Practice Test Geeks(CFB) Certified Field Builder Practice Test
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Cost Estimation Flashcards

7 cards from real CFB practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Cost Estimation flashcards as text

  1. What is 'escalation' in the context of construction cost estimating?

    Answer: An adjustment for anticipated increases in material and labor costs over time

    Escalation accounts for inflation and market-driven price increases expected between the estimate date and when costs are actually incurred.

  2. A field builder needs 240 linear feet of fencing installed at $18/LF. What is the estimated installed cost?

    Answer: $4,320

    240 LF × $18/LF = $4,320 total installed cost.

  3. Which of the following is classified as an 'indirect cost' on a construction project?

    Answer: Project superintendent salary

    A project superintendent's salary is an indirect (general conditions) cost because it supports the overall project rather than being tied to a specific work item.

  4. What is the purpose of a 'bid bond' in the competitive bidding process?

    Answer: To guarantee the bidder will enter into the contract at the submitted price if awarded

    A bid bond protects the owner by ensuring the low bidder will honor their price and execute the contract; if they refuse, the bond covers the cost difference.

  5. When using the square-foot method to estimate building costs, which variable is most critical to accuracy?

    Answer: Selecting a comparable building type and quality class

    The square-foot rate is only valid when applied to a building of similar type, function, and quality; using the wrong category produces large errors.

  6. In estimating, what does 'waste factor' account for?

    Answer: Material lost to cutting, spoilage, or installation errors beyond the net quantity

    A waste factor (e.g., 5–15%) is added to net material quantities to cover off-cuts, breakage, and over-ordering needed to complete the work.

  7. A subcontractor submits a quote 20% higher than the budget. Which action should a field builder take first?

    Answer: Review the scope of work to verify the subcontractor priced the correct items

    Scope discrepancies are a common cause of price variances; verifying the sub priced the correct work is the logical first step before taking further action.