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Pass the AACE International Certified Cost Professional (CCP) Exam CCP Questions and answers with ValidTests

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Questions # 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 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.

According to Maslow's hierarchy of needs, giving the employees an award that acknowledges their achievements is most likely to satisfy which level of need?

Options:

A.

Belonging needs

B.

Safety needs

C.

Power needs

D.

Self-actualization

Expert Solution
Questions # 2:

Question # 2

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.

An unbalanced bid methodology can best be used by:

Options:

A.

Engineer/contractor working for the owner (Plan B)

B.

Subcontractor working for contractor (Plan A or B)

C.

Contractor working directly for engineer (plan A or B)

D.

Engineer working for the owner (Plan A)

Expert Solution
Questions # 3:

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%.

A good description of quantitative data would be as follows:

Options:

A.

There is no difference between Qualitative data and Quantitative data

B.

Quantitative data can be categorized or summarized.

C.

Quantitative data can be described graphically or numerically.

D.

Quantitative data is a subset of data randomly selected from a population; the size of a sample is usually denoted by n.

Expert Solution
Questions # 4:

After collecting the control information on a light rail project within an original budget of 200.000 work hours, the construction contractor is ready for their monthly progress meeting with the client.

A total of 100.000 work hours have boon scheduled to date. with 105.000 work hours earned, and 110.000 work hours paid. The stated progress by the contractor is 60%.

How does the project stand?

Options:

A.

Schedule is good, cost is bad

B.

Schedule is good cost is good

C.

Schedule is bad cost is good

D.

Schedule is bad, cost is bad

Expert Solution
Questions # 5:

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.

Which statement best describes the type of information available for a design phase estimate?

Options:

A.

Home office detail, specific vendor quotes, preliminary quantities with labor and material factors applied

B.

Square footage of buildings, factored indirects, types of rides and exhibits identified, utility requirements, conceptual layouts

C.

Detailed construction drawings, quantity takeoffs, detailed labor hours and material costs applied, quotes from all major subcontractors

D.

Utility requirements, detailed building plans and (- specifications, types of rides and exhibits identified, all vendor quotes or estimates received from subcontractors

Expert Solution
Questions # 6:

After collecting the control information on a light rail project within an original budget of 200.000 work hours, the construction contractor is ready for their monthly progress meeting with the client.

A total of 100.000 work hours have boon scheduled to date. with 105.000 work hours earned, and 110.000 work hours paid. The stated progress by the contractor Is 60%.

What is the cost variance (CV)?

Options:

A.

BCWP-ACWP = 105,000-110,000 = -5,000

B.

ACWP-BCWP = 110,000-105,000 = 5,000

C.

BCWS-ACWP = 100,000-110,000 = -10,000

D.

ACWP-BCWS = 110,000-100,000 = -10,000

Expert Solution
Questions # 7:

Question # 7

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

Expert Solution
Questions # 8:

What is executed in connection with a contract and secures the performance and fulfillment of all the undertakings, covenants, terms, conditions and agreements contained in the contract?

Options:

A.

Liability insurance

B.

Performance bond

C.

Bid bond

D.

Surety bond

Expert Solution
Questions # 9:

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 correct?

Options:

A.

The graph of a normal curve is bell-shaped and is symmetrical about the standard deviation.

B.

The graph of a normal curve is bell-shaped and is symmetrical about the variance.

C.

Some graphic methods for describing quantitative data ate histograms and frequency distribution.

D.

Some graphic methods for describing qualitative data are histograms and frequency distribution.

Expert Solution
Questions # 10:

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?

Options:

A.

$15,937

B.

$15,397

C.

$16,380

D.

$13,168

Expert Solution
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