Deck 15: Closing the Bid

Question 1

A bid may sometimes be called a(n)"____" or a "proposal."

A)offer
B)delivery
C)tender
D)contract

Answer 1

C

Question 2

Most contractors use a ____ sheet to gather together all of the constituent prices of the estimate.

A)quote
B)bid summary
C)job summary
D)tender summary

Answer 2

B

Question 3

A construction contract bid is compiled in three stages: the advance stage, the review stage, and the ____ stage.

A)finish
B)clarification
C)completion
D)closing

Answer 3

D

Question 4

In the bid markup, profit is generally assessed as a compensation for the risk taken by the contractor.

Question 5

The first step in the cost control process is assembling cost data for use in estimating future jobs.

Question 6

The recap format for the takeoff items of a unit- price bid is the same as the format used with a lump-sum bid.

Question 7

The last stage in the preparation of a unit-price bid is to ____.

A)propose the design
B)revise the bid
C)submit the bid
D)complete the bid form

Question 8

Contractors seldom see an advantage in allowing a higher proportion of overheads and fee against the work being completed early in the project.

Question 9

Add-ons for small tools and payroll additives are calculated as a percentage of the total labor amount of the bid.

Question 10

____ are quoted for proposed changes in the specifications.

A)Alternative prices
B)Alternative uses
C)Floating prices
D)Dynamic prices

Question 11

A construction bid contract is compiled in three stages which include all of the following EXCEPT the _____ stage.

A)preview
B)advance
C)review
D)closing

Question 12

The information on a ____ is generally requested to provide a basis for evaluating monthly progress payments on the project.

A)balance sheet
B)cost breakdown
C)system breakdown
D)cash analysis

Question 13

____ is defined as the amount of money remaining after all project expenses and company expenses have been paid.

A)Labor
B)Expense
C)Profit
D)Overage

Question 14

The estimate-cost control process is linear in nature.

Question 15

A stipulated sum of money to be expended by a contractor on a specific work item on a project is usually referred to as a ____.

A)cash reserve
B)cash allowance
C)cash buffer
D)cash holding

Question 16

At the very start of the estimating process, the estimator can set up the summary sheet by checking off the trades that will be completed by "own forces" and those that will be subcontracted.

Question 17

Most contractors use a standard format of summary to capture all the main components of an estimate.

Question 18

Whereas lump-sum bids involve calculating a single final price and assembling a list of subtrades, with a unit-price bid, the contractor is also required to complete a "_______", that is, an itemized breakdown of the work of the project.

A)Bid Drawing
B)Estimate File
C)Pre-bid
D)Schedule of Prices

Question 19

The bid markup has one main component: profit.

Question 20

The ____ function in a construction company will record all the expenses incurred in the operation of the entire company.

A)cost-accounting
B)cash-accounting
C)direct-accounting
D)arrears-accounting