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Finance MCQs

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Question;1. You're figuring out the bid for a job that includes installing a device you've never installed before. To getan accurate and competitive bid for this installation, you shouldA. include the total cost of all tools needed to install it.B. leave it out of the bid because you're not sure exactly what it will cost to do the installation.C. assume it won't take more than the normal labor-unit so your bid won't be more than your competitor's.D. try to guess at the time and expenses to install it based on your knowledge of similar tasks.2. In a situation where conditions don't allow you to make a fixed-dollar bid, you shouldA. make a shot-in-the-dark bid.B. give an approximate bid based on cost per square foot.C. match the lowest bid of your competitors.D. give time and material pricing.3. What percentage of the total material cost is considered an acceptable value for tools, such as ladders,cords, and screw guns?A. 5 percentB. 2 percentC. 4 percentD. 3 percent4. Which of the following should you consider when adjusting labor units for job conditions?A. Anticipated staff strikesB. Material cost fluctuationsC. Weather/temperatureD. Sales tax5. Which of the following is not an advantage of estimating software?A. An estimator can have increased confidence that the bid price is correct.B. Software reduces overhead by allowing the estimator to bid more jobs in less time.C. Software and a computer can do mathematical calculations quickly without errors.D. An unskilled estimator can easily create an accurate bid price.6. If your employees prefer to work second shift, they prefer to work fromA. 7 a.m. to 3 p.m.B. 3 p.m. to 11 p.m.C. 7 a.m. to 11 p.m.D. 11 p.m. to 7 a.m.7. What is the estimated labor cost for a job if the total adjusted estimated labor is 115 hours and the laborrate per man-hour is $23.00?A. $2,645.00B. $2,530.00C. $1,322.50D. $138.008. What labor-unit adjustment should you make for ladder work at 18 feet?A. 13%B. 25%C. 3%D. 19%9. Supervision represents _______ percent of the labor unit.A. 15B. 10C. 5D. 5010. A/An _______ Worksheet contains pertinent job information, such as the job name, location, andaddress, as well as the name and phone number for the business owner.A. Plan ReviewB. Estimate RecordC. Direct Job ExpensesD. Take-Off11. The second step in determining your break-even cost is to transfer the _______ from the Price/LaborWorksheets to the Estimate Summary Worksheet.A. material costB. occupational feesC. sales taxD. labor burden12. The act of pricing consists of looking up the cost for each material item and penciling it onto the_______ Worksheet.A. Price/LaborB. Estimate RecordC. Direct Job ExpensesD. Take-Off13. You might want to consider _______ to protect you against dramatic cost increases, such as those insteel conduit and copper wire prices.A. a utility chargeB. occupational feesC. job insuranceD. a contingency clause14. Which of the following does not need to be considered when deciding on the cost of a job?A. Cost of small tools neededB. Site distractionsC. Parking feesD. Competitors' labor rates15. What is the total travel time required for a 350-hour job that has 5 workers, assuming a travel time of1.5 hour per worker per day and 7-hour work days?A. 75 hoursB. 105 hoursC. 525 hoursD. 52.5 hours16. After developing your bid, you need to create a proposal that states what you'll be responsible for andwhat costs are included in the bid. Which of the following does not need to be included in the proposal?A. The amount of your bid for the final cost of the projectB. Information about who will pay for the cost of the permitC. The length of time the agreement will remain in effectD. The analysis of the accuracy of your bid17. What part of the bid would cover the cost of an administrative employee's pay?A. OverheadB. Miscellaneous laborC. Utility expenseD. Profit18. As you increase your job experience, the time needed to complete a particular job decreases. Todecrease your time in completing a specific job from 40 minutes to30 minutes, you'll most likely have to repeat a jobA. 2 to 3 times.B. 6 to 10 times.C. 3 to 5 times.D. 11 to 15 times.19. How much must sales increase per year to cover the cost of a software estimating system based on acost of $3,000 with an expected life of 6 years and a gross profit margin of 25 percent?A. $3,000B. $2,000C. $500D. $18,00020. Many labor-related tasks are considered when developing a labor-unit count for a job. A portion of thelabor-unit total includesA. 50 percent for installation and layout.B. 25 percent for material handling.C. 75 percent for layout, material, and tool handling.D. 60 percent for installation and material handling.

 

Paper#50833 | Written in 18-Jul-2015

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