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How to study the AACE-International CCP: Certified Cost Professional (CCP) Exam
The implemented program of AACE includes both a certified technical cost specialist and a certified professional for commercial costs. The first distinction between the two is the required years of professional experience or education that are needed to qualify for one of the two examinations. A significant distinction is aside from the substance of the test that you must write a technical paper before you can register for the CCP examination. You may take the Certified Cost Technician (CCT) test rather of the more advanced Certification Cost Professional (CCP) certification, based on previous credentials and experience. Fast2test have the most up-to-date CCP exam dumps.
CCP exam dumps and CCP tests are also accessible online and the students are strongly urged to study these exam dumps as they are the best resources for the study. As usual, we suggest a mix of real world experience, instruction and consciousness in the areas outlined in the Test Outline part of this examination guideline as exam preparation. Test your knowledge after all kinds of study by taking the CCP exams. You can check all the details on to AACE's Website and start by looking at the resources for the examination given for. Review the subjects listed in the Exam Outline part of this handbook for the examination of libraries, educational resources and user manuals and the details of these topics. For additional study material, go to the links at the end of this page. Refer to the websites below for additional self-study resources.
NEW QUESTION 20
The latest allowable end time minus the earliest allowable end time on a schedule activity is referred to as:
- A. Total float
- B. Remaining duration
- C. Free float
- D. Just-in-time scheduling
Answer: A
NEW QUESTION 21
Money is value. Having money when you need it is very important. Money can also be valuable when used wisely by knowing when to spend and when to conserve Also, planning now for future expenses can be a plus to the company rather than a debit.
There are several ways to capitalize money and spending. Basically there is the single payment method that has a compound amount factor and a present worth factor. There is the uniform annual series that has a sinking fund factor, capital recovery factor and also the compound amount factor and present worth factor. At this point, we can assure money is worth 10%.
The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
If $10,000 is scheduled to be paid out 5 years from now, what is the minimum amount we can invest today?
- A. $3,855
- B. $3,791
- C. $6,209
- D. $8,129
Answer: C
NEW QUESTION 22
Two of the most important things to know when planning a speech or lecture are the ______________and______________ of your audience.
- A. Motivation, professionalism
- B. Background, attitude
- C. Political preference, sense of humor
- D. Culture, understanding
Answer: D
NEW QUESTION 23 
The following question requires your selection of CCC/CCE Scenario 4 (2.7.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
At the end of 30 months, the final price for the piece of equipment will be:
- A. $328,810
- B. $370,710
- C. $378,750
- D. $375,658
Answer: D
NEW QUESTION 24
Money is value. Having money when you need it is very important. Money can also be valuable when used wisely by knowing when to spend and when to conserve. Also, planning now for future expenses can be a plus to the company rather than a debit.
There are several ways to capitalize money and spending. Basically there is the single payment method that has a compound amount factor and a present worth factor. There is the uniform annual series that has a sinking fund factor, capital recovery factor and also the compound amount factor and present worth factor. At this point, we can assume money is worth 10%.
The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
If $10,000 is invested now at 10% compounded annually, what will the investments be worth 10 years from now?
- A. $16,180
- B. $21,345
- C. $29,450
- D. $25,940
Answer: D
NEW QUESTION 25
The goal of listening is to:
- A. Find out what is going on
- B. Analyze what the speaker is saying
- C. Improve communication
- D. Have time to formulate your thoughts on the subject
Answer: C
NEW QUESTION 26
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.
What is the "book value (BV) of the asset at the end of 5 years?
- A. $3,200
- B. $16,000
- C. $60,000
- D. $64,000
Answer: D
NEW QUESTION 27 
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.
