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NEW QUESTION 28
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.
If you buy a lot for $3,000 and sell it for $6,000 at the end of 8 years, what is your annual rate of return?
- A. 9.9%
- B. 10.4%
- C. 9.1%
- D. 8.3%
Answer: C
NEW QUESTION 29
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.
Five years from now it is required the company have $100,000. How much money should be invested at the end of each year to reach this?
- A. $13,168
- B. $15,937
- C. $16,380
- D. $15,397
Answer: C
NEW QUESTION 30
The four steps to writing are:
- A. Plan, write, cool, revise
- B. Abstract, body conclusion, bibliography
- C. Introduction, paragraph, conclusion, works cited
- D. Start, write, complete, revise
Answer: A
NEW QUESTION 31
If a project is said to be on a "fast track program/' the fast track method is:
- A. Simultaneous working engineering, procurement, and construction, with appropriate overlap from each phase of work so that delays are eliminated and all the work is streamlined into a correct plan of logic/sequence and duration for all of the work
- B. First completing engineering and procurement, then executing construction
- C. Analyzing the project and specifying the basic approach to be used in its execution; segmenting the project into reasonable number of activities; estimating the time required to perform each activity; placing the activities in time order, considering both sequential and parallel performance
- D. Revising the schedule logic to make it possible to identify constraints of faulty logic; revising the durations in the n p schedule that have been based on assumptions regarding the \hay the work would be performed; revise the resources to work multiple shifts; evaluate the use of overtime
Answer: A
NEW QUESTION 32
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 following question requires your selection of CCC/CCE Scenario 26 (2.5.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Why is a +/- notation necessary when developing an estimate?
- A. Contingency cushion
- B. There are unknowns that affect the final cost of a project
- C. It is a government requirement
- D. It makes up for the lack of time to develop a real estimate
Answer: B
NEW QUESTION 33
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.
A cyclical process model was chosen as the basis for total cost management (TCM) because:
- A. It is one of the basic tenets of quality improvement
- B. Refinement is needed to prepare the estimate at completion (EAC)
- C. Strategic assets and projects have inherent life cycles
- D. It facilitates development of budgets and schedules
Answer: C
NEW QUESTION 34
What is a basic element of work or a task that must be performed over a given period of time in order to complete a project called?
- A. Commodity
- B. Resource
- C. WBS element
- D. Activity
Answer: D
NEW QUESTION 35
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 following is NOT an advantage of the critical path method:
- A. The ability to identify activities that cannot have their schedules slip if the desired project end date is to be achieved
- B. Reveals activities that additional resources need to be dedicated toward
- C. The ability to show slippage in the progress of key activities
- D. The ability to determine cost overruns of critical path activities
Answer: D
NEW QUESTION 36
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?
- A. 3.5 cubic yards
- B. 2.0 cubic yards
- C. 3.0 cubic yards
- D. 2.5 cubic yards
Answer: D
NEW QUESTION 37 
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.
10,278 hours have been expended to date. The CPI at this point in time is 0.93. SPI is
1.03. How many hours were planned?
- A. 10,278
- B. 9,280
- C. 9,559
- D. 10,586
Answer: D
NEW QUESTION 38 
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.
A reason for using a Construction Manager type agreement is:
- A. To better coordinate contractors
- B. To better coordinate contractors and subcontractors as in Type B
- C. To better coordinate subcontractors
- D. Coordinate the owner and engineer as in Type A
Answer: D
NEW QUESTION 39
NO: 37
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.
The entire pipe has been received, hangers have been installed, and all pipes are in place. None has been welded or flushed. What percent complete is this project?
