CFB Cost Estimation 2

Question 1

Which estimating method uses historical cost data from similar completed projects to project costs for a new project?

Accepted Answer

Analogous estimating

Answer

Analogous estimating relies on actual costs from comparable past projects as a basis for estimating the current project.

Question 2

A field builder estimates lumber costs at $8,000 with a 10% contingency. What is the total budgeted lumber cost?

Accepted Answer

$8,800

Answer

$8,000 × 1.10 = $8,800, which includes the 10% contingency added to the base estimate.

Question 3

What does the term 'allowance' represent in a construction cost estimate?

Accepted Answer

A reserved sum for undefined or uncertain scope items

Answer

An allowance is a placeholder dollar amount included for scope items whose details are not yet fully defined at the time of estimating.

Question 4

Which of the following best describes a 'unit price' contract?

Accepted Answer

Payment is based on measured quantities of work at agreed prices per unit

Answer

In a unit price contract, the owner pays for actual measured quantities multiplied by the agreed unit price for each work item.

Question 5

When estimating concrete formwork, which factor most directly affects the cost per square foot?

Accepted Answer

Complexity of form shape and reuse factor

Answer

Complex form shapes require more labor and custom material, while the reuse factor determines how many times forms can be used, reducing per-use cost.

(CFB) Certified Field Builder Practice Test

(CFB) Certified Field Builder Practice Test

CFB Cost Estimation 2