COSC 477 Exam 2: Lecture Questions
with Complete Solutions (Latest 2025) What is Revenue? - Correct Answers ✅- The revenue from the contract is the total mountain contribution of collect the owner for contract performance
- Revenue accounts keep track of the money that the
- Cost accounts keep track of all the money that the company
company makes over a period of time What is Cost? - Correct Answers ✅- The costs associated with a contract are the total amount the contractor EXPECTS to spend to complete the contracted work
spends over a period of time What is profit? - Correct Answers ✅Income Earnings Retained Earnings Profit Formula - Correct Answers ✅Total Revenue (-) Total Cost General overhead costs are managed on a ______-______ _______ as they are generally in support of all ongoing company operations. - Correct Answers ✅company-wide basis 1 / 3
COSC 477 Exam 2: Lecture Questions
with Complete Solutions (Latest 2025) The ________ the overhead costs the ______ significant the project - Correct Answers ✅lower more What two things come out of gross profit? - Correct Answers ✅Profit General Overhead What must be broken down into multiple categories with enough detail to be traceable just like our project and person budgets? - Correct Answers ✅General Overhead Budget Formula for General Overhead Percentage - Correct Answers ✅General Overhead / Revenue = General Overhead %
- Ex. 3,600,000 / 39,000,000 = 9.23%
- Varies from Company to company
- Varies with what work we do
- Super
- Office Trailer 2 / 3
What are project indirect costs? - Correct Answers ✅- Project Manager
COSC 477 Exam 2: Lecture Questions
with Complete Solutions (Latest 2025)
- Security
- Electricity
- Project Fence
- Toilet
What is the biggest variable in labor burden?? - Correct
Answers ✅Workers Compensation: the most dangerous job
has the highest burden rate and comp rate
Labor Burden: Social Security - Correct Answers ✅6.2 out
of your check and the company has to pay 6.2 making it a total of 12.4
Labor Burden: Medicare - Correct Answers ✅1.45 from
your check and the company pays 1.45 making it a total of 2.90 Who has to pay federal and state unemployment? - Correct Answers ✅I have to pay How do we make money? - Correct Answers ✅Consistently producing EFFECTIVE and EFFICIENT work What is effective? - Correct Answers ✅Doing the right things
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