Free CCIFP Knowledge Questions and Answers

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

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

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

Estimated liability to complete contracts

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

Correct! Wrong!

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

Line and Staff Organization

Line Organization

Functional Organization

Horizontal Organization

Correct! Wrong!

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.

Estimating and bidding

Jobsite Accounting and Control

Project Administration and Contract Valuation

Billing Procedures

Correct! Wrong!

What is a wage structure?

Wide area network - connects a remote office to main network

Wage structure is hierarchy of jobs assigned pay grades and ranges

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

The price is not usually subject to adjustment

Correct! Wrong!

Areas of focus in the construction industry are?

Contract revenues

Costs, gross profit or loss

Related contract receivables and payables

All of the above

None of the above

Correct! Wrong!

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?

The project is time and cost overrun

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

The project is time under run and cost overrun

The project is time and cost under run

Correct! Wrong!

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.

Estimating and Bidding

Jobsite Accounting and Control

Project Administration and Contact Valuation

Billing Procedures

Correct! Wrong!

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.

Billing Procedures

Contract Cost

Contract Revenue

Construction Equipment

Correct! Wrong!

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

Mixing concrete

Curing concrete

Monitoring and ensuring quality

Placing concrete

Correct! Wrong!

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

Contract Costs

Contracts Revenues

Construction Equipment

Claims, Extras and Back Charges

Correct! Wrong!

Which of the following contract types is usually followed by Railway Department for construction purposes?

Lump-sum

Percentage rate

Item rate

Piece work

Correct! Wrong!

CCIFP (Certified Construction Industry Financial Professional) Exam Prep
The CCIFP (Certified Construction Industry Financial Professional) Test assesses expertise in construction finance, accounting, and…
Free Construction Industry Financial Professional Basic Questions and Answers

Free CCIFP Knowledge Questions and Answers

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

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

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.

What is a wage structure?

Areas of focus in the construction industry are?

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?

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.

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.

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

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

Which of the following contract types is usually followed by Railway Department for construction purposes?

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