L2.0 Post Assessment Copy

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Question 1 of 5

1. Question
When estimating for labor, budgeting a person’s wage will get you close enough?
- True: That should work!
- False: There are many components to labor including wage, benefits, employer liability payroll taxes, insurance premiums, etc.. The overall burden needs to be considered as it can be a significant portion of your total labor rate.
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Question 2 of 5

2. Question
The following are needed when computing your owned equipment?
- Depreciation costs
- Maintenance costs
- Time utilized
- All the above
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Question 3 of 5

3. Question
Performance and payment bonds are only provided by the prime contractor for the project owner?
- The only times bonds are needed is when the owner requests them of the prime contractor.
- False: There are occasions in which a prime contractor will request performance and payment bonds from subcontractors. This typically comes up when a subcontractor is responsible in delivering a critical component of the overall contract.
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Question 4 of 5

4. Question
Overhead costs are typically those expenses that can not easily be connected to a specific project?
- True: These are also referred to as indirect costs and are typically labeled as “Expense” in the Chart of Accounts.
- False: Overhead is just a random guess that contractors discuss from time to time.
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Question 5 of 5

5. Question
Margin is equal to Markup?
- True: These words are often used interchangeably.
- False: Margin is a function of computing your gross profit (overhead + net profit) as a percentage of your revenue. Markup is typically used when estimating your overhead as a percentage of your direct costs.
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L2.0 Post Assessment Copy

L2.0 Post Assessment Copy

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