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Exam 8: Pricing Generally

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Question 1

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One of the general reasons why project costs may exceed estimated prices is takeoff quantities are too high.

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Question 2

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All of the following are reasons why project costs may exceed estimated prices EXCEPT ________.

A) actual productivity does not meet anticipated productivity.
B) subcontractors or materials suppliers fail to meet obligations.
C) takeoff quantities are too high.
D) takeoff quantities are too low.

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C

Question 3

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A sorted list of items that are part of an estimate is referred to as the ____.

Where union labor is used, the wage rate will be the rate that is found ____.

The process of pricing an estimate can be divided into four stages.

When a contract states that the contractor will be reimbursed all project costs by the owner plus an added amount for profit, this is known as a ____.

The nature of the recap breakdown depends on the type of work involved in the project and the type of contract the contractor will be entering into with the owner.

The contractor has little or no influence over job factors.

The categories considered in the pricing of an estimate include all of the following EXCEPT _______.

Almost all price quotations received from material suppliers will have terms and conditions attached to them.

When the recap is complete, prices of each trade will be presented in ____ form, which facilitates easier evaluation of the estimate.

The risk of bankruptcy by a subtrade can be reduced by calling for ____ from subtrades.

Most project specifications provide detailed descriptions of the materials to be supplied by the ____.

In general, all subtrades offer lump-sum bids.

A price quoted as ____, in the absence of a definition to the contrary, is interpreted to mean the price includes delivery to the site but the contractor is responsible for the cost of any unloading requirements at the site.

There is a high risk of cost overruns with material estimates.

The unit prices used in an estimate are generally obtained directly from the suppliers.

The reason for preparing the recap is to bring together all work of a similar nature so that the estimator can concentrate on the needs of one trade at a time.

Materials are usually quoted including taxes.

The most common reason for failure to perform by a subtrade is the financial collapse of the subtrade.