Free CCIFP Knowledge Questions and Answers

Question 1

Areas of focus in the construction industry are?

Accepted Answer

All of the above

Answer

Contract revenues

Answer

Costs, gross profit or loss

Answer

Related contract receivables and payables

Answer

None of the above

Question 2

Control over ______________ are necessary to provide for adequate documentation, clerical verification, overall review of estimated costs and approval of all bids by the appropriate levels of management.

Accepted Answer

Project Administration and Contract Valuation

Answer

Estimating and bidding

Answer

Jobsite Accounting and Control

Answer

Billing Procedures

Question 3

Timely and reliable progress, cost and status reports on each contract are essential for management to evaluate the status and profitability of each project and to identify problems at an early stage.

Accepted Answer

Project Administration and Contact Valuation

Answer

Estimating and Bidding

Answer

Jobsite Accounting and Control

Answer

Billing Procedures

Question 4

A contactor uses information on _________ incurred to control costs, evaluate the status and profitability of contracts, and prepare customer billings. They are also necessary in the determination of revenue when the percentage-of-completion approach is utilized.

Accepted Answer

Contract Cost

Answer

Billing Procedures

Answer

Contract Revenue

Answer

Construction Equipment

Question 5

There necessary to provide reasonable assurance that such items are properly documented and provide for the accumulated of related revenues and costs.

Accepted Answer

Claims, Extras and Back Charges

Answer

Contract Costs

Answer

Contracts Revenues

Answer

Construction Equipment

Question 6

What is the legal definition of a contract? What is the IRS's definition of a contract?

Accepted Answer

An agreement between two parties that is legally binding & enforceable under applicable law

Answer

- Cloud computing allows access to data through a browser
- Virtual environment allows remote access to data, but access software require on a computer access

Answer

Estimated liability to complete contracts

Answer

The earlier of:
-Use by customer & 95% of allocable costs incurred or
-Final completion and acceptance

Question 7

What is a wage structure?

Accepted Answer

Wage structure is hierarchy of jobs assigned pay grades and ranges

Answer

Wide area network - connects a remote office to main network

Answer

Any construction of property not completed within the taxable year contract began

Answer

The price is not usually subject to adjustment

Question 8

Which of the following type of organization is also known as military organization?

Accepted Answer

Line Organization

Answer

Line and Staff Organization

Answer

Functional Organization

Answer

Horizontal Organization

Question 9

What is the primary role of a concrete inspector during concrete operations?

Accepted Answer

Monitoring and ensuring quality

Answer

Mixing concrete

Answer

Curing concrete

Answer

Placing concrete

Question 10

A contractor agreed to build 30 temporary sheds in 90 days at a price of Rs. 10000 /unit. Twenty days later, the contractor has finished 8 sheds with an actual total cost of Rs. 85000. What is the status of the project?

Accepted Answer

The project is time under run and cost overrun

Answer

The project is time and cost overrun

Answer

The project is time overrun and cost underrun and cost under run

Answer

The project is time and cost under run