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CCIFP Exam Questions
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CCIFP Exam Questions
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CCIFP Exam Questions & Answers | 100% CorrectAnswers | Verified | Latest 2024 Version
What is the legal definition of a contract? What is the IRS definition? - ANSWER An
agreement between 2 parties that is legally binding & enforceable under applicable
law.
Strategic planning must consider external factors. These factors change rapidly and
are outside the contractor control. - ANSWER 1. Political
2. Regulatory
3. Market Outlook
4. Social
5. Technology
6. Economic
Strategic planning must consider internal factors. These factors the contractor can
control. - ANSWER 1. Culture, related to financial discipline, risk tolerance, growth,
and change
2. Life cycle stage
3. Comprehensive marketing strategy
4. Core competencies
5. Talent acquisition and retention programs
6. Commitment to technology
Major cause of contractor failure is - ANSWER The failure to plan and set specific
objectives
Strategic Planning - ANSWER A logical and systematic process by which a
contractor determines the strategic direction for the contractor's future
Strategic Planning - ANSWER Requires knowledge of the risks inherent in the
construction industry and of available new business opportunities
Strategic Planning Process encourages - ANSWER 1. Assessment of your
company's current condition
2. Examination of current business model and the way you would like to do business
in future
3. Development of new future operating methods in estimating, preconstruction,
marketing and sales
4. Commitment to set strategic goals and plans to meet them
5. Creation of momentum necessary to start and carry out the implementation of
strategic plan
What are the 2 coverage triggers for CGL? - ANSWER 1. Occurrence Trigger -
Whatever policy in place a the time of the claim happening is policy used.
2. Claims Trigger - (Not used much) Made trigger policy in place, Policy extended
, What is the legal definition of a contract? What is the IRS's definition of a contract? -
ANSWER An agreement between two parties that is legally binding & enforceable
under applicable law
What is RAID? - ANSWER Redundant array of Independent (or inexpensive) disks.
- Data spread out over several disks, users access simultaneously.
- Normally used by servers in multi-user environments
What is the disclosure on the balance sheet for anticipated losses on contracts? -
ANSWER Estimated liability to complete contracts
What is the IRS's definition of a "Home Construction Contract"? - ANSWER
Contracts if 80% of the total contract costs are:
1) Dwelling units, 4 of fewer
2) Improvements directly related to such dwelling units
3) Excluded from IRC 460 - Special rules from long term contracts
What is LAN? - ANSWER Local Area Network
What is the difference between cloud computing & virtual environments? - ANSWER
- Cloud computing allows access to data through a browser
- Virtual environment allows remote access to data, but access software require on
computer to access
What is the "look-Back" requirement? - ANSWER Taxpayer using percentage of
completion must redetermined contract profit in year of completion and difference
reported in periods are subject to interest charge or refund.
What are the 4 types of contracts? - ANSWER 1) Fixed price or lump sum
2) Time & Material
3) Cost-type contracts
4) Unit Price
What is a fixed price or lump sum contract? - ANSWER The price is not usually
subject to adjustment
What is a time & material type contract? - ANSWER The price is based on direct
labor hours and cost of materials
What is a cost-type contract? - ANSWER Provides for reimbursed of allowable or
other defined costs incurred plus fee. Can also include a gross max (GMP)
What is a unit price type contract? - ANSWER Contractor pays a specific amount
per unit, variable is the number of units
What are 2 accepted methods of accounting - reporting? - ANSWER 1) POC -
Percentage of Completion Method
2) CCM - Completed Contract Method
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