Estimating Practice Exam

Which sheet is most commonly used by contractors to compile all constituent prices of an estimate?

1. Bid summary

2. Quote sheet

3. Estimate detail

4. Work order

The correct answer is: Bid summary

The bid summary is the sheet that contractors most commonly use to compile all constituent prices of an estimate. It serves as an overview or a summary of the overall pricing for a project, allowing contractors to present their costs in a clear and organized manner. The bid summary consolidates various cost elements—such as labor, materials, overhead, and profit margins—into a single document that makes it easier for contractors to review their total estimate and communicate it effectively to clients or stakeholders. This summary is particularly essential during the bidding process, as it provides a clear outline of the pricing structure, helping in negotiations and decision-making. It ensures that all costs are accounted for and presented in a way that conveys transparency and professionalism. While other sheets like a quote sheet may detail pricing for specific materials or services, and an estimate detail sheet provides a breakdown of costs related to sections of the project, the bid summary encapsulates all this information for final presentation. A work order, on the other hand, is typically used to authorize work and often details specific tasks and timelines rather than serving as a comprehensive pricing document.