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CPCM Management 1 Exam Questions with Answers
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CPCM Management 1 Exam Questions with Answers Financial analysis - Answer-An assessment of the viability, stability, and profitability of a business Gross profit - Answer-Subtotal of total revenue made during an accounting period, minus any returns or discounts and the costs of goods sold, befo...

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  • August 3, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • cpcm
  • cpcm management 1 exam
  • financial analysis
  • cpcm management 1 exam questions with answers

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CPCM Management 1 Exam Questions
with Answers

Financial analysis - Answer-An assessment of the viability, stability, and profitability of a
business

Gross profit - Answer-Subtotal of total revenue made during an accounting period,
minus any returns or discounts and the costs of goods sold, before deducting operating
expenses

Income statement - Answer-A report that shows how much revenue a company earned
over a specific time period, and the costs and expenses associated with earning that
revenue

Information science - Answer-The field concerned with collecting, organizing, storing,
retrieving, and protecting recorded data

Intangible assets - Answer-Assets whose value comes from a legal claim or additional
earning power from a business transaction, such as goodwill, patents, or trademarks

Job-order cost system - Answer-An accounting system under which the company
accounts for output by identifying specific physical units; the costs for each job or
contract are accumulated under separate job orders

Latency - Answer-The delay between when a cost is incurred and when that cost
appears in the accounting system

Liability - Answer-An amount of money owed by a company to another; may require a
specific sum of money paid to a particular party at a specified time, or may be indefinite

Long-term - Answer-Long-term assets are assets that a business cannot easily turn into
cash and that are not used within one year; long-term liabilities are liabilities that will
mature over one year from the balance sheet date

Monopoly - Answer-A type of competition that exists when there is only one company in
the marketplace and it has no competitors


Accounting - Answer-The way an organization collects- organizes- and records financial
information for making management decisions; the way to report a company's
transactions and to maintain accountability for its assets and liabilities

, Accounting system - Answer-A formal communications network that supplies relevant
information for planning- control- decision-making- and evaluation,

Acid test ratio - Answer-The ratio determining how well the company's current liabilities
can be satisfied by its current assets less inventory,

Activity-based costing system - Answer-An accounting system focused on a production
cycle and based on the principles that an output needs activities to produce it and that
those activities use certain resources; assigns costs through cost drivers that the
activities use to create the outputs,

Administrative lead time - Answer-A measurement used by some organizations of how
long it takes to award a contract- starting when a procurement request is received and
ending when the contract is awarded,

Generally Accepted Accounting Principles (GAAP) - Answer-A set of uniform accounting
rules for assigning and measuring contract data to accurately represent an
organization's financial condition; nonregulatory guidance developed and used by
certified public accountants

Asset - Answer-Something a company owns that has value and that can be sold or
used by the company to make products or provide services that can be sold,

Balance sheet - Answer-Provides detailed information about a company's assets-
liabilities- and shareholder equity,

Bottom line - Answer-A company's total earnings or losses over a specific time period-
after accounting for costs and expenses; also called net income,

Burn rate - Answer-An average of the estimated costs per month- often based on
staffing estimates- used for estimating funding requirements,

Cash flow statement - Answer-A statement reporting a company's inflow and outflow of
cash; generally includes operating activities- investing activities- and financing activities,

Competition - Answer-The effort or action of two or more commercial companies to
obtain the same business from a third party

Contingency planning - Answer-Involves "what if?" analysis to look at various situations
if certain environmental or economic conditions change

Controlling - Answer-Monitoring and evaluating how well the team and organizational
objectives are pursued and accomplished

Current - Answer-Current assets are assets which can be converted into cash within
one year; current liabilities are obligations that a business must pay within one year

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