Exam 8: Pricing Generally

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

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

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

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.

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

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 ____.

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

Materials are usually quoted including taxes.

The contractor has little or no influence over job factors.

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

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.

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

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

In general, all subtrades offer lump-sum bids.

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

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

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

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

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