IS 1013 Costing Estimates and the Cost Estimating Format Study Guide

<span itemprop="name">IS 1013 Costing Estimates and the Cost Estimating Format Study Guide</span>

Study guide to IS 1013 Costing Estimates and the Cost Estimating Format. Only certain private nonprofit organizations are eligible Applicants for Public Assistance funding. As outlined in the Public Assistance Program and Policy Guide, in order to be an eligible private nonprofit Applicant, a private nonprofit must: Have a current ruling letter from the U.S. Internal Revenue Service granting tax exemption; or Have documentation from the State substantiating it is a non-revenue producing, nonprofit entity organized or doing business under State law Contains correct FEMA IS 1013 answers and course notes. For a basic foundation on public assistance, check out our FEMA IS 1000 Test Answers Guide.

Course Date

2/28/2019

Course Overview

The course provides an overview of costing and the Cost Estimating Format. By the end of the course, State, Local, Tribal, and Territorial Applicants and Recipients will be able to understand all aspects of costing and the Cost Estimating Format.

Course Objectives:

  • Differentiate between actual costs for Work Completed and estimated costs for Work to be Completed.
  • Identify the tools used by the applicant agent for organizing documents into cost summary sheets for Labor, Equipment, Materials, and/or Contracts.
  • Describe the Cost Estimating Format process and the structure of cost estimating in the FEMA Public Assistance Program.

From IS-1013: Costing – Estimates and the Cost Estimating Format Official Course

FEMA IS 1013 EXAMPLE QUESTIONS

Which of the following lists the steps of the FEMA Public Assistance cost estimating process in the correct order?
A. Identify scope, Develop estimate#44; Review
B. Develop estimate, Review, Validate
C. Identify scope, Validate, Develop estimate
D. Identify scope, Validate, Develop estimate

When should the Cost Estimating Format tool be used?
A. For Emergency Work (Categories A–B)
B. For Large projects
C. For projects over 90% complete
D. For Small projects

Which of the following is a use of the Cost Estimating Format?
A. Ensuring all cost estimates are made using FEMA cost codes
B. Estimating the costs of emergency work (Categories A–B)
C. Creating a scope of work for repairing or replacing damaged facilities
D. Conducting cost and price analyses for permanent, restorative work (Categories C–G)

When validating cost estimates, what does FEMA’s review focus on?
A. Cost eligibility, cost reasonableness, and cost inflation factors
B. Cost documentation, cost eligibility, and cost comprehensiveness
C. Cost eligibility, cost comprehensiveness, and cost reasonableness
D. Cost documentation, cost comprehensiveness, and cost inflation factors

What is the purpose of the Cost Estimating Format tool?
A. The Cost Estimating Format tool provides a uniform method for applying FEMA cost codes to eligible work and produces more accurate cost estimates.
B. The Cost Estimating Format tool provides a uniform method for documenting the procurement process and verifying cost estimates.
C. The Cost Estimating Format tool provides a uniform method for cost estimating and produces more inclusive cost estimates.
D. The Cost Estimating Format tool provides a uniform method for separating eligible and ineligible costs and simplifies FEMA reviews.

Which of the following is a benefit of using the Cost Estimating Format tool?
A. It does not require the use of construction industry classifications.
B. It promotes consistency and the development of more inclusive estimates.
C. It records cost estimates for both permanent and non-permanent work.
D. It provides a standard framework for cost estimates across all types of federal grants.

What is the relationship between the cost estimate and the scope of work?
A. A project’s cost estimate and scope of work are developed together using the same information.
B. A project’s cost estimate and scope of work are developed separately from different types of data.
C. A project’s cost estimate is developed using information from the completed scope of work.
D. A project’s scope of work is developed using information from the detailed cost estimate.

Which of the following is a reason why cost estimates are important in the Public Assistance program?
A. They allow for quicker disbursal of funding.
B. They facilitate rapid adjustments to funding.
C. They provide guidelines for Public Assistance spending.
D. They are the basis for project scopes of work.

For FEMA IS 1013 answers, download the guide!