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The CCP certification exam is one of the most comprehensive examinations in the field of cost engineering. CCP exam consists of two parts: a written exam and a peer review process. The written exam covers a wide range of topics such as cost estimating, scheduling, cost accounting, risk management, and quality control. The peer review process is designed to evaluate the practical application of the candidate's knowledge of cost engineering through real-world case studies.
How to Prepare For AACE-International CCP: Certified Cost Professional (CCP) Exam
Preparation Guide for AACE-International CCP: Certified Cost Professional (CCP) Exam
Introduction
AACE International, the Association for Cost Engineering Advancement, administers the Certified Cost Professional (CCP) exam. In 1959, cost estimators and cost engineers established AACE International during the organizational conference of the American Association of Cost Engineering in Durham, New Hampshire, in 1956. (Association for the Advancement of Cost Engineering). AACE is located in Morgantown, West Virginia, USA, International Headquarters. AACE is a non-profit specialist organization. AACE Global is a participant of the Technical Specialty Boards and Engineering Council (CESB). AACE now runs eight qualification programs. The agreement and the passage of an assessment to comply with the ethical canons. Most of them need prior industrial experience and may recertify through ongoing training or re-examination. The Council of Engineering and Scientific Specialty Boards has recognized six of these certificates (CESB).
This test guide is designed to help achieve the highest possible degree of AACE specialty accreditation. It will enable you to understand the scope of the AACE-International CCP: Certified Cost Professional (CCP) Exam and help you to prepare for it successfully by making use of the provided CCP exam dumps. This guide contains information on the audience of the certification test, suggested preparation and documentation and a complete set of examination objectives, to help you get a passing score. To increase your chances of passing the test, AACE strongly recommends a mix of on-the-job experience, course attendance, and self-study, and taking the CCP practice exams.
To be eligible for the CCP certification exam, candidates must have a minimum of four years of professional experience in cost management, with a bachelor's degree or higher in a related field. Alternatively, those without a degree may substitute ten years of professional experience in cost management.
NEW QUESTION # 63
What do you call a person authorized to represent another (the principal) in some capacity? He/she can only act within this capacity or "scope of authority" to bind the principal.
- A. Alternate
- B. Engineer
- C. Project Manager
- D. Agent
Answer: D
NEW QUESTION # 64
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. Self-actualization
- B. Safety needs
- C. Belonging needs
- D. Power needs
Answer: A
NEW QUESTION # 65
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 is considered a measure of profitability?
- A. Annual sales
- B. Rate of return
- C. Annual Dividends
- D. Total assets
Answer: B
NEW QUESTION # 66
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. Incurred profits
- C. Marginal profits
- D. Postponed profits
Answer: D
NEW QUESTION # 67
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. $64,000
- C. $16,000
- D. $60,000
Answer: B
NEW QUESTION # 68
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. Belonging needs
- C. Esteem
- D. Need satisfaction
Answer: A
NEW QUESTION # 69
The latest allowable end time minus the earliest allowable end time on a schedule activity is referred to as:
- A. Just-in-time scheduling
- B. Total float
- C. Remaining duration
- D. Free float
Answer: B
NEW QUESTION # 70
In a fixed price contract the:
- A. Contractor is paid for actual costs
- B. Contactor assumes all the performance risk
- C. Contractor has no risk in the project
- D. Owner has all the risk
Answer: B
NEW QUESTION # 71
_____________is defined as the budget for the cost (work) account times the percent complete for that account.
- A. Cost to complete
- B. Percent complete
- C. Forecast
- D. Earned value
Answer: D
NEW QUESTION # 72
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. $6,209
- B. $3,791
- C. $8,129
- D. $3,855
Answer: A
NEW QUESTION # 73
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.
A contractor must purchase a piece of equipment for $150,000. It has an estimated life of 10 years with no salvage value at the end. Ten years from now it will be necessary to purchase another piece of equipment, but this time it will cost $250,000. How much will the contractor need to invest at the end of each year in order to have the right amount?
- A. $9,412
- B. $12,550
- C. $16,273
- D. $15,687
Answer: C
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.
Select the statement that best describes the method to estimate the cost of the new rides:
- A. Break down the technology into components
- B. Use historical data from past projects
- C. Adjust known data from existing rides
- D. Call vendors for quotes
Answer: C
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.
Which of the following is least likely to improve a large earthmoving contractor's productivity?
- A. Using apprentice operators to save labor costs
- B. Replacing old excavators with new, larger excavators
- C. Remove underground hazards prior to excavation work
- D. Starting summer work in the early morning hours to minimize work during peak heat periods of the day
Answer: D
NEW QUESTION # 76 
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.
If steel costs $1800/ton at the end of Year 3, what is the price of steel at the end of Year 4?
- A. $1836/ton
- B. $1890/ton
- C. $1948/ton
- D. $1863/ton
Answer: A
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.
In Rensis1 4 model system, the exploitative-authoritative management style is one in which:
- A. Informal organizations generally support the goals of the formal organization
- B. Management has a lot of confidence in the employees
- C. Management makes most decisions and passes them down
- D. Management issues orders, but employees have some freedom to comment
Answer: C
NEW QUESTION # 78
Which of the following best describes the concept of total cost management:
- A. The practices and processes utilized to manage the total life cycle cost investment in a portfolio of strategic assets
- B. A job cost system for ensuring all aspects of a particular manufacturing process are accumulated completely
- C. An integrating process that maps the fields of practice of cost engineering without linking it to project management, resource management, or accounting
- D. A method of quantifying construction damages where the total job costs are subtracted from the original bid or estimate to determine the total cost amount for a claim
Answer: C
NEW QUESTION # 79
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. $375,658
- B. $378,750
- C. $370,710
- D. $328,810
Answer: A
NEW QUESTION # 80
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. Capital reduction
- B. Depletion
- C. Depreciation
- D. Net loss
Answer: B
NEW QUESTION # 81
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