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The Certified Cost Professional (CCP) exam offered by AACE International is a highly respected certification program that validates a professional's knowledge and expertise in the field of cost engineering. Certified Cost Professional (CCP) Exam certification is globally recognized and demonstrates a professional's ability to effectively manage and control project costs while maintaining their schedule and quality requirements. AACE International, the professional organization responsible for administering the CCP exam, has been providing cost engineering certifications for over 60 years, and the CCP is one of their most highly regarded programs.
AACE International CCP certification exam is a vital credential in the construction, engineering, and project management fields. Certified Cost Professional (CCP) Exam certification signifies that an individual has the necessary knowledge and expertise in cost engineering concepts, and professionals who have acquired this certification are highly sought after. The CCP certification exam is an opportunity for professionals to attain advanced learning in cost control and management, and earning the credential is an excellent way to advance their careers.
NEW QUESTION # 40
A bond that guarantees the bidder will enter into a contract on the basis of his/her bid is referred to as:
- A. Surety bond
- B. Liability bond
- C. Performance bond
- D. Bid bond
Answer: D
NEW QUESTION # 41
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.
Cost engineers who feel completely satisfied and fulfilled by their work as part of a project team are said to have reached the ______________ stage of Maslow's hierarchy of needs.
- A. Esteem
- B. Self-actualizations
- C. Belonging needs
- D. Need satisfaction
Answer: B
NEW QUESTION # 42
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 is NOT an advantage of the critical path method:
- A. The ability to identify activities that cannot have their schedules slip if the desired project end date is to be achieved
- B. The ability to show slippage in the progress of key activities
- C. Reveals activities that additional resources need to be dedicated toward
- D. The ability to determine cost overruns of critical path activities
Answer: D
NEW QUESTION # 43
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
The following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Present worth calculations is represented by which of the following equations?
- A. Option C
- B. Option B
- C. Option A
- D. Option D
Answer: D
NEW QUESTION # 44
Which of the following is NOT an aspect of quality management?
- A. Quality checking
- B. Quality control
- C. Quality planning
- D. Quality assurance
Answer: A
NEW QUESTION # 45 
The following question requires your selection of CCC/CCE Scenario 6 (2.7.50.1.3) from the right side of your split screen., using the drop down menu, to reference during your response/choice of responses.
Calculate the weighted average unit cost.
- A. $46.13
- B. $47.63
- C. $48.35
- D. $48.09
Answer: C
NEW QUESTION # 46
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
If $100,000 is needed to purchase a piece of equipment 3 years from now, how much money needs to be invested today assuming a 10% rate of return (rounded to the nearest thousand)?
- A. $78,000
- B. $82,000
- C. $70,000
- D. $75,000
Answer: D
NEW QUESTION # 47
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
How many years will it take to earn $400 in interest on $800 at 4% compounded annually?
- A. 11 years
- B. 13 years
- C. 12 years
- D. 10 years
Answer: D
NEW QUESTION # 48
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?
- A. Surety bond
- B. Performance bond
- C. Bid bond
- D. Liability insurance
Answer: B
NEW QUESTION # 49
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.
Why is a +/- notation necessary when developing an estimate?
- A. It makes up for the lack of time to develop a real estimate
- B. It is a government requirement
- C. Contingency cushion
- D. There are unknowns that affect the final cost of a project
Answer: D
NEW QUESTION # 50
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.
What information is needed to develop a Class 2 definitive estimate?
- A. Vendor quotes, home office detailed estimate, preliminary quantities with labor, material, and factors applied
- B. Soil data, detailed construction drawings, quantity takeoffs, minimum contingency detailed indirect costs, detailed engineering estimates
- C. Square footage of facilities, factored indirects and home office costs
- D. Preliminary quantities with labor, material, and factors applied, square footage of facilities, minimum contingency detailed indirect costs
Answer: B
NEW QUESTION # 51
The four steps to writing are:
- A. Introduction, paragraph, conclusion, works cited
- B. Start, write, complete, revise
- C. Abstract, body conclusion, bibliography
- D. Plan, write, cool, revise
Answer: D
NEW QUESTION # 52
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
Which of the following would NOT be considered part of a project cost and schedule forecast?
- A. Changes to the project execution plan
- B. Usage of contingency
- C. Peripherals report
- D. Current trends of time and money
Answer: C
NEW QUESTION # 53
What do you call a person authorized to represent another (the principal) in some capacity? He/she can only act within this capacity or "scope of authority" to bind the principal.
- A. Engineer
- B. Alternate
- C. Project Manager
- D. Agent
Answer: D
NEW QUESTION # 54
AACE International defines _____________as a technique of economic evaluation that sums over a given study period, the costs of initial investment, replacements, operations, and maintenance/repair; expressed in either present or annual value terms.
- A. Life cycle costs method (LCC)
- B. Net present worth method
- C. Benefit/Cost ratio (B/C) method
- D. Risk analysis
Answer: A
NEW QUESTION # 55
Which of the following is NOT a type of float?
- A. Free
- B. Open end
- C. Total
- D. Negative
Answer: B
NEW QUESTION # 56
What is a basic element of work or a task that must be performed over a given period of time in order to complete a project called?
- A. Activity
- B. Commodity
- C. Resource
- D. WBS element
Answer: A
NEW QUESTION # 57
A contract clause that provides the owner with the right to terminate the contract irrespective of the general contractor's liability is:
- A. Substantial completion
- B. Termination of contract - default
- C. Breach of contract
- D. Termination of contract - convenience
Answer: D
NEW QUESTION # 58
Productivity increases with time. This improvement is commonly associated with improvements in efficiency brought about by increased experience and skill levels. What does this scenario describe?
- A. Value engineering
- B. Cash flow
- C. The learning curve
- D. Productivity efficiency factor
Answer: C
NEW QUESTION # 59
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
Which of the following interest rates disregards the effects of compounding periods that occur more frequent than annually?
- A. Continuous compounding rate
- B. Nominal interest rate
- C. Simple interest rate
- D. Minimum attractive rate of return
Answer: B
NEW QUESTION # 60 
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.
A reason for using a Construction Manager type agreement is:
- A. To better coordinate contractors
- B. Coordinate the owner and engineer as in Type A
- C. To better coordinate contractors and subcontractors as in Type B
- D. To better coordinate subcontractors
Answer: B
NEW QUESTION # 61
The goal of listening is to:
- A. Improve communication
- B. Find out what is going on
- C. Analyze what the speaker is saying
- D. Have time to formulate your thoughts on the subject
Answer: A
NEW QUESTION # 62
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
The following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
All of the following are included in "income tax" calculations except:
- A. Depreciation
- B. Initial cost of investment
- C. Annual income
- D. Annual expenditures
Answer: B
NEW QUESTION # 63
Budgeted cost of work scheduled is all of the following except:
- A. Total costs incurred in accomplishing work in a given-time period
- B. Baseline for performance measurement
- C. Includes portion of the budget for level-of-effort work
- D. Sum of the budgets for work scheduled
Answer: C
NEW QUESTION # 64
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