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AACE International is a global organization that focuses on cost management and project control in various industries. As one of its most well-known certifications, the Certified Cost Professional (CCP) exam is an internationally recognized credential for professionals in the cost engineering field. Certified Cost Professional (CCP) Exam certification demonstrates a deep understanding of cost engineering concepts, techniques, and practices, as well as an ability to apply them effectively in real-world situations.
To qualify for the CCP, candidates must meet certain education and experience requirements, including a minimum of a bachelor's degree and four years of relevant work experience, or an equivalent combination of education and experience. Once eligible, candidates must pass a rigorous four-part exam, covering topics such as cost estimating, planning and scheduling, earned value management, and risk management. CCP exam is designed to assess practical knowledge and skills, and requires a combination of multiple-choice and written answers.
NEW QUESTION # 10 
The following question requires your selection of CCC/CCE Scenario 2 (2.3.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
6,573 hours have been expended to date. Planned completion at this time is 60%. The project is determined to be 55% complete. How many hours have been earned?
- A. 6,600
- B. 6,960
- C. 7,200
- D. 6,573
Answer: D
NEW QUESTION # 11
Budgeted cost of work scheduled is all of the following except:
- A. Baseline for performance measurement
- B. Total costs incurred in accomplishing work in a given-time period
- C. Includes portion of the budget for level-of-effort work
- D. Sum of the budgets for work scheduled
Answer: C
NEW QUESTION # 12 
The following question requires your selection of CCC/CCE Scenario 6 (2.7.50.1.3) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Calculate the mean unit cost.
- A. $48.22
- B. $48.35
- C. $48.09
- D. $46.59
Answer: D
NEW QUESTION # 13
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 methods a used for creating critical path schedules:
- A. Precedence diagram method
- B. Arrow diagram method
- C. Precedence and arrow diagram methods only
- D. Gantt chart (bar chart) method
Answer: C
NEW QUESTION # 14
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.
You have been asked to provide ETC information to management. Based on the following information, what is the ETC?
Original Budget = $9,000,000 Actuals to date = $3,513,000
Current estimate at completion = $10,613,000
Actuals for current month = $1,200,000
- A. $10,613,000
- B. $9,000,000
- C. $5,487,000
- D. $7,100,000
Answer: D
NEW QUESTION # 15
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. $370,710
- C. $378,750
- D. $328,810
Answer: A
NEW QUESTION # 16
What is a basic element of work or a task that must be performed over a given period of time in order to complete a project called?
- A. WBS element
- B. Activity
- C. Resource
- D. Commodity
Answer: B
NEW QUESTION # 17
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. Incurred profits
- B. Lost profits
- C. Postponed profits
- D. Marginal profits
Answer: C
NEW QUESTION # 18
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 Dividends
- B. Rate of return
- C. Annual sales
- D. Total assets
Answer: B
NEW QUESTION # 19
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 would NOT be considered part of a project cost and schedule forecast?
- A. Usage of contingency
- B. Peripherals report
- C. Current trends of time and money
- D. Changes to the project execution plan
Answer: B
NEW QUESTION # 20
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.
Which statement best describes the type of information available for a design phase estimate?
- A. Home office detail, specific vendor quotes, preliminary quantities with labor and material factors applied
- B. Detailed construction drawings, quantity takeoffs, detailed labor hours and material costs applied, quotes from all major subcontractors
- C. Utility requirements, detailed building plans and (- specifications, types of rides and exhibits identified, all vendor quotes or estimates received from subcontractors
- D. Square footage of buildings, factored indirects, types of rides and exhibits identified, utility requirements, conceptual layouts
Answer: C
NEW QUESTION # 21
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.
If $50 was invested at 6.0% on January 1, year 1, what would be the value of year-end withdrawals made in equal amounts each year for 10 years and leaving nothing in the fund after the tenth withdrawal?
- A. $3.10
- B. $5.35
- C. $2.22
- D. $6.80
Answer: D
NEW QUESTION # 22
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.
If $100,000 is needed to purchase a piece of equipment 3 years from now, how much money needs to be invested today assuming a 10% rate of return (rounded to the nearest thousand)?
- A. $78,000
- B. $82,000
- C. $75,000
- D. $70,000
Answer: C
NEW QUESTION # 23
_____________is defined as the budget for the cost (work) account times the percent complete for that account.
- A. Earned value
- B. Cost to complete
- C. Percent complete
- D. Forecast
Answer: A
NEW QUESTION # 24
The written word is often more useful than the spoken. Guidelines for writing include:
- A. Use short sentences; use short words; avoid jargon and abbreviations; use complete sentences; stick to one idea per paragraph; have a beginning, middle and end; be accurate
- B. Organize the background information; state the problem list the options or alternatives; state the recommendation (s); conclude and summarize with why the recommendation is the best way to proceed
- C. Explain, report, describe, clarify, define and demonstrate
- D. Follow an outline; allow some time for "cooling" after compiling the draft before revising; when revising, allow plenty of time for several sessions
Answer: B
NEW QUESTION # 25
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.
Why is a +/- notation necessary when developing an estimate?
- A. It is a government requirement
- B. There are unknowns that affect the final cost of a project
- C. It makes up for the lack of time to develop a real estimate
- D. Contingency cushion
Answer: B
NEW QUESTION # 26 
The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
In the A relationship, the subcontractor might use an unbalance bid to:
- A. Reduce the risk of quantities being greater than estimated
- B. To get more payment early in the job
- C. Decrease the chances of extended claim litigation
- D. Provides an alternative to competitive bidding
Answer: A
NEW QUESTION # 27
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.
If you buy a lot for $3,000 and sell it for $6,000 at the end of 8 years, what is your annual rate of return?
- A. 10.4%
- B. 9.9%
- C. 9.1%
- D. 8.3%
Answer: C
NEW QUESTION # 28
AACE International defines _____________as a technique of economic evaluation that sums over a given study period, the costs of initial investment, replacements, operations, and maintenance/repair; expressed in either present or annual value terms.
- A. Benefit/Cost ratio (B/C) method
- B. Life cycle costs method (LCC)
- C. Risk analysis
- D. Net present worth method
Answer: B
NEW QUESTION # 29 
The following question requires your selection of CCC/CCE Scenario 2 (2.3.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
9,375 hours have been expended to date. Planned completion at this time is 75%. The project is determined to be 66% complete. Based on current trends, how many hours will be expended at project completion?
- A. 10,526
- B. 12,000
- C. 14,201
- D. 16,215
Answer: A
NEW QUESTION # 30
____________ is defined as covering work whose component activities are less defined and whose interrelationships are conditional.
- A. Inductive logic
- B. Hard logic
- C. Soft logic
- D. Deductive logic
Answer: C
NEW QUESTION # 31
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AACE International CCP (Certified Cost Professional) Exam is a prestigious certification program designed to recognize the skills and knowledge of cost management professionals. It is administered by AACE International, a non-profit organization that aims to promote excellence in cost engineering, project management, and planning and scheduling disciplines. The CCP certification is recognized worldwide and serves as a benchmark for employers seeking highly skilled professionals in the field of cost management.
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