NICET FIRE ALARM LEVEL 3 EXAM COMPLETE 220 QUESTIONS AND DETAILED SOLUTIONS JUST RELEASED

NICET FIRE ALARM LEVEL 3 EXAM COMPLETE
220 QUESTIONS AND DETAILED SOLUTIONS
JUST RELEASED
Question: 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.




Question: 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.




Question: 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.




The beginning of every design project starts with the customer specification included in the -
CORRECT ANSWER✔✔Request For Proposal or RFP.




Question: Reading and interpreting the ____________ is a major factor in a good bid proposal
and system design. - CORRECT ANSWER✔✔Specification




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Question: 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.




Question: 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).




Question: Balance Sheets are prepared how often? - CORRECT ANSWER✔✔At the end of each
month and at the end of the year




Question: 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.




Question: 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.




Question: 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..




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Question: 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.




Question: Direct Costs - CORRECT ANSWER✔✔the labor and material to complete a project.




Question: Fixed Assets - CORRECT ANSWER✔✔land, buildings, construction equipment, trucks
and autos, and office equipment.




Question: 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.




Question: 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.




Question: Another term for General Overhead - CORRECT ANSWER✔✔indirect costs




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Question: Gross Profit Margin - CORRECT ANSWER✔✔the gross profit divided by the total
revenue times 100%.




Question: 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.




Question: 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




Question: 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




Question: 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




Question: Net Profit Margin - CORRECT ANSWER✔✔deducts taxes from the gross profit to
obtain the margin.




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