1|Page
AACE CCT PRIMER EXAM AND PRACTICE EXAM
NEWEST 2025 COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
The sum of the practices and processes that an
enterprise uses to manage the total life cycle cost
investment in its portfolio of strategic assets is called
_________ - .....ANSWER ...✔✔ Total Cost
Management
______ is the application of scientific principles and
techniques to problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling - .....ANSWER ...✔✔ Cost
Engineering
,2|Page
_______ Is the value of an activity or asset. Generally,
this value is determined by the cost of the resources that
are expended to complete the activity or produce the
asset. An example would be the facilities needed to
produce an activity or asset, which would include the
tooling, electricity, taxes, and maintenance, etc.,
necessary to keep the facility available for use. Other
costs might be office supplies, communication costs,
travel costs, and security costs - .....ANSWER ...✔✔
Cost
Any consumable, except time, required to accomplish an
activity are considered _______. From a total cost and
asset management perspective, _______ may include
any real or potential investment in strategic assets
including time, monetary, human, and physical. -
.....ANSWER ...✔✔ Resources, Resources
A resource becomes a cost when it is ______ or
consumed in an _____or project - .....ANSWER ...✔✔
invested, project
Material, labor, and "other" are categories of
_________. - .....ANSWER ...✔✔ Resources
,3|Page
The product lifecycle is the complete history of a product
through its ______, definition, production, operation,
and obsolescence /______ phases. - .....ANSWER
...✔✔ concept, disposal
The distinction between product life cycle and project
life cycle is that the latter does not include the ______
and ______. - .....ANSWER ...✔✔ operation, disposal
___________ is the systematic numeric method of
classifying various categories of costs for accounting
purposes - .....ANSWER ...✔✔ Code of Accounts
______ is used used in situations where each job is
different and is performed to the customer's
specifications. ______ involves keeping an account of
direct costs (labor, machine time, raw materials) and
indirect costs (overheads) - .....ANSWER ...✔✔ Job
Costing, Job Costing
A process is a sequence or independent & linked
procedures which ___________ to convert inputs into
outputs. These outputs then serve as inputs for the next
stage until a known goal or end result is reached -
.....ANSWER ...✔✔ consume resources
, 4|Page
A _____ is a good, idea, method, information, object,
service, etc, that is the end result of a process & serves
as a need or want satisfierProduct - .....ANSWER
...✔✔ Product
Product manufactured along with a different product, in
a process in which both are required in the production of
another product are considered _____ - .....ANSWER
...✔✔ Co-products
A key feature of a ____ is that it has low value in
comparison with the principal product(s) & may be
discarded or sold - .....ANSWER ...✔✔ by-product
Types of Manufacturing Operations include _____,
______ run and _____ shop - .....ANSWER ...✔✔
Process, Batch, Job
This manufacturing operation runs almost continuously
making the same thing. Examples are refining and
chemical plants, and very long run assembly operations.
- .....ANSWER ...✔✔ Process
AACE CCT PRIMER EXAM AND PRACTICE EXAM
NEWEST 2025 COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
The sum of the practices and processes that an
enterprise uses to manage the total life cycle cost
investment in its portfolio of strategic assets is called
_________ - .....ANSWER ...✔✔ Total Cost
Management
______ is the application of scientific principles and
techniques to problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling - .....ANSWER ...✔✔ Cost
Engineering
,2|Page
_______ Is the value of an activity or asset. Generally,
this value is determined by the cost of the resources that
are expended to complete the activity or produce the
asset. An example would be the facilities needed to
produce an activity or asset, which would include the
tooling, electricity, taxes, and maintenance, etc.,
necessary to keep the facility available for use. Other
costs might be office supplies, communication costs,
travel costs, and security costs - .....ANSWER ...✔✔
Cost
Any consumable, except time, required to accomplish an
activity are considered _______. From a total cost and
asset management perspective, _______ may include
any real or potential investment in strategic assets
including time, monetary, human, and physical. -
.....ANSWER ...✔✔ Resources, Resources
A resource becomes a cost when it is ______ or
consumed in an _____or project - .....ANSWER ...✔✔
invested, project
Material, labor, and "other" are categories of
_________. - .....ANSWER ...✔✔ Resources
,3|Page
The product lifecycle is the complete history of a product
through its ______, definition, production, operation,
and obsolescence /______ phases. - .....ANSWER
...✔✔ concept, disposal
The distinction between product life cycle and project
life cycle is that the latter does not include the ______
and ______. - .....ANSWER ...✔✔ operation, disposal
___________ is the systematic numeric method of
classifying various categories of costs for accounting
purposes - .....ANSWER ...✔✔ Code of Accounts
______ is used used in situations where each job is
different and is performed to the customer's
specifications. ______ involves keeping an account of
direct costs (labor, machine time, raw materials) and
indirect costs (overheads) - .....ANSWER ...✔✔ Job
Costing, Job Costing
A process is a sequence or independent & linked
procedures which ___________ to convert inputs into
outputs. These outputs then serve as inputs for the next
stage until a known goal or end result is reached -
.....ANSWER ...✔✔ consume resources
, 4|Page
A _____ is a good, idea, method, information, object,
service, etc, that is the end result of a process & serves
as a need or want satisfierProduct - .....ANSWER
...✔✔ Product
Product manufactured along with a different product, in
a process in which both are required in the production of
another product are considered _____ - .....ANSWER
...✔✔ Co-products
A key feature of a ____ is that it has low value in
comparison with the principal product(s) & may be
discarded or sold - .....ANSWER ...✔✔ by-product
Types of Manufacturing Operations include _____,
______ run and _____ shop - .....ANSWER ...✔✔
Process, Batch, Job
This manufacturing operation runs almost continuously
making the same thing. Examples are refining and
chemical plants, and very long run assembly operations.
- .....ANSWER ...✔✔ Process
