1. Places to get costs are a. Bids b. RS Means c. Engineers d. All of the above 2. Cost estimates should take into account all of the charges and expenses required to produce the project's deliverables or results T F 3. Direct costs include personnel, equipment and materials T F 4. Fixed costs and direct costs are the same thing F Direct cost is also labeled as the variable cost since it changes as per the unit consumed/produced. Indirect cost, on the other hand, is labeled as the xed cost. It is the type of cost which is not dependent on the business activity. read more since it doesn't change with the unit consumed/produced. 5. Indirect costs involve those which do not become part of the nal installation T F 6. The formula for home ofce overhead is call the formula 7. Allowances will decrease as scope gets identified in details and should vanish when engineering is complete T F 8. The contractor pays for risk in the project F 9. When you are unsure of the full cost, Include a _ in the bid 10. Management reserves are used for items _ at the time of the bid 11. An order of magnitude estimate is designed to be +/- _ of the bid price a 5 b. 25 c. 35 d. 50 12. When an order of magnitude estimate is done, the conceptual design is complete T F 13. Approximate (rule of thumb) estimate is designed to be +/- _ of the bid price a. 15 b. 25 c. 35 d. 50 14. A denitive estimate is designed to be +/- _ of the bid price A. 5 B. 25 C. 35 D. 50 15. A unit price bid involves getting the quantities 'om a quantity take-off T F 16. Analogous estimates refer to the use of historical information and knowledge om experienced practitioners as the basis for estimating lture activities T F 17. Cost estimates should take into account the economic situation of the area T F 18. Three point estimating Averages three estimates that represent the optimistic, most likely, and pessimistic scenarios T F 19. Costs must be regulated, quality must be monitored, and suppliers must be directed and governed T F 20. The one important output of cost management work is the cost baseline T F 21. Project participants may want to create a control account to link the activities in the work breakdown structure to the cost estimates used in creating the cost baseline T F 22. Cost estimating problems include 23. Uncertainty is an avoidable component of business decisions T F 24. The amount of money the contractor expects to get each month based on his schedule is called a _ schedule