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AACE CCT Primer Test Questions and 100% Correct Verified Answers
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AACE CCT Primer Test Questionsand 100% Correct Verified Answers
Material Types - Answer Raw, Bulk, Fabricated, Engineered, Consumables
Materials - Raw - Answer Raw materials are those materials used in a production or
fabrication process that require a minimum amount of processing to be useful [S&K 5th
Ed., 3.2].
Materials - Bulk - Answer Material bought in lots. These items can be purchased from
a standard catalog description and are bought in quantity for distribution as required.
Examples are pipe, conduit, fittings and wire [RP 10S-90].
Materials - Fabricated - Answer Fabricated materials are bulk materials transformed
into custom-fit items for a particular product or project [S&K 5th Ed., 3.3].
Materials - Engineered or Designed - Answer Engineered or designed materials
constitute a category requiring substantial working in order to attain their final form.
Design or engineered materials are also based on shop drawings [S&K 5th Ed., 3.3].
Materials - Consumables - Answer Supplies and materials used up during
construction. Includes utilities, fuels and lubricants, welding supplies, worker's
supplies, medical supplies, etc.
Items that can affect purchase cost of materials - Answer a. market pricing (pre-
negotiated vs. competitively bid, etc.)
b. order quantity
,c. taxes and duties
d. carrying charges
e. cancellation charges
f. demurrage
g. hazardous material regulations
h. warranties, maintenance and service
The sum of the practices and processes that an enterprise uses to manage the total
life cycle cost investment in its portfolio of strategic assets is called _________ -
Answer Total Cost Management
______ is the application of scientific principles and techniques to problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling - Answer Cost Engineering
_______ Is the value of an activity or asset. Generally, this value is determined by the
cost of the resources that are expended to complete the activity or produce the asset.
An example would be the facilities needed to produce an activity or asset, which
would include the tooling, electricity, taxes, and maintenance, etc., necessary to keep
the facility available for use. Other costs might be office supplies, communication
costs, travel costs, and security costs - Answer Cost
Any consumable, except time, required to accomplish an activity are considered
_______. From a total cost and asset management perspective, _______ may include
any real or potential investment in strategic assets including time, monetary,
human, and physical. - Answer Resources, Resources
,A resource becomes a cost when it is ______ or consumed in an _____or project -
Answer invested, project
Material, labor, and "other" are categories of _________. - Answer Resources
The product lifecycle is the complete history of a product through its ______, definition,
production, operation, and obsolescence /______ phases. - Answer concept, disposal
The distinction between product life cycle and project life cycle is that the latter
does not include the ______ and ______. - Answer operation, disposal
___________ is the systematic numeric method of classifying various categories of costs
for accounting purposes - Answer Code of Accounts
______ is used used in situations where each job is different and is performed to the
customer's specifications. ______ involves keeping an account of direct costs (labor,
machine time, raw materials) and indirect costs (overheads) - Answer Job Costing,
Job Costing
A process is a sequence or independent & linked procedures which ___________ to
convert inputs into outputs. These outputs then serve as inputs for the next stage until
a known goal or end result is reached - Answer consume resources
A _____ is a good, idea, method, information, object, service, etc, that is the end result
of a process & serves as a need or want satisfierProduct - Answer Product
, Product manufactured along with a different product, in a process in which both are
required in the production of another product are considered _____ - Answer Co-
products
A key feature of a ____ is that it has low value in comparison with the principal
product(s) & may be discarded or sold - Answer by-product
Types of Manufacturing Operations include _____, ______ run and _____ shop - Answer
Process, Batch, Job
This manufacturing operation runs almost continuously making the same thing.
Examples are refining and chemical plants, and very long run assembly operations.
- Answer Process
A ______ characterized by setting up for one product, producing a set quantity of
product, and then shutting down to change over to producing another product.
- Answer Batch Run
A _______ Similar to a batch run operation, except that you only produce 1 of the item.
Each job results in a customized product. Examples are metal fabrication,
prototype, fabrication. - Answer job shop
Roles such as executive/senior management, legal, HR, business development, etc. These
roles are the farthest removed from the actual production of discrete product at the
various facilities. They are shared across many production locations and considered
______. - Answer overhead
______ are field/plant support personnel, located at the site. These resources help the
operation run smoothly. These are people like local payroll, facility maintenance, site
project controls, site senior (office-based) supervisors and management who are
shared across the various products the particular location produces. - Answer Indirects
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