Test Bank Fundamentals of Construction Estimating 4th Edition by Pratt

1. Email: smtb98@gmail.com Contact me in order to access the whole complete document. WhatsApp: https://wa.me/message/2H3BV2L5TTSUF1 smtb98@gmail.com Telegram: https://t.me/solumanu smtb98@gmail.com Name: Chapter 1 — Introduction 1. We put together estimates all the time in our everyday lives, often with little or no calculating. a. True b. False ANSWER: True POINTS: 1 REFERENCES: 2 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 12/6/2017 8:34 AM 2. As costs and benefits are usually extended over a number of years, monetary value of a project will normally be determined by means of “futureworth” analysis or other “time value of money” concepts. a. True b. False ANSWER: False POINTS: 1 REFERENCES: 4 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 12/6/2017 8:34 AM 3. The different project delivery systems use the same types of estimates— conceptual, preliminary and detailed—at various stages in the development of the project. a. True b. False ANSWER: False POINTS: 1 REFERENCES: 6 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 12/6/2017 8:34 AM 4. With the design-build method, the owner indicates that he or she requires a certain facility and usually outlines some parameters relating to location, size, design, and the desired time of occupancy. a. True b. False ANSWER: True POINTS: 1 REFERENCES: 9 QUESTION TYPE: True / False Class: Date: Page 1

2. Email: smtb98@gmail.com Contact me in order to access the whole complete document. WhatsApp: https://wa.me/message/2H3BV2L5TTSUF1 Telegram: https://t.me/solumanu Name: Chapter 1 — Introduction HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:13 AM 5. Most general contractors and subtrades enter into cost-plus contracts in order to perform a defined scope of work. a. True b. False ANSWER: False POINTS: 1 REFERENCES: 10 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:14 AM 6. The Occupational Safety and Health Administration (OSHA) safety standards are the law, and contractors who fail to comply with the requirements of this legislation face possible fines or even imprisonment. a. True b. False ANSWER: True POINTS: 1 REFERENCES: 13 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:51 AM 7. A(n) ____ in its essence is an assessment of the probable total cost of some future activity. a. proposal b. bid c. estimate d. specification ANSWER: c POINTS: 1 REFERENCES: 2 QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 12/6/2017 8:34 AM 8. A ____ estimate has to be prepared from a minimum amount of information because it is required at a time when the project is often little more than a vague idea in the mind of the owner. a. preliminary b. conceptual c. design d. bidding ANSWER: b Class: Date: Page 2 complete document is available on https://solumanu.com/ *** contact me if site not loaded

3. Email: smtb98@gmail.com Contact me in order to access the whole complete document. WhatsApp: https://wa.me/message/2H3BV2L5TTSUF1 smtb98@gmail.com Telegram: https://t.me/solumanu smtb98@gmail.com Name: Chapter 1 — Introduction POINTS: REFERENCES: QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 12/6/2017 8:34 AM 9. Once the design of a project is under way, budget amounts can be established for the various elements of the project using procedures for a ____ estimate. a. conceptual b. preliminary c. design d. final ANSWER: b POINTS: 1 REFERENCES: 2 QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:16 AM 10. Cost budgets are compiled in a ____, which is a summary of all anticipated project expenditures. a. cost plan b. cost analysis c. cost estimate d. value analysis ANSWER: a POINTS: 1 REFERENCES: 2 QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:16 AM 11. In the process of __________, the estimated cost of each element in the cost plan is compared with the perceived value of that element to consider if the sum allocated to that component part of the building is justified. a. budget analysis b. budget accounting c. value analysis d. value accounting ANSWER: c POINTS: 1 REFERENCES: 5 QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:24 AM 12. A construction management organization seeks to facilitate overlap between project stages, often referred to as ____, Class: Date: 1 2 Page 3 complete document is available on https://solumanu.com/ *** contact me if site not loaded

4. Name: Chapter 1 — Introduction to allow earlier completion of the project. a. parallel phasing c. project rollout ANSWER: POINTS: REFERENCES: QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:28 AM 13. ____ contracts are usually the owner’s choice of last resort because they can place the owner in a vulnerable financial position. a. Cost-plus b. Unit-price c. Contingency d. Fixed cost ANSWER: a POINTS: 1 REFERENCES: 10 QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:26 AM 14. ____ contracts are based on a pricing schedule that consists of a breakdown of the work and estimated quantities for each of the items on the breakdown. a. Cost-based b. Schedule-based c. Item-price d. Unit-price ANSWER: d POINTS: 1 REFERENCES: 10 QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 1/3/2018 9:27 AM 15. The basis of a ____ is the accurate assessment of the work in the form of a quantity takeoff that can only be obtained from the full design of the project. a. fixed estimate b. detailed estimate c. quantitative estimate d. design estimate ANSWER: b POINTS: 1 REFERENCES: 13 QUESTION TYPE: Multiple Choice Class: Date: b. fast tracking d. simultaneous staging b 1 7 Page 4 complete document is available on https://solumanu.com/ *** contact me if site not loaded

5. smtb98@gmail.com smtb98@gmail.com Name: Chapter 1 — Introduction HAS VARIABLES: False DATE CREATED: 12/6/2017 8:34 AM DATE MODIFIED: 12/6/2017 8:34 AM 16. In the schematic phase of the construction process, the owner considers the feasibility of the proposed project. a. True b. False ANSWER: False POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/3/2018 9:17 AM DATE MODIFIED: 1/3/2018 9:49 AM 17. The cost-plus contract method is far more likely to produce a price that is an accurate forecast of the actual costs of building a construction project than any other estimating method. a. True b. False ANSWER: False POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/3/2018 9:29 AM DATE MODIFIED: 1/3/2018 9:33 AM 18. The first stage in the process of preparing a detailed estimate is quantity takeoff. a. True b. False ANSWER: True POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/3/2018 9:32 AM DATE MODIFIED: 1/3/2018 9:33 AM 19. Which of the following stages in the process of detailed estimating pertains to the work to be performed by the contractor as measured in accordance with standard rules of measurement? a. Recap quantities b. Pricing the recap c. Quantity takeoff d. Recap quantities ANSWER: c POINTS: 1 Class: Date: Page 5 complete document is available on https://solumanu.com/ *** contact me if site not loaded

6. Name: Chapter 1 — Introduction QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 1/3/2018 9:33 AM DATE MODIFIED: 1/3/2018 9:40 AM 20. There are four principal stages in the process of detailed estimating. a. True b. False ANSWER: False POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/3/2018 9:38 AM DATE MODIFIED: 1/3/2018 9:39 AM Class: Date: Page 6 complete document is available on https://solumanu.com/ *** contact me if site not loaded