Pass AACE International CCP Exam With Practice Test Questions Dumps Bundle
2024 Valid CCP test answers & AACE International Exam PDF
NEW QUESTION # 59
What is a basic element of work or a task that must be performed over a given period of time in order to complete a project called?
- A. Activity
- B. Resource
- C. Commodity
- D. WBS element
Answer: A
Explanation:
An activity is a fundamental unit of work that must be performed over a specific period to complete a project. In project management, activities are the individual tasks or components that make up the project's work breakdown structure (WBS). Each activity is defined by its duration, required resources, and dependencies on other activities.
Activities are the building blocks of a project schedule, and understanding them is crucial for effective project planning, scheduling, and execution. By breaking down a project into activities, project managers can better estimate time and resources, monitor progress, and make adjustments as necessary to keep the project on track.
NEW QUESTION # 60
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
According to Maslow's hierarchy of needs, giving the employees an award that acknowledges their achievements is most likely to satisfy which level of need?
- A. Safety needs
- B. Self-actualization
- C. Power needs
- D. Belonging needs
Answer: B
NEW QUESTION # 61
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
Profits that could not be formally recognized during a specific financial accounting period because the goods and services did not satisfy all the customer's requirements are:
- A. Marginal profits
- B. Incurred profits
- C. Lost profits
- D. Postponed profits
Answer: D
NEW QUESTION # 62
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The following question requires your selection of CCC/CCE Scenario 26 (2.5.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
What information is needed to develop a Class 2 definitive estimate?
- A. Preliminary quantities with labor, material, and factors applied, square footage of facilities, minimum contingency detailed indirect costs
- B. Square footage of facilities, factored indirects and home office costs
- C. Vendor quotes, home office detailed estimate, preliminary quantities with labor, material, and factors applied
- D. Soil data, detailed construction drawings, quantity takeoffs, minimum contingency detailed indirect costs, detailed engineering estimates
Answer: D
NEW QUESTION # 63
The following question requires your selection of CCC/CCE Scenario 2 (2.3.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
The entire pipe has been received, hangers have been installed, and all pipes are in place. None has been welded or flushed. What percent complete is this project?
- A. 45%
- B. 50%
- C. 30%
- D. 95%
Answer: A
Explanation:
Based on the scenario where the entire pipe has been received, hangers have been installed, and all pipes are in place but none have been welded or flushed:
Pipe received: 5%
Hangers installed: 10%
Pipe in place: 30%
Adding these together gives a total percentage complete of 45% for the project. The other stages, such as welding (50%) and flushing (5%), have not yet been completed, so they are not included in the current percentage of completion.
NEW QUESTION # 64
An American company plans to acquire a new press machine from a Dutch manufacturer under the following conditions. One question remaining to be answered is the expected amount of capital recovery when salvage is accounted for.
The following question requires your selection of Scenario 1.4.15Q from the right side of your split screen. using the drop down menu, to reference during your response/choice of responses What is the amount of capital recovery with salvage?
- A. $10,765.00
- B. $9,876.00
- C. $4,124.00
- D. $11,499.00
Answer: A
Explanation:
To determine the capital recovery amount with salvage, use the formula that combines both depreciation and interest over the asset's life:
Capital Recovery=Depreciation+Equivalent Interest-Salvage Value\text{Capital Recovery} = \text{Depreciation} + \text{Equivalent Interest} - \text{Salvage Value}Capital Recovery=Depreciation+Equivalent Interest-Salvage Value Given the values:
Initial Cost: €32,690
Salvage Value: $5,000 (converted to Euros using the exchange rate)
Depreciation and interest over the specified period
The exact formula applied gives a value close to D. $10,765.00, making it the correct answer.
NEW QUESTION # 65 
The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Given a unit price contract between the owner and contractor, each assumes the following:
- A. Bid unit rate, owner quantities can exceed estimate range Contractor can perform above
- B. Contractor can perform at or below bid unit rate, owner quantities are within estimate range
- C. Contractor can perform at or below bid unit rate, owner quantities can exceed estimate range
- D. Bid unit rate, owner quantities are within estimate range
Answer: B
NEW QUESTION # 66
An American company plans to acquire a new press machine from a Dutch manufacturer under the following conditions. One question remaining to be answered is the expected amount of capital recovery when salvage is accounted for.
The following question requires your selection el Scenario 1.4.150 from the right side of your split screen. using the drop down menu to reference during your response/choice of responses.
Based on your analysis, should the press be purchased?
- A. Yes
- B. CR is not a factor in this decision
- C. No
- D. Not enough data to determine
Answer: A
Explanation:
Based on the capital recovery analysis and considering the salvage value and the cost of capital, if the calculated capital recovery value is favorable and meets the investment criteria, the correct conclusion is that the press should be purchased. Thus, the correct answer is D. Yes.
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NEW QUESTION # 67
In order to withdraw $400 at the end of each year for seven years, what amount should be deposited at 6.0% interest to leave nothing in the fund at the end of seven years?
- A. $2,233
- B. $2,968
- C. $3,357
- D. $2,483
Answer: A
NEW QUESTION # 68
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
Which of the following would NOT be considered part of a project cost and schedule forecast?
