 5

Which bidding method requires contractors to submit sealed proposals that are opened publicly at a designated time?

Accepted Answer

Competitive sealed bid

Answer

Negotiated bid

Answer

Design-build bid

Answer

Cost-plus bid

Question 6

A bid bond protects the project owner by ensuring that:

Accepted Answer

The contractor will enter into a contract if awarded the bid

Answer

The contractor completes the project on time

Answer

All subcontractors are paid

Answer

The project meets quality standards

Question 7

In construction estimating, what is a 'contingency allowance' used for?

Accepted Answer

Covering unforeseen costs or risks not identified in the estimate

Answer

Paying subcontractor invoices early

Answer

Reducing the total bid price to win the job

Answer

Covering the cost of project insurance