- A. 95%
- B. 50%
- C. 45%
- D. 30%
Answer: C
NEW QUESTION 40
The written word is often more useful than the spoken. Guidelines for writing include:
- A. Use short sentences; use short words; avoid jargon and abbreviations; use complete sentences; stick to one idea per paragraph; have a beginning, middle and end; be accurate
- B. Follow an outline; allow some time for "cooling" after compiling the draft before revising; when revising, allow plenty of time for several sessions
- C. Explain, report, describe, clarify, define and demonstrate
- D. Organize the background information; state the problem list the options or alternatives; state the recommendation (s); conclude and summarize with why the recommendation is the best way to proceed
Answer: D
NEW QUESTION 41
In a fixed price contract the:
- A. Owner has all the risk
- B. Contactor assumes all the performance risk
- C. Contractor has no risk in the project
- D. Contractor is paid for actual costs
Answer: B
NEW QUESTION 42
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.
If $50 was invested at 6.0% on January 1, year 1, what would be the value of year-end withdrawals made in equal amounts each year for 10 years and leaving nothing in the fund after the tenth withdrawal?
- A. $6.80
- B. $3.10
- C. $5.35
- D. $2.22
Answer: A
NEW QUESTION 43
In order to withdraw $400 at the end of each year for seven years, what amount should be deposited at 6.0% interest to leave nothing in the fund at the end of seven years?
- A. $2,483
- B. $2,233
- C. $3,357
- D. $2,968
Answer: B
NEW QUESTION 44
_____________is defined as the budget for the cost (work) account times the percent complete for that account.
- A. Cost to complete
- B. Percent complete
- C. Earned value
- D. Forecast
Answer: C
NEW QUESTION 45
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 following question requires your selection of CCC/CCE Scenario 26 (2.5.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
What class of estimate is used for the preliminary design phase of a project?
- A. Class 2 - definitive estimate with +15%/-5% accuracy
- B. Class 5 - order of magnitude estimate with +50% / -30% accuracy
- C. Class 4 - budget estimate with +30% / -15% accuracy
- D. Class 1 - order of magnitude with +30% / -30% accuracy
Answer: B
NEW QUESTION 46
____________is defined as the earned work hours or dollars for all accounts divided by the budgeted work hours or dollars for all accounts.
- A. Cost to complete
- B. Percent complete
- C. Earned value
- D. Forecast
Answer: B
NEW QUESTION 47
If you deposit $100 per month for two (2) years and earn interest at 12% APR (Annual Percentage Rate) compounded monthly, how much will you have at the end of the period?
- A. $2,424
- B. $2,688
- C. $2,697
- D. $2,976
Answer: A
NEW QUESTION 48
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 following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Depreciation (in the United States) is calculated in accordance with which of the following?
- A. Modified Accelerated Cost Recovery System (MACRS)
- B. The Federal IRS Reform Act (FIRSRA)
- C. Generally Accepted Accounting Practices (GAAP)
- D. Accelerated Cost Recovery System (ACRS)
Answer: D
NEW QUESTION 49 
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.
If steel costs $1800/ton at the end of Year 3, what is the price of steel at the end of Year 4?
- A. $1890/ton
- B. $1836/ton
- C. $1863/ton
- D. $1948/ton
Answer: B
NEW QUESTION 50
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What is the duration, language, and format of the AACE-International CCP: Certified Cost Professional (CCP) Exam
- Exam language: English
- Total number of questions: 20
- Exam duration: 5 hours
- Exam format: Multiple choice, compound, scenario questions + 1 memo writing assignment
- Mandatory required score: 70%
The benefit of obtaining the AACE-International CCP: Certified Cost Professional (CCP) Exam Certification
For over thirty years, certifications provided by the Association for Cost Engineering Advancement (AACE) have been a hallmark of distinction and more and more companies need this certification as a requirement for employment. CCP is one of the widely recognized AACE certifications covering topics relating to project planning and planning. A qualification from AACE also leads to better acceptance by pairs and improves the chances of employment and income.
While a licensed professional engineer is generally considered to be “certified” in any field in which he or she works, it's a national mood for both licensed and non-licensed engineers to require certification of specialty disciplines. A positive reaction to the increasing strength of our software tools in teaching, theory, and practice and qualification governed by our professional organizations, including AACE and the CCP examination mentioned above.
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