NICET 3 Fire Alarm Study Guide Test.
The beginning of every design project starts with the customer specification included in the - CORRECT ANSWER Request For Proposal or RFP.
Reading and interpreting the ____________ is a major factor in a good bid proposal and system design. - CORRECT ANS...
The beginning of every design project starts with the customer specification included in the - CORRECT
ANSWER Request For Proposal or RFP.
Reading and interpreting the ____________ is a major factor in a good bid proposal and system design. -
CORRECT ANSWER Specification
If you take the safer approach, and add safety factors into your bid to account for things you may have
missed in the specification, you probably will ______________ - CORRECT ANSWER not be the low or
successful bidder.
Accounts Payables - CORRECT ANSWER debts that the company owes and expects to pay within one
year that are not evidenced by a written promise to pay.
Accounts Receivable - CORRECT ANSWER invoices owed to the company that will likely be paid within
one year and have not been formalized by a written promise to pay, such as a note receivable.
Assets - CORRECT ANSWER resources held by the company that will probably lead to some future cash
inflows. For example, a piece of property is an asset because it could be sold to produce a cash inflow.
Balance Sheet - CORRECT ANSWER The balance sheet is a snapshot of a company's financial assets,
liabilities, and the value of the company to its owner at a specific point in time (often referred to as net
worth, or equity).
Balance Sheets are prepared how often? - CORRECT ANSWER At the end of each month and at the end
of the year
Cash - CORRECT ANSWER demand deposits (such as savings and checking accounts), time deposits (such
as certificates of deposits) with a maturity of one year or less, and petty cash.
,Committed Costs - CORRECT ANSWER those costs that the company has committed to pay and can be
identified before a bill is received for the costs.
Cost Control - CORRECT ANSWER occurs when the accounting system provides management with the
accounting data in time for management to analyze the data and make corrections in a timely manner..
Cost Reporting - CORRECT ANSWER occurs when the accounting system provides management with the
accounting data after the opportunity has passed for management to respond and correct the problems
indicated by the data.
Direct Costs - CORRECT ANSWER the labor and material to complete a project.
Fixed Assets - CORRECT ANSWER land, buildings, construction equipment, trucks and autos, and office
equipment.
Fixed Costs - CORRECT ANSWER costs that tend to be fixed over a specific range of revenues. For
example, if a company currently has two salaried employees working as estimators, the cost of these
employees is fixed over the volume of work that can be won by these employees. Rent is normally a
fixed cost if the size of the office does not vary based on workload.
General Overhead - CORRECT ANSWER costs that cannot be specifically identified to the completion of a
construction project. includes all main office and supervisory costs that cannot be billed to a specific
construction project.
Another term for General Overhead - CORRECT ANSWER indirect costs
Gross Profit Margin - CORRECT ANSWER the gross profit divided by the total revenue times 100%.
Inventory - CORRECT ANSWER materials that are available for sale, or are available and expected to be
incorporated into a construction project within the next year.
,Liabilities - CORRECT ANSWER obligations for a company to transfer assets or render services at some
future time for which the company is already committed. Loans and warranty reserves are common
examples
Mixed Costs - CORRECT ANSWER costs that contain both a variable cost component and a fixed cost
component. For example, if a company paid its estimators a base salary plus a bonus based on the
volume of work won
Net Profit - CORRECT ANSWER calculated as Gross Profit minus Taxes.
If you think of it in terms of your paycheck, you have your profit, and the amount you are left with after
taxes
Net Profit Margin - CORRECT ANSWER deducts taxes from the gross profit to obtain the margin.
The net profit margin used on each estimate may vary based on: - CORRECT ANSWER The risk involved
in the project.
The owner's desired profit.
The current workload of the company.
The customer - a difficult customer may pay a penalty.
Overhead Costs - CORRECT ANSWER may be divided into three types of costs: variable costs, fixed costs,
and mixed costs.
Variable Costs - CORRECT ANSWER costs that tend to vary with the volume of work, which is most
commonly expressed as a percentage of the revenues from construction projects.
Example:
If you laid off employees when there was no work.
Or:
, Sales commissions that vary with the amount of sales .
Chapter 9 IBC - CORRECT ANSWER Fire Protection Systems
You find one of your employees drinking at a local bar with the company truck during working hours.
You send them home in a taxi.
What should you do next? - CORRECT ANSWER D. Terminate the
employee for misuse
of the company truck
The correct answer is: Terminate the employee for misuse of the company truck. Companies have
policies about the use of company vehicles. It will be easier to terminate the employee for misuse of the
company truck.
You are inspecting an installation and you notice that a large part of the
NAC wiring is #16 AWG and the customer specified #14 AWG. The voltage drop calculations show that
#16 is sufficient for the job, but #14 was on the customer specifications.
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