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CCP Certified Cost Professional (CCP) Exam Questions and Answers

Questions 4

The process of stating goals and determining the most effective way of reaching them is the definition for:

Options:

A.

Implementing

B.

Mission Statement

C.

Managing

D.

Planning

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Questions 5

CCP Question 5

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

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Questions 6

CCP 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.

What is the cost of manufacturing labor for the piece of equipment today?

Options:

A.

$140,000

B.

$875,000

C.

$210,000

D.

$105,000

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Questions 7

A task has an early start of day 4. late start of day 14. early finish of day 10. and a late finish of day 20. What is the task's float?

Options:

A.

4

B.

10

C.

20

D.

9

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Questions 8

You have recently been appointed as the Cost Engineer to oversee process improvement projects for a Discrete Part Manufacturer. You have been asked to calculate the CPI on a project initiated to implement a Value Stream Mapping Initiative. The accountant is only able to provide you with BAC and EAC figures of $ 5000 and 57500 respectively. The CPI is:

unable to be calculated from the information given

Options:

A.

<1

B.

=1

C.

=1

D.

>1

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Questions 9

Deliberate low bidding is often referred to as buying the job. Which of the following would not be a reason for low bidding?

Options:

A.

Survival

B.

Backing out of the bid competition

C.

Reducing cm eliminating competition

D.

Detecting significant errors in the purchaser's request for quote

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Questions 10

As the leas cost engineer for the XYZ Services Company, you have been requested to provide pertinent for an equipment rental decision. The unit price of the food stuffs varies, but an average unit selling process has been determined to be $0.50 cents and the average unit acquisition cost is $0.40 cents.

The following revenue and expense relationships are predicted:

CCP Question 10

Marketing has determined that XY2 can safely increase their per unit selling price to SO.55. The new break even amount for sales (in units) based on the new contribution margin is:

Options:

A.

40,000 units

B.

6,000 units

C.

50,000 units

D.

60,000 units

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Questions 11

Which of the following is a common technique to approximate the standard deviation?

Options:

A.

Range/4

B.

Range/16

C.

Range * 2

D.

Square root of the range

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Questions 12

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.

Which of the following should be included in the life-cycle cost analysis of a power plant?

Options:

A.

Construction cost, operating cost, maintenance cost

B.

Factory expenses, distribution expenses, mark-up

C.

Capacity factor, end product units, physical dimensions

D.

Resources, work activities, final cost objects

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Questions 13

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.

How much money should be set aside today to have $20,000 available eight (8) years from now if the interest rate is 6% compounded annually?

Options:

A.

$31,875

B.

$12,550

C.

$29,600

D.

$13,515

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Questions 14

Productivity increases with time. This improvement is commonly associated with improvements in efficiency brought about by increased experience and skill levels. What does this scenario describe?

Options:

A.

Productivity efficiency factor

B.

Value engineering

C.

Cash flow

D.

The learning curve

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Questions 15

An effort by a prime contractor to reduce the price quoted by a vendor, by providing the bid price to other vendors in an attempt to get the other vendors to underbid the original price quoted is referred to as:

Options:

A.

Costing

B.

Cost-price analysis

C.

Bid shopping

D.

Negotiating a best and final offer

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Questions 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 mothed that has a compound amount factor and a present worth factor. There is the uniform annual series that has a sinking fund factor, capita1 recovery factor and also the compound amount factor and present worth factor. At this point, we can assume money is worth 10%.

Which of the following is not one of the requirements to form a contract?

Options:

A.

Consideration

B.

Competent parties

C.

Legality of purpose

D.

Agent

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Questions 17

CCP Question 17

The following question requires your selection of CCC/CCE Scenario 6 (2.7.50.1.3) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

What is the range of estimated quantities?

Options:

A.

$26.78 to $75.00

B.

$485

C.

$45 to $530

D.

$48.22

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Questions 18

The discount rate is a measure used to convert cash flow streams occurring to different points in time to a common base called the net present worth. What is the discount rate based upon?

Options:

A.

Inflation and interest rates

B.

The interest rate which the client will have to pay on his loan

C.

Bank rate

D.

The rate of inflation

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Questions 19

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.

You are reporting on a roadway project, which was estimated to be 10 miles of road. It was scheduled to be completed in 16 weeks, which is this week. According to your calculations, the project has aschedule performance index of 0.80. What would you advise the management about the scheduled completion date?

Options:

A.

Project will be completed in 20 more weeks

B.

Project will be completed this week - on schedule

C.

Project will be completed in 4 more weeks

D.

Project will be completed in 12.8 more weeks

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Questions 20

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

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Questions 21

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?

Options:

A.

$2,424

B.

$2,976

C.

$2,688

D.

$2,697

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Questions 22

Meetings require:

Options:

A.

Goals, an agenda, preparation, relevant discussions, support for your actions and to consider the total physical and human setting of the meeting

B.

Goals, an agenda, preparation, conclusions, control and conversations that are relevant

C.

