CCIFP - PRACTICE EXAM Questions with
100% Correct Answers | Verified | Updated
(Actual Exam) 2025\2026 LATEST VERSION!!
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Terms in this set (140)
,The Project Management Team of In full in the year the loss was determined
ABC Company has informed the
CFO that a project is running into
trouble with respects to the
budgeted costs for the work.
They have informed the CFO that
they expect the project to sustain
a loss of 15%. The job is expected
to be completed in 2 years. The
company uses the percentage of
completion method to recognize
income. When should the
company recognize the potential
loss?
Which of the following is a Costs and Estimated Earnings in Excess of
contract-related asset? Billings
,Which of the following is a Accrued Contract Costs
contract-related liability?
What type of contract is used Design-build contract
when one entity works under a
single contract to provide both
the design of the work and the
performance of the construction
services?
What type of contracting method Fixed price contract method
is also known as lump sum
contract, and provides for the
contractor's performance of all
work to be performed under the
contract for a stated price?
, What contracting method Cost-plus-fee contract method
provides for reimbursement of
allowable or otherwise defined
costs incurred plus a fee for the
contractor's services?
What contract method generally Time and material contract method
provides for payments to the
contractor on the basis of direct
labor hours at fixed hourly rates
and cost of materials or other
specified costs?
What contract method is used Unit price contract method
when a contractor is paid a
specified price per each unit of
output?
100% Correct Answers | Verified | Updated
(Actual Exam) 2025\2026 LATEST VERSION!!
Save
Terms in this set (140)
,The Project Management Team of In full in the year the loss was determined
ABC Company has informed the
CFO that a project is running into
trouble with respects to the
budgeted costs for the work.
They have informed the CFO that
they expect the project to sustain
a loss of 15%. The job is expected
to be completed in 2 years. The
company uses the percentage of
completion method to recognize
income. When should the
company recognize the potential
loss?
Which of the following is a Costs and Estimated Earnings in Excess of
contract-related asset? Billings
,Which of the following is a Accrued Contract Costs
contract-related liability?
What type of contract is used Design-build contract
when one entity works under a
single contract to provide both
the design of the work and the
performance of the construction
services?
What type of contracting method Fixed price contract method
is also known as lump sum
contract, and provides for the
contractor's performance of all
work to be performed under the
contract for a stated price?
, What contracting method Cost-plus-fee contract method
provides for reimbursement of
allowable or otherwise defined
costs incurred plus a fee for the
contractor's services?
What contract method generally Time and material contract method
provides for payments to the
contractor on the basis of direct
labor hours at fixed hourly rates
and cost of materials or other
specified costs?
What contract method is used Unit price contract method
when a contractor is paid a
specified price per each unit of
output?
