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Certified Cost Professional (CCP) Exam

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Total Questions : 115

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Question # 1

A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.

Profits that could not be formally recognized during a specific financial accounting period because the goods and services did not satisfy all the customer's requirements are:

Options:

A.  

Marginal profits

B.  

Lost profits

C.  

Incurred profits

D.  

Postponed profits

Discussion 0
Question # 2

A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.

According to Maslow's hierarchy of needs, which level should be satisfied first?

Options:

A.  

Physiological

B.  

Self-actualization

C.  

Safety needs

D.  

Ego-status

Discussion 0
Question # 3

Question # 3

The following question requires your selection of CCC/CCE Scenario 2 (2.3.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

9,375 hours have been expended to date. Planned completion at this time is 75%. The project is determined to be 66% complete. What is the current cost performance index (CPI)?

Options:

A.  

0.96

B.  

0.84

C.  

1.14

D.  

0.88

Discussion 0
Question # 4

A concrete slab measuring 10 feet wide by 13.5 feet long by 6 inches deep is to be installed. How many cubic yards of concrete will be required?

Options:

A.  

3.0 cubic yards

B.  

2.0 cubic yards

C.  

3.5 cubic yards

D.  

2.5 cubic yards

Discussion 0
Question # 5

A work breakdown structure (WBS) is developed because:

Options:

A.  

It avoids omissions of key product activities through a systematic planning process; removes the complexity of the project by dividing it into manageable units; and provides a framework.

B.  

It defines specific tasks within a project from which schedules can be developed; it aids in linking activities with resources; it facilitates communication; and it allows integration of project plans

C.  

It can be illustrated by individual bars for major phases, such as permitting, funding, engineering, procurement construction, commission/startup

D.  

It can be illustrated by a simple bar, with important milestones represented by symbols at the planned time of occurrence

Discussion 0
Question # 6

Question # 6

The following question requires your selection of CCC/CCE Scenario 4 (2.7.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

At the end of Year 4, the commodity which experienced the greatest projected percentage price index increase over today is:

Options:

A.  

None of the above

B.  

Manufacturing labor

C.  

Steel

D.  

Copper

Discussion 0
Question # 7

A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.

The recognition of loss of value of a natural resource used in the production process is referred to as:

Options:

A.  

Capital reduction

B.  

Net loss

C.  

Depreciation

D.  

Depletion

Discussion 0
Question # 8

Money is value. Having money when you need it is very important. Money can also be valuable when used wisely by knowing when to spend and when to conserve Also, planning now for future expenses can be a plus to the company rather than a debit.

There are several ways to capitalize money and spending. Basically there is the single payment method that has a compound amount factor and a present worth factor. There is the uniform annual series that has a sinking fund factor, capital recovery factor and also the compound amount factor and present worth factor. At this point, we can assure money is worth 10%.

The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

If you are scheduled for a $100,000 payment at the end of each year for the next five years, what is the equivalent amount if you were to make a lump sum payment now?

Options:

A.  

$162,370

B.  

$679,397

C.  

$379,100

D.  

$500,000

Discussion 0
Question # 9

Question # 9

The following question requires your selection of CCC/CCE Scenario 2 (2.3.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

6,573 hours have been expended to date. Planned completion at this time is 60%. The project is determined to be 55% complete. How many hours have been earned?

Options:

A.  

6,600

B.  

6,960

C.  

7,200

D.  

6,573

Discussion 0
Question # 10

Two of the most important things to know when planning a speech or lecture are the ______________and______________ of your audience.

Options:

A.  

Motivation, professionalism

B.  

Background, attitude

C.  

Political preference, sense of humor

D.  

Culture, understanding

Discussion 0
Question # 11

An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.

Answer the question using a straight line depreciation and a 10% interest rate.

The main financial objective of many enterprises is:

Options:

A.  

To maximize the total long-term economic return

B.  

Subject to a well-conceived quality control plan

C.  

To balance opportunities and risks

D.  

Dependent on the backlog projects and the availability of resources

Discussion 0
Question # 12

A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.

The latest allowable end time minus the earliest allowable end time on a schedule activity is referred to as:

Options:

A.  

Activity total slack

B.  

Remaining duration

C.  

Just-in-time" scheduling

D.  

Free float

Discussion 0
Question # 13

A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.

In an exit interview, an employee comments that the reason he is leaving the organization is lack of teamwork and cohesion among his co-workers. Which need of Maslow's hierarchy of needs is unmet?

Options:

A.  

Belongingness needs

B.  

Primary needs

C.  

Self-actualization needs

D.  

Esteem needs

Discussion 0
Question # 14

Question # 14

The following question requires your selection of CCC/CCE Scenario 4 (2.7.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

At the end of 30 months, copper prices will have increased by what percentage over today's price?

Options:

A.  

4.6%

B.  

3.5%

C.  

6.6%

D.  

2.5%

Discussion 0
Question # 15

____________is defined as the earned work hours or dollars for all accounts divided by the budgeted work hours or dollars for all accounts.

Options:

A.  

Percent complete

B.  

Cost to complete

C.  

Earned value

D.  

Forecast

Discussion 0
Question # 16

Money is value. Having money when you need it is very important. Money can also be valuable when used wisely by knowing when to spend and when to conserve. Also, planning now for future expenses can be a plus to the company rather than a debit.

There are several ways to capitalize money and spending. Basically there is the single payment method that has a compound amount factor and a present worth factor. There is the uniform annual series that has a sinking fund factor, capital recovery factor and also the compound amount factor and present worth factor. At this point, we can assume money is worth 10%.

The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

If $10,000 is invested now at 10% compounded annually, what will the investments be worth 10 years from now?

Options:

A.  

$25,940

B.  

$29,450

C.  

$21,345

D.  

$16,180

Discussion 0
Question # 17

Question # 17

The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

Given a unit price contract between the owner and contractor, each assumes the following:

Options:

A.  

Bid unit rate, owner quantities can exceed estimate range Contractor can perform above

B.  

Bid unit rate, owner quantities are within estimate range

C.  

Contractor can perform at or below bid unit rate, owner quantities can exceed estimate range

D.  

Contractor can perform at or below bid unit rate, owner quantities are within estimate range

Discussion 0
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