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FEMA IS 276.A: Benefit-Cost Analysis Fundamentals Answers
| Question | Answer |
|---|---|
| The end result of a Benefit-Cost Analysis is a Benefit Cost Ratio, which is calculated by dividing a mitigation project’s benefits by its costs. | TRUE |
| OMB Circular No. A-94 Revised: | Provides guidelines and discount rates for Benefit-Cost Analysis of federal programs |
| The terms Project Useful Life and project effectiveness mean the same thing. | FALSE |
| The method by which the future benefits of a mitigation project are calculated and compared to the project costs is called: | Benefit-Cost Analysis |
| The Benefit-Cost Analysis website provides program guidelines, methodologies, and software modules for conducting a benefit-cost analysis for projects that mitigate risk from a range of natural hazards. | TRUE |
| The rate of flow for each flood event, which increases as the flood event gets larger, is called: | Flood Discharge |
| The Benefit-Cost Ratio is a numerical expression of the cost-effectiveness of a mitigation project. A project is considered to be cost-effective only if: | The Benefit-Cost Ratio is equal to or greater than 1.0. |
| Losses that can be avoided as a result of completing a mitigation project include all of the following except: | Structure demolition costs |
| FEMA has provided resources such as websites and training courses to provide the skills and knowledge needed to conduct a Benefit-Cost Analysis or review a completed Benefit-Cost Analysis. | TRUE |
| The Base Flood Elevation is the height of the floodwater at the project site if the: | 100-year flood, also referred to as the 1% annual chance flood, occurs |
| Project Useful Life is the estimated amount of time (in years) that the mitigation project would be effective. | TRUE |
| EMI provides both classroom and independent study courses on how to use the Benefit-Cost Analysis Tool. | TRUE |
| Which office or department requires FEMA hazard mitigation projects to be cost-effective? | Office of Management and Budget |
| The 100-year flood is a flood that has a _ percent chance of occurring in any given year. | 1 |
| Flood elevation is the level to which the water rises during a flood event. | TRUE |
| Which key Benefit-Cost Analysis term is often referred to as the “time value of money”? | Discount Rate |
| A community’s Flood Insurance Study is a reliable source for flood elevation data. | TRUE |
| The Streambed Elevation: | Is most easily determined from a Flood Insurance Study |
| Project Effectiveness: | Is a measure of how well the project will reduce future damages |
| The Base Flood Elevation for a structure is the same as the 100-year flood elevation for that structure. | TRUE |
| Each combination of Project Useful Life and discount rate has a fixed Present Value Coefficient. | TRUE |
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