Exam (elaborations)
CCIFP FINAL EXAM ACTUAL EXAM
- Course
- Institution
- Book
CCIFP FINAL EXAM ACTUAL EXAM
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
charitywairimuuu
Reviews received
Content preview
CCIFP FINAL EXAM ACTUAL EXAM AND PRACTICEQUESTIONS EXAM COMPLETE 200 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
What is the legal definition of a contract? What is the IRS definition? - 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. - ANSWER: 1. Political
2. Regulatory
3. Market Outlook
4. Social
5. Technology
6. Economic
Strategic planning must consider internal factors. These factors the contractor can
control. - ANSWER: 1. Culture, related to financial discipline, risk tolerance, growth,
and change
2. Life cycle stage
3. Comprehensive marketing strategy
4. Core competencies
5. Talent acquisition and retention programs
6. Commitment to technology
Major cause of contractor failure is - ANSWER: The failure to plan and set specific
objectives
Strategic Planning - ANSWER: A logical and systematic process by which a contractor
determines the strategic direction for the contractor's future
Strategic Planning - ANSWER: Requires knowledge of the risks inherent in the
construction industry and of available new business opportunities
Strategic Planning Process encourages - ANSWER: 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 estimating, preconstruction,
marketing and sales
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
, What are the 2 coverage triggers for CGL? - ANSWER: 1. Occurrence Trigger -
Whatever policy in place a the time of the claim happening is policy used.
2. Claims Trigger - (Not used much) Made trigger policy in place, Policy extended
What is the legal definition of a contract? What is the IRS's definition of a contract? -
ANSWER: An agreement between two parties that is legally binding & enforceable
under applicable law
What is RAID? - ANSWER: Redundant array of Independent (or inexpensive) disks.
- Data spread out over several disks, users access simultaneously.
- Normally used by servers in multi-user environments
What is the disclosure on the balance sheet for anticipated losses on contracts? -
ANSWER: Estimated liability to complete contracts
What is the IRS's definition of a "Home Construction Contract"? - ANSWER: Contracts
if 80% of the total contract costs are:
1) Dwelling units, 4 of fewer
2) Improvements directly related to such dwelling units
3) Excluded from IRC 460 - Special rules from long term contracts
What is LAN? - ANSWER: Local Area Network
What is the difference between cloud computing & virtual environments? - ANSWER:
- Cloud computing allows access to data through a browser
- Virtual environment allows remote access to data, but access software require on
computer to access
What is the "look-Back" requirement? - ANSWER: Taxpayer using percentage of
completion must redetermined contract profit in year of completion and difference
reported in periods are subject to interest charge or refund.
What are the 4 types of contracts? - ANSWER: 1) Fixed price or lump sum
2) Time & Material
3) Cost-type contracts
4) Unit Price
What is a fixed price or lump sum contract? - ANSWER: The price is not usually
subject to adjustment
What is a time & material type contract? - ANSWER: The price is based on direct
labor hours and cost of materials
What is a cost-type contract? - ANSWER: Provides for reimbursed of allowable or
other defined costs incurred plus fee. Can also include a gross max (GMP)
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 charitywairimuuu. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now