CCIFP FINAL EXAM NEWEST 2024
ACTUAL EXAM COMPLETE 250
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED 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 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.
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