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CCIFP FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
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CCIFP FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
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Name: Score:271 Multiple choice questions
Definition 1 of 271
establish fairness, competitive pay, directs work activity, controls payroll costs, complies with laws
and regulations, achieves efficiency
seven methods of cost reduction
four principles of performance management
six objectives of a base pay program
five strategies for employee engagement
Definition 2 of 271
performance obligation and payemnts to underlying contractors for labor and materials provided
main characteristic of a LAN
IRS twenty factor test relates to
ASC 605 recommends that back charges be recorded:
third party corporate guarantee is for the
Term 3 of 271
retention on subcontractor payables is required to be
net income/total net worth (total stockholders' equity)
course of performance, course of dealing, usage of trade
facts and circumstances known at the end of the contract year
disclosed because it may not be paid out soon
,Definition 4 of 271
the premiums are determined by the type of construction involved and by the amount of the
contract
what is an earnings credit
Section 179 cannot be used to
sliding scale bond means that
the PCM assumes that both parties
Definition 5 of 271
anything that triggers consumption of resources
ISO stands for
return on equity formula
a cost driver is
claims are amounts
Term 6 of 271
working capital turnover
all of the costs are absorbed by the units produced
gross revenue / (current assets - current liabilities)
revenue; contract costs
hierarchical and relational (more preferable type)
,Term 7 of 271
bid bonds are used when a project is
surety
identify and analyze potential risk exposures
any liability assumed, pollution, property damage, professional liability
bid
Term 8 of 271
types of guarantees
premium is computed at the beginning of the policy
any liability assumed, pollution, property damage, professional liability
fixed price/lump sum, time and material, cost-type, unit price
unlimited, joint and several, limited or proportionate, time
Definition 9 of 271
Insurance Services Office
performance bond
S Corps are limited to
ISO stands for
indemnification clauses
, Term 10 of 271
for cost rating plans, what techniques are utilized to reduce costs and manage cash flow
increasing deductibles, eliminating coverage, and reducing limits
charging higher premiums for all policyholders
adding more coverage options to the policy
premium discounts, small deductibles, dividend plans, premium payment plans
Definition 11 of 271
where billing is accelerated-can be by front-loading or project is farther along than PCM
calculation
billings in excess represents
percentage of completion method requirements
components of wage structure
types of construction insurance
Definition 12 of 271
difference between low bidder and second bidder up to penal sum
characteristics of bid bonds
types of guarantees
components of monitoring profitability
exposure of bid bonds
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