CCIFP FINAL EXAM AND PRACTICE NEWEST
ACTUAL EXAM WITH COMPLETE
QUESTIONS AND DETAILED ANSWERS
GRADED A | BRAND NEW!!!
How can you acquire a contract and which is most popular? -
✔✔✔ Correct Answer > Negotiated Contracts, Competitive Bid
(most common)
The law requires _____ bidding for public work. - ✔✔✔ Correct
Answer > Competitive
There are two types of bid processes? - ✔✔✔ Correct Answer >
Open or Closed
How is income recognized? - ✔✔✔ Correct Answer >
Completed contracts or percentage of completion
How do you calculate percent complete - ✔✔✔ Correct Answer
> Divide the cost incurred to date by estimated total cost
,The income calculated can differ from GAAP for a number of
reasons - ✔✔✔ Correct Answer > Method of calculating,
treatment of loss contracts, and types of cost included in calc.
What does a look back return determine? - ✔✔✔ Correct
Answer > Calculates actual profit at completion to determine if
income was over or under reported in prior years
Fixed Price Contract - ✔✔✔ Correct Answer > AKA - lump sum.
Contract is performed for a fixed dollar amount. Reduces
owner's risk. Contractor is subject to performance and
productivity risk.
How can an owner gain protection against nonperformance of a
contract? - ✔✔✔ Correct Answer > Payment and performance
bonds
What is retention? - ✔✔✔ Correct Answer > Percentage that
the owner withholds from the billing to incentive the contractor
to complete the contract. Paid to the contractor at completion
,What is front end loading? - ✔✔✔ Correct 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? - ✔✔✔ Correct 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? - ✔✔✔
Correct Answer > When estimates are impossible due to sit
conditions. common in renovations
What is a Cost-Plus-Fee with a Guaranteed Max? - ✔✔✔
Correct 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 - ✔✔✔ Correct Answer >
Cost-Plus-Fee w/ a guaranteed maximum
, What is a Unit Price Contract? - ✔✔✔ Correct Answer > The
owners pays the contractor a set amount for each unit of work.
This is common in Hwy and Utility construction.
Who bears the majority of the risk in a Unit Price Contract? -
✔✔✔ Correct Answer > The contractor bears the risk of
properly pricing units.
What is the legal definition of a contract? What is the IRS
definition? - ✔✔✔ Correct Answer > An agreement between 2
parties that is legally binding & enforceable under applicable
law.
Strategic planning must consider external factors. These factors
change rapidly and are outside the contractor control. - ✔✔✔
Correct Answer > 1. Political
2. Regulatory
3. Market Outlook
4. Social
5. Technology
6. Economic
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseTony. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.49. You're not tied to anything after your purchase.