Goals, an agenda, preparation, control, good listening skills and relevant discussions

D.

Goals, an agenda, flipchart, computer projector, laser pointer and consulting with others where appropriate

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Questions 23

CCP Question 23

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:

Options:

A.

To better coordinate contractors

B.

Coordinate the owner and engineer as in Type A

C.

To better coordinate subcontractors

D.

To better coordinate contractors and subcontractors as in Type B

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Questions 24

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.

Present worth calculations is represented by which of the following equations?

CCP Question 24

Options:

A.

Option A

B.

Option B

C.

Option C

D.

Option D

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Questions 25

A schedule's late dates are calculated during the:

Options:

A.

Loop calculations

B.

Backward pass

C.

Forward pass

D.

Float

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Questions 26

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.

Which of the following is least likely to improve a large earthmoving contractor's productivity?

Options:

A.

Using apprentice operators to save labor costs

B.

Starting summer work in the early morning hours to minimize work during peak heat periods of the day

C.

Remove underground hazards prior to excavation work

D.

Replacing old excavators with new, larger excavators

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Questions 27

CCP Question 27

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%

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Questions 28

A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.

Assuming the average life span of a lithium battery is two years and is normally distributed with a standard deviation of two months, what is the probability the battery will last between 20 months and 26 months?

Options:

A.

82%

B.

75%

C.

90%

D.

84%

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Questions 29

An American company plans to acquire a new press machine from a Dutch manufacturer under the following conditions. One question remaining to be answered is the expected amount of capital recovery when salvage is accounted for.

CCP Question 29

The following question requites your selection of Scenario 1.4.150 from the tight side of your split screen. using the drop down menu, to reference during your response/choice o' responses

The present worth interest factor for this purchase in the fifth year would be:

Options:

A.

0.6209

B.

1.6474

C.

1.6105

D.

0.6070

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Questions 30

A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.

Taxes due at the end of year five (5) would be:

Options:

A.

$34,034

B.

$4,912

C.

$11,912

D.

$35,000

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Questions 31

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 project scheduler left the company and has left unfinished work. You have been hired as the new project scheduler and must update the existing schedule. What will be your first task?

Options:

A.

Recalculate the early finish for each activity

B.

Recalculate the early start for each activity

C.

Update the remaining duration for each activity

D.

Recalculate the critical path

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Questions 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 thedesign 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.

Which of the following percent complete measurement techniques is best suited for long-term non-production accounts (such as overhead accounts)?

Options:

A.

Ratio/level of effort

B.

Start/finish

C.

Units completed

D.

Incremental milestone

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Questions 33

refers to the process of calculating and reporting the non-monetary functions of the strategic asset portfolio.

Options:

A.

Asset performance assessment

B.

Asset project reporting

C.

Asset investment decision and funding

D.

Asset performance measurement

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Questions 34

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.

Cost engineers who feel completely satisfied and fulfilled by their work as part of a project team are said to have reached the ______________ stage of Maslow's hierarchy of needs.

Options:

A.

Need satisfaction

B.

Belonging needs

C.

Self-actualizations

D.

Esteem

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Questions 35

CCP Question 35

The following question requires your selection of CCC/CCE Scenario 6 (2.7.50.1.3) from the right side of your split screen., using the drop down menu, to reference during your response/choice of responses.

Calculate the weighted average unit cost.

Options:

A.

$46.13

B.

$47.63

C.

$48.35

D.

$48.09

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Questions 36

If two alternatives with different useful lives are to be compared considering all costs, which of the following methods is most appropriate?

Options:

A.

Optimization

B.

Net Present Worth

C.

Equivalent Uniform Annual Value

D.

Future Worth

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Questions 37

A contract clause that provides the owner with the right to terminate the contract irrespective of the general contractor's liability is:

Options:

A.

Termination of contract - convenience

B.

Termination of contract - default

C.

Substantial completion

D.

Breach of contract

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Questions 38

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.

A contractor must purchase a piece of equipment for $150,000. It has an estimated life of 10 years with no salvage value at the end. Ten years from now it will be necessary to purchase another piece of equipment, but this time it will cost $250,000. How much will the contractor need to invest at the end of each year in order to have the right amount?

Options:

A.

$15,687

B.

$12,550

C.

$16,273

D.

$9,412

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Questions 39

A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.

Based on the information provided, which statement is most correct?

Options:

A.

The truck should be leased

B.

The truck should be purchased

C.

The truck should not be leased

D.

The truck should not be purchased

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Questions 40

A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.

The taxable income in year number 5 is:

Options:

A.

$17,543

B.

$121,551

C.

$42,543

D.

$125,00

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Questions 41

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

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Questions 42

SCENARIO: A can manufacturing company requested you to provide data for their decision making The unit prices of the can varies but an average selling price of $0.55 cents and average cost of S45 cents is estimated.

The monthly fixed costs are:

Rant-$1,500

Wages - $4.000

Miscellaneous fixed expenses - $500

If the rent increases by 100% and the unit sales/other costs remain unchanged, the new break even amount is?

