Flashcards in Contracting Exam 5 Deck (16):

1

## _______ numbers measure the percentage of price change over time

### Price Index

2

## Define range

###
Distance between minimum and maximum

The tighter the range the greater the predictability

3

## What is the Mean?

### Arithmetic Average

4

## What is the Mode?

### number that appears the most often

5

## What is the Median?

### Middle value after ranking

6

## The quantity as which total revenue equals total cost is _______?

### Break Even

7

## Left skewed means

###
(tail to the left)

mean < median

8

## Right skewed means

###
(tail to the right)

mean > median

9

## What is a simple price index?

###
Simple index numbers calculate price changes for a single item over time

10

## Bi modal means

###
more than one peak

MORE ANALYSIS NEEDED!

11

## What is an aggregate price index?

###
Aggregate index numbers calculate price changes for a group of related items over time

12

## What is a semi-variable cost?

### includes a fixed and variable element

13

## What is a variable cost?

### costs which increase or decrease with respect to each change in the activity level

14

## What is a fixed cost?

###
Fixed costs remain constant, even as activity level changes

Examples: property insurance, management salaries, rent

15

##
What are the three types of contract financing?

which is most preferred?

###
Progress payments

Performance Based Payments****

Advanced Payments (do not exceed 15%)

16