CCIFP FINAL EXAM NEWEST 2024 ACTUAL EXAM
COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+|
Terms in this set (106)
What is the legal definition An agreement between 2 parties that is legally
of a contract? What is the binding & enforceable under applicable law.
IRS definition?
1. Political
Strategic planning must
2. Regulatory
consider external factors.
3. Market Outlook
These factors change
4. Social
rapidly and are outside
5. Technology
the contractor control.
6. Economic
1. Culture, related to financial discipline, risk tolerance,
growth, and change
Strategic planning must
2. Life cycle stage
consider internal factors.
3. Comprehensive marketing strategy
These factors the
4. Core competencies
contractor can control.
5. Talent acquisition and retention programs
6. Commitment to technology
Major cause of contractor The failure to plan and set specific objectives
failure is
A logical and systematic process by which a
Strategic Planning contractor determines the strategic direction for the
contractor's future
, Requires knowledge of the risks inherent in the
Strategic Planning construction industry and of available new business
opportunities
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
Strategic Planning Process
estimating, preconstruction, marketing and sales
encourages
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
1. Occurrence Trigger - Whatever policy in place a the
What are the 2 coverage time of the claim happening is policy used.
triggers for CGL? 2. Claims Trigger - (Not used much) Made trigger
policy in place, Policy extended
What is the legal definition An agreement between two parties that is legally
of a contract? What is the binding & enforceable under applicable law
IRS's definition of a
contract?
Redundant array of Independent (or inexpensive)
disks.
What is RAID? - Data spread out over several disks, users access
simultaneously.
- Normally used by servers in multi-user environments
What is the disclosure on Estimated liability to complete contracts
the balance sheet for
anticipated losses on
contracts?
, Contracts if 80% of the total contract costs are:
1) Dwelling units, 4 of fewer
What is the IRS's definition
2) Improvements directly related to such dwelling
of a "Home Construction
units
Contract"?
3) Excluded from IRC 460 - Special rules from long
term contracts
What is LAN? Local Area Network
- Cloud computing allows access to data through a
What is the difference
browser
between cloud computing
- Virtual environment allows remote access to data,
& virtual environments?
but access software require on computer to access
Taxpayer using percentage of completion must
What is the "look-Back" redetermined contract profit in year of completion
requirement? and difference reported in periods are subject to
interest charge or refund.
1) Fixed price or lump sum
What are the 4 types of 2) Time & Material
contracts? 3) Cost-type contracts
4) Unit Price
What is a fixed price or The price is not usually subject to adjustment
lump sum contract?
What is a time & material The price is based on direct labor hours and cost of
type contract? materials
Provides for reimbursed of allowable or other defined
What is a cost-type
costs incurred plus fee. Can also include a gross max
contract?
(GMP)
What is a unit price type Contractor pays a specific amount per unit, variable is
contract? the number of units
What are 2 accepted 1) POC - Percentage of Completion Method
methods of accounting - 2) CCM - Completed Contract Method
reporting?
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