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MARYLAND HOME IMPROVEMENT TEST EXAM NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND DETAILED VERIFIED ANSWERS GRADED A+ | 100% VERIFIED$18.99
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MARYLAND HOME IMPROVEMENT TEST EXAM
NEWEST ACTUAL EXAM WITH COMPLETE
QUESTIONS AND DETAILED VERIFIED
ANSWERS GRADED A+ | 100% VERIFIED
What can help determine labor costs for each task? - ✔✔✔
Correct Answer > Information from previous jobs can help
accurate job costs
What is used to determine labor burden - ✔✔✔ Correct
Answer > - Medicare and SS
- Fed unemployment
- Workers Comp
- Liability ins
- State unemployment ins
- company benefits (health ins , vacations, etc)
Project equipment cost - Rented - ✔✔✔ Correct Answer > Take
into consideration:
- Equipment rental rate
,- labor cost to pick up and return
- labor cost to operate
- other costs (fuel)
Rent, lease or buy? What are the advantages of leasing? - ✔✔✔
Correct Answer > - no down payment
- duration of payments over a long period making them lower
- lease payments are deductible
- obsolete equipment is returned to owner
Contingencies - ✔✔✔ Correct Answer > A contingency is
sometimes added to an estimate to protect the contractor of
anticipated problem or condition.
For example - a low risk project may have 2% added
How much percentage is usually overhead? - ✔✔✔ Correct
Answer > 5 to 10 percent
Example of company overhead - ✔✔✔ Correct Answer > -
office rent
- accounting fees
- taxes
- telephone
- legal fees
- Admin labor
How to calculate/add overhead - ✔✔✔ Correct Answer > Lets
say you calculated direct costs $100,000
Project OH 9%, Co OH 11%
--> Direct costs are 80% of the total bid price - SINCE OH IS
PERCENTAGE OR REVENUE, dive direct costs by 80% (0.80)
$100,000/.80= $125,000
, Add markup and determine profit - ✔✔✔ Correct Answer >
Usually 15%
Steps for Quantity Take off Method - ✔✔✔ Correct Answer > 1)
Determine labor cost for each task
2) Add labor burden
3) Determine material costs
4) Determine project equipment costs
5) Add subcontractor fees
6) Add allowances
7) Add contingencies
8) Add project overhead
9) Add company overhead
10) Add markup and determine profit
Define conceptual estimate - ✔✔✔ Correct Answer > Generally
prepared by architects using costs models from previous
projects. The contractor may arrive at a much different cost
because of the projects unique characteristics
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