2. Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the Appalachian Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $120 per square foot. Fortunately, Serge is a retired plumber and feels he can save money by installing the plumbing him- self. Mrs. Tolstoy feels she can take care of the interior decorating. Chapter 5 Estimating Project Times and Costs 153 The following average cost information is available from a local bank that makes loans to local contractors and dispenses progress payments to contractors when spe- cific tasks are verified as complete. Excavation and framing complete 24% 8% Roof and fireplace complete 3% Wiring roughed in 6% 5% 17% 9% Plumbing roughed in Siding on Windows, insulation, walks, plaster, and garage complete Furnace installed 4% Plumbing fixtures installed 10% Exterior paint, light fixtures installed, finish hardware installed 6% Carpet and trim installed 4% Interior decorating 4% Floors laid and finished b. Estimate what the cost of the house would be if the Tolstoys use their talents to do some of the work themselves. Refer to exercise 2(b). The estimated cost to complete the house if they use their talents is (choose the best answer): (A) $348,000 B $334,080 C $320,160 D $299,280
2. Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the Appalachian Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $120 per square foot. Fortunately, Serge is a retired plumber and feels he can save money by installing the plumbing him- self. Mrs. Tolstoy feels she can take care of the interior decorating. Chapter 5 Estimating Project Times and Costs 153 The following average cost information is available from a local bank that makes loans to local contractors and dispenses progress payments to contractors when spe- cific tasks are verified as complete. Excavation and framing complete 24% 8% Roof and fireplace complete 3% Wiring roughed in 6% 5% 17% 9% Plumbing roughed in Siding on Windows, insulation, walks, plaster, and garage complete Furnace installed 4% Plumbing fixtures installed 10% Exterior paint, light fixtures installed, finish hardware installed 6% Carpet and trim installed 4% Interior decorating 4% Floors laid and finished b. Estimate what the cost of the house would be if the Tolstoys use their talents to do some of the work themselves. Refer to exercise 2(b). The estimated cost to complete the house if they use their talents is (choose the best answer): (A) $348,000 B $334,080 C $320,160 D $299,280
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Transcribed Image Text:2. Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for
the house sits high on a hill with a beautiful view of the Appalachian Mountains.
The plans show the size of the house to be 2,900 square feet. The average price for
a lot and house similar to this one has been $120 per square foot. Fortunately, Serge
is a retired plumber and feels he can save money by installing the plumbing him-
self. Mrs. Tolstoy feels she can take care of the interior decorating.
Chapter 5 Estimating Project Times and Costs 153
The following average cost information is available from a local bank that makes
loans to local contractors and dispenses progress payments to contractors when spe-
cific tasks are verified as complete.
Excavation and framing complete
24%
8%
Roof and fireplace complete
3%
Wiring roughed in
6%
5%
17%
9%
Plumbing roughed in
Siding on
Windows, insulation, walks, plaster, and garage complete
Furnace installed
4%
Plumbing fixtures installed
10%
Exterior paint, light fixtures installed, finish hardware installed
6%
Carpet and trim installed
4%
Interior decorating
4%
Floors laid and finished
b. Estimate what the cost of the house would be if the Tolstoys use their talents to
do some of the work themselves.
Transcribed Image Text:Refer to exercise 2(b). The estimated cost to complete the house if they use their talents is (choose the best
answer):
(A) $348,000
B
$334,080
C
$320,160
D
$299,280
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