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CCIFP FINAL EXAM ACTUAL EXAM AND PRACTICE QUESTIONS EXAM COMPLETE 200 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$16.99
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CCIFP FINAL EXAM ACTUAL EXAM AND PRACTICE QUESTIONS EXAM COMPLETE 200 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
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Course
CCIFP
Institution
CCIFP
CCIFP FINAL EXAM ACTUAL
EXAM AND PRACTICE QUESTIONS EXAM
COMPLETE 200 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
CCIFP FINAL EXAM 2024-2025 ACTUAL
EXAM AND PRACTICE QUESTIONS EXAM
COMPLETE 200 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
Who bears the majority of the risk in a Unit Price
Contract? - ....ANSWER...The contractor bears the
risk of properly pricing units.
How can you acquire a contract and which is most
popular? - ....ANSWER...Negotiated Contracts,
Competitive Bid (most common)
What is front end loading? - ....ANSWER...Contractor
will strive to allocate the maximum realistic cost to
trades that can be scheduled and completed first.
This can increase cash flows.
What is a cost-Plus-Fee Contract? - ....ANSWER...The
owner agrees to reimburse the contractor for the
,cost incurred and pay the contractor an established
fee. It can be fixed or variable. Owners bears
substantial risk while the contractor bears very little
When is it common to use a cost-plus-fee contract?
- ....ANSWER...When estimates are impossible due to
sit conditions. common in renovations
What is a Cost-Plus-Fee with a Guaranteed Max? -
....ANSWER...Same as the cost-plus-fee except that
the contractor guarantees completion at a total cost
less that or equal to an established amount.
If the contractor completes the contract at less than
maximum, the contract and owner share savings -
....ANSWER...Cost-Plus-Fee w/ a guaranteed
maximum
What is a Unit Price Contract? - ....ANSWER...The
owners pays the contractor a set amount for each
unit of work. This is common in Hwy and Utility
construction.
,IRS definition of a small contractor and what is the
exception - ....ANSWER...1) Contracts completed
within 2 years
2) Average annual gross receipts for preceding 3
years do not exceed 10 million
- Exempted from percentage of completion method
What is the IRS's principal source of legislative
guidance for the construction industry? -
....ANSWER...IRC (Internal Revenue Code) Section
460 - Special rules for long term contracts
What is ABC? - ....ANSWER...Activity Based Costing
1) Links indirect costs to activities
2)Allocates "activity" cost to jobs based on specific
attributes
What is a retrospective rating plan? -
....ANSWER...Premium determined after policy
expired based upon actual loss experience
1) Incurred Loss - Insurer holds loss reserves until
losses incurred
2) Expected Loss - Premium calculated on expected
loss amount
, The law requires _____ bidding for public work. -
....ANSWER...Competitive
There are two types of bid processes? -
....ANSWER...Open or Closed
How is income recognized? - ....ANSWER...Completed
contracts or percentage of completion
How do you calculate percent complete -
....ANSWER...Divide the cost incurred to date by
estimated total cost
The income calculated can differ from GAAP for a
number of reasons - ....ANSWER...Method of
calculating, treatment of loss contracts, and types of
cost included in calc.
What does a look back return determine? -
....ANSWER...Calculates actual profit at completion to
determine if income was over or under reported in
prior years
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