- A. Current trends of time and money
- B. Usage of contingency
- C. Changes to the project execution plan
- D. Peripherals report
Answer: D
NEW QUESTION # 69
The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
A reason for using a Construction Manager type agreement is:
- A. To better coordinate subcontractors
- B. Coordinate the owner and engineer as in Type A
- C. To better coordinate contractors
- D. To better coordinate contractors and subcontractors as in Type B
Answer: B
NEW QUESTION # 70
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
In Rensis1 4 model system, the exploitative-authoritative management style is one in which:
- A. Management has a lot of confidence in the employees
- B. Informal organizations generally support the goals of the formal organization
- C. Management issues orders, but employees have some freedom to comment
- D. Management makes most decisions and passes them down
Answer: D
Explanation:
In Rensis Likert's management system model, the exploitative-authoritative management style is characterized by a highly centralized decision-making process where management makes most decisions and passes them down to subordinates with little or no input from employees. This style typically involves strict control and limited trust in the workforce, often leading to low employee morale and motivation.
NEW QUESTION # 71
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
How much money should be set aside today to have $20,000 available eight (8) years from now if the interest rate is 6% compounded annually?
- A. $12,550
- B. $13,515
- C. $31,875
- D. $29,600
Answer: A
NEW QUESTION # 72
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
You are reporting on a roadway project, which was estimated to be 10 miles of road. It was scheduled to be completed in 16 weeks, which is this week. According to your calculations, the project has a schedule performance index of 0.80. What would you advise the management about the scheduled completion date?
- A. Project will be completed in 4 more weeks
- B. Project will be completed in 12.8 more weeks
- C. Project will be completed this week - on schedule
- D. Project will be completed in 20 more weeks
Answer: A
Explanation:
The Schedule Performance Index (SPI) is a measure of schedule efficiency and is calculated as:
SPI=Earned Value (EV)Planned Value (PV)\text{SPI} = \frac{\text{Earned Value (EV)}}{\text{Planned Value (PV)}}SPI=Planned Value (PV)Earned Value (EV) An SPI of 0.80 indicates that the project is progressing at 80% of the planned rate. To find the total time needed to complete the project:
Adjusted Schedule Duration=Original DurationSPI=16 weeks0.80=20 weeks\text{Adjusted Schedule Duration} = \frac{\text{Original Duration}}{\text{SPI}} = \frac{16 \text{ weeks}}{0.80} = 20 \text{ weeks}Adjusted Schedule Duration=SPIOriginal Duration=0.8016 weeks=20 weeks Since 16 weeks have already passed, the project will require 4 more weeks to complete. Hence, the correct answer is C. Project will be completed in 4 more weeks.
NEW QUESTION # 73
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
If $100,000 is needed to purchase a piece of equipment 3 years from now, how much money needs to be invested today assuming a 10% rate of return (rounded to the nearest thousand)?
- A. $75,000
- B. $70,000
- C. $78,000
- D. $82,000
Answer: A
NEW QUESTION # 74
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The following question requires your selection of CCC/CCE Scenario 26 (2.5.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Which statement best describes the type of information available for a design phase estimate?
- A. Utility requirements, detailed building plans and (- specifications, types of rides and exhibits identified, all vendor quotes or estimates received from subcontractors
- B. Square footage of buildings, factored indirects, types of rides and exhibits identified, utility requirements, conceptual layouts
- C. Detailed construction drawings, quantity takeoffs, detailed labor hours and material costs applied, quotes from all major subcontractors
- D. Home office detail, specific vendor quotes, preliminary quantities with labor and material factors applied
Answer: A
NEW QUESTION # 75
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The following question requires your selection of CCC/CCE Scenario 26 (2.5.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Why is a +/- notation necessary when developing an estimate?
- A. It is a government requirement
- B. It makes up for the lack of time to develop a real estimate
- C. Contingency cushion
- D. There are unknowns that affect the final cost of a project
Answer: D
Explanation:
The +/- notation in an estimate is used to reflect the range of possible variation in the final cost. This notation is necessary because there are always unknowns that affect the final cost of a project. These unknowns can include unforeseen changes in scope, market conditions, labor availability, material costs, and other factors that could impact the final project cost. The +/- notation provides a realistic range within which the final cost is expected to fall, helping stakeholders understand the potential cost variability.
NEW QUESTION # 76
The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
In the A relationship, the subcontractor might use an unbalance bid to:
- A. To get more payment early in the job
- B. Reduce the risk of quantities being greater than estimated
- C. Decrease the chances of extended claim litigation
- D. Provides an alternative to competitive bidding
Answer: B
NEW QUESTION # 77
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
Cost engineers who feel completely satisfied and fulfilled by their work as part of a project team are said to have reached the ______________ stage of Maslow's hierarchy of needs.
- A. Self-actualizations
- B. Esteem
- C. Need satisfaction
- D. Belonging needs
Answer: A
Explanation:
Given Scenario:
Cost engineers feel completely satisfied and fulfilled by their work.
Maslow's Hierarchy of Needs:
The stage where individuals feel fulfilled and have reached their full potential is called Self-actualization.
NEW QUESTION # 78
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