CCIFP EXAM WITH QUESTIONS AND WELL DETAILED AND VERIFIED ANSWERS | GRADED A+ | LATEST EXAM VERSION | GUARANTEED PASS
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Course
CCIFP
Institution
CCIFP
CCIFP EXAM WITH QUESTIONS AND WELL
DETAILED AND VERIFIED ANSWERS | GRADED
A+ | LATEST EXAM VERSION | GUARANTEED
PASS
What are the 4 requirements to using the percentage of completion method? -
ANSWER-1) Reliable estimates
2) Clearly specified conditions in a contract
3) ...
CCIFP EXAM WITH QUESTIONS AND WELL-
DETAILED AND VERIFIED ANSWERS | GRADED
A+ | LATEST EXAM VERSION | GUARANTEED
PASS
What are the 4 requirements to using the percentage of completion method? -
ANSWER-1) Reliable estimates
2) Clearly specified conditions in a contract
3) Reasonable expectations for performance
4) Risk should not exceed those normally encountered
What are guaranteed cost rating plans? What techniques can be used to reduce
costs to enhance cash flow? - ANSWER-Contractors premium is computed at the
beginning of policy
1) Premium discounts - graduated percent reduction based on premium level
2) Small deductibles
3) Dividend plans - return of premium after expiration
4) Premium payment plans
,What are performance bonds? - ANSWER-They guarantee that the contractor will
perform to the terms and conditions of the contract and project will be built per the
plans and specifications
What is benchmarking? - ANSWER-Process of measuring actual results against a
predetermined standard or target
What are 2 types of wrap-up plans? - ANSWER-1) Owner controlled insurance
program (OCIP)
2) Contractor controlled insurance program (CCIP)
- Procurement by one party of policies protecting owner and contractors involved
What are the 4 steps to implementing ABC (Activity Based Costing)? - ANSWER-
1) Understand the process to be costed
2) Identify activities within the process
3) Trace cost to activities using an activity survey or through payroll codes
4) Link cost drivers to cost objects
What is the Cost to Cost method of percentage of completion? What should be
excluded from the calculation? - ANSWER-Step 1 - Costs to date / total estimated
cost = percent complete
Step 2 - percent complete x anticipated profit = amount earned to date
Excluded from this calculation is stored materials and uninstalled materials
What are the four risk management techniques? - ANSWER-1) Avoidance - Avoid
risks associated with a particular operation or situation
2) Retention - Assumption of risk by contractors (needs budgeting)
3) Safety & loss control
, 4) Risk transfer -
a) Contractually - transfer risk from owner to general contractor to sun contractor
b) Insurance - liability, builders’ risk, purchased after all possible risks are
transferred
What are 5 options for CF plans and self-insured? - ANSWER-1) Safety groups -
usually trade associations and use dividend plan
2) Group and risk pools - not-for-profits organized to cover contractors
3) Large deductible - generally over $100,000 best to reduce costs
4) Self-insurance - contractor retains all risk
5) Captive insurance companies - subsidiaries owned by organization & primarily
established to insure losses from owner
What are the 3 major principles used by the law for contract interpretation?
Describe each. - ANSWER-1) Course of performance - interpretation of a
provision before controversy arises
2) Course of dealing - interpretation of particular contract provision by evaluating
same in previous contracts between parties
3) Usage of trade - way particular trade/industry deals with disputed language
What are 3 types of contract revenue issues of reporting? - ANSWER-1)
Management contracts - contractors only manages and doesn't have risk or reward
of own project
2) Owner - furnished materials
3) Incentive and penalty provisions - contracts contingent on performance
What is WAN? - ANSWER-Wide area network - connects a remote office to main
network
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