Options:

A.

$60,000

B.

$41,250

C.

$33,000

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Questions 43

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.

Fred Fiedler's contingency model suggests that:

Options:

A.

Leadership styles are just the opposite of the managerial grid model

B.

Successful leadership depends upon a good match

C.

between the style of the leader and the demands of the situation

D.

Successful leadership can always be imposed by experienced supervision

E.

A relationship oriented leader described the least preferred worker in an unfavorable light

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Questions 44

You have been hired as the cost engineer for a mechanical contractor and have been provided the following information:

CCP Question 44

What is the schedule performance index (SPI)?

Options:

A.

ACWP/BCWS= 110,000/100,000= 1.10

B.

BCWS/ACWP = 100,000/110,000 = 0.91

C.

BCWP/BCWS = 105,000/100,000- 1.05

D.

BCWS/BCWP= 100,000/105,000-0.95

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Questions 45

CCP Question 45

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?

Options:

A.

10,586

B.

9,280

C.

9,559

D.

10,278

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Questions 46

An American company plans to acquire a new press machine from a Dutch manufacturer under the following conditions. One question remaining to be answered is the expected amount of capital recovery when salvage is accounted for.

CCP Question 46

The following question requires your selection of Scenario 1.4.150 from the right side of your split screen. using the drop down menu, to reference during your response/choice of responses.

Using normally accepted engineering economic practices, what are the two expected methods that should be used to determine the capital recovery costs for the new press?

A)

CCP Question 46

B)

CCP Question 46

C)

CCP Question 46

D)

CCP Question 46

Options:

A.

Option A

B.

Option B

C.

Option C

D.

Option D

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Questions 47

A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.

SCENARIO: A can manufacturing company requested you to provide data for their decision making. The unit prices of the can vary but an average selling price of $0.55 cents and average cost of $0.45 cents is estimated.

The monthly fixed costs are:

Rent-SI .600

Wages - $4.000

Miscellaneous fixed expenses - $500

Marketing team observed that factory can safely increase their unit selling price to S0.60 cents. The new break even units for the sales based on new contribution margin will be:

Options:

A.

20,000 units

B.

60,000 units

C.

6,000 units

D.

40,000 units

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Questions 48

CCP Question 48

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, the final price for the piece of equipment will be:

Options:

A.

$328,810

B.

$370,710

C.

$375,658

D.

$378,750

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Questions 49

A _________contract allows the contractor to freely employ whatever methods and resources it chooses in order to complete the work.

Options:

A.

Guaranteed maximum price

B.

Cost reimbursable/Fixed fee

C.

Measured unit price

D.

Lump-sum/Fixed price

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Questions 50

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

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Questions 51

The following question requires your selection of Scenario 1.4.150 from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

Annual depreciation (in USS) would be calculated as follows for a capital recovery with salvage analysis:

Options:

A.

5,343 par year

B.

4,343 pet year

C.

8,0X10 per year

D.

7,000 per year

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Questions 52

A small hole construction project has a baseline budget of $1,000,000. The project is scheduled to be constructed in 12 months. At the and of the first month, the project data is reported as below:

CCP Question 52

The longest path depends upon relationships driving the timing of activity starts, therefore the following scheduling features should not be used in calculating file longest path.

Options:

A.

milestone activities

B.

activities with lag

C.

activities with short durations

D.

constraints, resource leveling, and interruptible activities

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Questions 53

An owner advertised his villa for sale. An investor worked out an estimate on the basis mat the villa could be rented out for $1000 per month. Maintenance charges and other taxes are estimated to be $1,500 per year. The tenant has to pay all utility charges. The investor thinks that he can sell this villa for S100.000 alter 6 years. Assuming that the minimum acceptable rate of return is 12%. answer the following question.

The villa could be recommended for purchase at all of the below-mentioned prices except:

Options:

A.

$94,500

B.

$92.800

C.

$90,5000

D.

$93,500

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Questions 54

How can the quality of a cost/capacity factor estimate be improved?

Options:

A.

Validate the capacity factor from similar, recently completed projects

B.

Validate law productivity from recently completed projects

C.

Verify the labor rates used in the estimate

D.

Verify the equipment costs used in the estimate

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Questions 55

A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.

Which of the following statements is the more correct guide for the Project Cost engineer as the compiles the data information?

Options:

A.

Only quantitative data can have means, medians and modes, as these require number rankings.

B.

There is no difference between quantitative data, qualitative data and histogram data except in the manner in which it is presented.

C.

Some graphic methods tor describing qualitative data are range variance and

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Questions 56

Which of the following are used for profitability analysis in a construction company?

Options:

A.

Sum of years digits

B.

Return on Investment (ROI) and Rate of Return (ROR)

C.

Opportunity costs

D.

Booked costs

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Exam Code: CCP
Exam Name: Certified Cost Professional (CCP) Exam
Last Update: Dec 3, 2024
Questions: 189

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