1.Which of the following would not be an example of indirect field costs?

Group of answer choices

Foreman's health insurance

Main office mortgage

Project manager salary

Job office lease

2.Which of the following class lives are specific under MACRS rules for nonresidential property?

Group of answer choices

3-year class

20-year class

31.5-year class

10-year class

3.Which of the following bid documents would typically indicate if a pre-bid conference was required?

Group of answer choices

Agreement

Bid form

Invitation to bids

Specifications

Flag question: Question 4Question 44 pts

With a ________________, the contractor bases the bid on estimated quantities of work and on the completion of the work in accordance with the contract documents.

Group of answer choices

Lump-sum agreement

Cost-plus-bond agreement

Unit-price agreement

Cost-plus-fee agreement

5Question 54 pts

Under which of the following accounting methods, all retainage amounts are accrued as income?

Group of answer choices

A and B

Completed-Contract Method

B and C

Percentage of completion

Cash

Flag question: Question 6Question 64 pts

Selling profit minus overhead (Fixed cost) equals:

Group of answer choices

Net worth

Gross Profit

Selling profit

Net Profit

Flag question: Question 7Question 74 pts

List six general condition costs that you would commonly see with a commercial construction project.

View keyboard shortcuts

8Question 84 pts

The MACRS system dictates the depreciation period you are allowed to use for each specific class of asset.

Group of answer choices

True

False

Flag question: Question 9Question 94 pts

The percentage of completion can be found by adding the total costs to date to the estimated cost to complete and dividing it by:

Group of answer choices

Future project costs

Amount of cash in bank

Costs to date

Percentage of completion

Flag question: Question 10Question 104 pts

BIM models often include a fourth and fifth dimension. What do the fourth and fifth dimension refer to?

View keyboard shortcuts

pView keyboard shortcutsAccessibility Checker0 wordsSwitch to the html editorFullscreen

Flag question: Question 11Question 114 pts

Double-entry bookkeeping is so called because every transaction requires two entries - one debit and one _______.

Group of answer choices

Fixes Asset

Credit

Stock

Cash

Flag question: Question 12Question 124 pts

The balance sheet is one of the three main financial statements and it lists company assets, liabilities and ownership value (net worth).

Group of answer choices

True

False

Flag question: Question 13Question 134 pts

Using the following bonding rates, what would the contractor pay for a bond valued at $800,000? ($20/$1,000 on first $100,000; $15/$1,000 on next $300,000; $10/$1000 on next $2,000,000)

Group of answer choices

$10,500

$5,500

$95,000

$8,000

Flag question: Question 14Question 144 pts

Which CSI Master Format Division would windows fall under?

Group of answer choices

Division 5A

Division 1000

Division W

Division 08

Flag question: Question 15Question 154 pts

If a contractor's trailer was broken into in the middle of the night and all of the computers were stolen, which of the following type of insurance would cover the losses?

Group of answer choices

General Liability

Workers' Compensation

Errors and Omissions

Builder's Risk

Flag question: Question 16Question 164 pts

The general ledger will be balanced even if there is a posting error in it and even if a math error has been carried through correctly.

Group of answer choices

True

False

Flag question: Question 17Question 174 pts

What is the name of the practice of a contractor showing a subcontractor a competing subcontractor's bid in the hope that the first subcontractor will lower their price?

Flag question: Question 18Question 184 pts

Which of these is not a variable overhead expense?

Group of answer choices

Travel and Entertainment

Insurance

Bad Debts

Salaries and wages

Flag question: Question 19Question 194 pts

If a contractor purchases a piece of equipment for a particular job cash (does not finance) they should charge the job the equipment depreciation and interest on the cash paid for the equipment.

Group of answer choices

True

False

Flag question: Question 20Question 204 pts

The chart of accounts is a numbered list of the accounts on your ledger and operating statement.

Group of answer choices

True

False

Flag question: Question 21Question 214 pts

What is the name of the document used to make changes to the bid documents before the bid is due?

Flag question: Question 22Question 224 pts

What does the term "quantity take off" mean?

View keyboard shortcuts

pView keyboard shortcutsAccessibility Checker0 wordsSwitch to the html editorFullscreen

Flag question: Question 23Question 234 pts

What is the difference between general conditions and supplementary conditions?

View keyboard shortcuts

pView keyboard shortcutsAccessibility Checker0 wordsSwitch to the html editorFullscreen

Flag question: Question 24Question 244 pts

Assuming that a construction company is expecting in the next fiscal year an annual revenue of 10 million dollars, job costs of 7 million dollars and 1 million dollars of home office costs. How much should the estimator include in the next year's bids to account for their home office overhead?

Group of answer choices

30%

10%

1 million dollars

20%

Flag question: Question 25Question 254 pts

A percentage of the payments from the owner to the contractor that is withheld for the protection of the owner and suppliers is called _____________________?

Group of answer choices

General conditions

Retainage

Pay application

Accounts retrievable