An unbalanced bid methodology can best be used by:
- A. Engineer working for the owner (Plan A)
- B. Subcontractor working for contractor (Plan A or B)
- C. Engineer/contractor working for the owner (Plan B)
- D. Contractor working directly for engineer (plan A or B)
Answer: C
NEW QUESTION 28
Meetings require:
- A. Goals, an agenda, preparation, control, good listening skills and relevant discussions
- B. Goals, an agenda, preparation, relevant discussions, support for your actions and to consider the total physical and human setting of the meeting
- C. Goals, an agenda, flipchart, computer projector, laser pointer and consulting with others where appropriate
- D. Goals, an agenda, preparation, conclusions, control and conversations that are relevant
Answer: D
NEW QUESTION 29
Cost performance index (CPI) is defined by AACE International as: (assume no change in budgeted quantities)
- A. BCWS/BCWP
- B. BCWP/ACWP
- C. ACWP/BCWS
- D. ACWP/BCWP
Answer: B
NEW QUESTION 30
Money is value. Having money when you need it is very important. Money can also be valuable when used wisely by knowing when to spend and when to conserve Also, planning now for future expenses can be a plus to the company rather than a debit.
There are several ways to capitalize money and spending. Basically there is the single payment method that has a compound amount factor and a present worth factor. There is the uniform annual series that has a sinking fund factor, capital recovery factor and also the compound amount factor and present worth factor. At this point, we can assure money is worth 10%.
The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
If you are scheduled for a $100,000 payment at the end of each year for the next five years, what is the equivalent amount if you were to make a lump sum payment now?
- A. $679,397
- B. $500,000
- C. $379,100
- D. $162,370
Answer: B
NEW QUESTION 31
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. Lost profits
- B. Marginal profits
- C. Incurred profits
- D. Postponed profits
Answer: D
NEW QUESTION 32
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.
Select the statement that best describes the meaning of the +/-notations associated with an estimate. The actual cost is expected:
- A. To fall within the percentage range stated
- B. To be exactly the percentages stated
- C. To be higher or lower that the percentages stated
- D. To be outside the percentages stated
Answer: A
NEW QUESTION 33
Productivity increases with time. This improvement is commonly associated with improvements in efficiency brought about by increased experience and skill levels. What does this scenario describe?
- A. The learning curve
- B. Value engineering
- C. Cash flow
- D. Productivity efficiency factor
Answer: A
NEW QUESTION 34
If a project is said to be on a "fast track program/' the fast track method is:
- A. Analyzing the project and specifying the basic approach to be used in its execution; segmenting the project into reasonable number of activities; estimating the time required to perform each activity; placing the activities in time order, considering both sequential and parallel performance
- B. Revising the schedule logic to make it possible to identify constraints of faulty logic; revising the durations in the n p schedule that have been based on assumptions regarding the \hay the work would be performed; revise the resources to work multiple shifts; evaluate the use of overtime
- C. First completing engineering and procurement, then executing construction
- D. Simultaneous working engineering, procurement, and construction, with appropriate overlap from each phase of work so that delays are eliminated and all the work is streamlined into a correct plan of logic/sequence and duration for all of the work
Answer: D
NEW QUESTION 35
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. Belonging needs
- B. Safety needs
- C. Self-actualization
- D. Power needs
Answer: C
NEW QUESTION 36
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:
- A. Net loss
- B. Depletion
- C. Depreciation
- D. Capital reduction
Answer: B
NEW QUESTION 37
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 project scheduler left the company and has left unfinished work. You have been hired as the new project scheduler and must update the existing schedule. What will be your first task?
- A. Recalculate the early start for each activity
- B. Update the remaining duration for each activity
- C. Recalculate the early finish for each activity
- D. Recalculate the critical path
Answer: D
NEW QUESTION 38
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 and subcontractors as in Type B
- D. To better coordinate contractors
Answer: B
NEW QUESTION 39
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. $82,000
- C. $70,000
- D. $78,000
Answer: A
NEW QUESTION 40
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.
Resource planning must take all of the following into account except:
- A. Cash flow (expenditures) limitations for completing work on the project
- B. Earned value techniques established for the project
- C. Time available to complete the project
- D. Types of materials, equipment and labor skills required to complete the project
Answer: B
NEW QUESTION 41
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