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CCP Practice Exam Questions and Answers

Certified Cost Professional (CCP) Exam

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Total Questions : 189

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Question # 1

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.

The following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.

Assuming a 53% tax rate, how much cumulative depreciation will have been claimed at the end of the grain elevator's life span?

Options:

A.  

None

B.  

$42,400

C.  

$37,600

D.  

$80,000

Discussion 0
Question # 2

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 recognition of loss of value of a natural resource used in the production process is referred to as:

Options:

A.  

Capital reduction

B.  

Net loss

C.  

Depreciation

D.  

Depletion

Discussion 0
Question # 3

______________can be defined as the determination of that course of action or combination of alternatives that yields either the lowest cost or the highest profit.

Options:

A.  

Economic optimization

B.  

Simulation

C.  

Linear programming

D.  

Dynamic programming

Discussion 0
Question # 4

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.

You have been asked to provide ETC information to management. Based on the following information, what is the ETC?

Original Budget = $9,000,000

Actuals to date = $3,513,000

Current estimate at completion = $10,613,000

Actuals for current month = $1,200,000

Options:

A.  

$10,613,000

B.  

$9,000,000

C.  

$5,487,000

D.  

$7,100,000

Discussion 0
Question # 5

____________ is defined as covering work whose component activities are less defined and whose interrelationships are conditional.

Options:

A.  

Soft logic

B.  

Hard logic

C.  

Deductive logic

D.  

Inductive logic

Discussion 0
Question # 6

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.

When analyzing a precedence diagram schedule, the "backward pass"

Options:

A.  

Allows total float to be calculated

B.  

Determines the duration of each activity

C.  

Calculates the earliest allowable start and finish times for the activities in the schedule

D.  

Allows activities to finish as soon as all their 'predecessor' relationships are satisfied

Discussion 0
Question # 7

A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.

Costs which are independent of the system throughout are:

Options:

A.  

no answers ate correct

B.  

both fixed and variable costs

C.  

variable costs fixed costs

D.  

fixed costs

Discussion 0
Question # 8

When using a fixed-price./lump-sum contract, which of the following; situations can a payment be made for the adjustment of fluctuations in the cost of of construction resources?

Options:

A.  

For changes in prices calculated in accordance with a methodology proposed by the contractor at tender stage.

B.  

For changes in construction cost 'or varied works carried out beyond the original dale of completion

C.  

In no situation

D.  

For changes in The cost of resources beyond the control of either party

Discussion 0
Question # 9

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?

Options:

A.  

Contingency cushion

B.  

It makes up for the lack of time to develop a real estimate

C.  

It is a government requirement

D.  

There are unknowns that affect the final cost of a project

Discussion 0
Question # 10

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.

10,278 hours have been expended to date. The CPI at this point in time is 0.93. SPI is 1.03. How many hours have been earned?

Options:

A.  

9,979

B.  

10,586

C.  

11,052

D.  

9,559

Discussion 0
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