CCP Questions and Answers

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The CCP Exam
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About CCP Exam
CCP Exam is a product of 3FOLD Education Centre
dedicated for online cost professional / cost
engineering (CCP) exam preparation training.
Preparing for the Certified Cost Professional
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CCP Exam Basics
In order to sit for the exam, you must first fill
out an application and your application must be
qualified by the CCP Committee. See 6 Steps to
Certification and Application for more
information about the application process. The
examination includes 200 multiple choice,
true/false, and fill-in-the-blank questions,
equally divided among the ten topics listed in
the CCP Practice Exam. Two essay questions, from
a choice of seven topics, must also be answered.
In addition, applicants can earn an extra five
points by completing a third essay question,
which will be reviewed only if the exam score is
borderline. The exam does not test specific
expert knowledge within any particular segment of
the industry. Passing the exam reflects an
advanced knowledge of many different aspects of
the culinary field. That said, your chances of
success will increase if you have a working
knowledge of the major ethnic cuisines, a
thorough foundation in techniques, and a
familiarity with sanitation requirements and
basic nutrition. To assure confidentiality and
objectivity, examinations are identified to those
scoring by number rather than by the candidate's
name. A passing score on the exam is 70. Over
90 of those taking the exam pass it on the first
try.
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Prepping for the Exam

• Before attending a review session or sitting for
  the exam, we recommend that you study both the
• CCP Practice Exam and
• CCP Reading List.
• Many of the exam questions are drawn from the
  sources in the reading list. A certification
  review session is offered during the Annual
  Conference, typically held in April. Review
  sessions can also be scheduled at other times and
  in other locales by contacting the CCP Committee
  Chair. If you need additional assistance with
  your study program, you can arrange mentoring
  support through our CCP Study Hall Program.
  Again, contact the Committee Chair for more
  information.

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Pass the CCP Exam the First Time 
Overall, the AACE International (CCP Practice
Exam) designation is a daunting challenge, and
the odds of success from start to finish are
slim less than 20 of those who begin this
challenge reach the end. However, as one in five
candidates have demonstrated, it is
possible. There is no secret code to navigating
through the CCP Practice Exam program and passing
the test, but an organized, disciplined approach
will help you pass each level of the program and
ultimately achieve your goal. Find out what
you'll need to make the cut and pass each level
on your first try.
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CCP AACE International study guide
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AACE International
Exam CCP Certified Cost Professional (CCP)
Exam Version Demo
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AACE International CCP Practice Test
Question No 1
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. 6.80 B. 3.10 C.
5.35 D. 2.22
Answer A
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AACE International CCP Practice Test
Question No 2
What is executed in connection with a contract
and secures the performance and fulfillment of
all the undertakings, covenants, terms,
conditions and agreements contained in the
contract? A. Liability insurance B. Performance
bond C. Bid bond D. Surety bond
Answer B
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AACE International CCP Practice Test
Question No 3
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. Precedence and arrow diagram
methods only C. Gantt chart (bar chart) method D.
Arrow diagram method
Answer B
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AACE International CCP Practice Test
Question No 4
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 percent complete
measurement techniques is best suited for
longterm non-production accounts (such as
overhead accounts)? A. Ratio/level of effort B.
Start/finish C. Units completed D. Incremental
milestone
Answer D
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AACE International CCP Practice Test
Question No 5
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. Square footage of buildings, factored
indirects, types of rides and exhibits
identified, utility requirements, conceptual
layouts C. Detailed construction drawings,
quantity takeoffs, detailed labor hours and
material costs applied, quotes from all major
subcontractors D. Utility requirements, detailed
building plans and (- specifications, types of
rides and exhibits identified, all vendor quotes
or estimates received from subcontractors
Answer D
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AACE International CCP Practice Test
Question No 6
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. Select the
statement that best describes the method to
estimate the cost of the new rides A. Break
down the technology into components B. Call
vendors for quotes C. Use historical data from
past projects D. Adjust known data from existing
rides
Answer D
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AACE International CCP Practice Test
Question No 7
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
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AACE International CCP Practice Test
Question No 8
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AACE International CCP Practice Test
Question No 8
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, copper prices
will have increased by what percentage over
today's price? A. 4.6 B. 3.5 C. 6.6 D. 2.5
Answer D
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AACE International CCP Practice Test
Question No 9
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
interest rates disregards the effects of
compounding periods that occur more frequent than
annually? A. Continuous compounding rate B.
Simple interest rate C. Minimum attractive rate
of return D. Nominal interest rate
Answer D
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AACE International CCP Practice Test
Question No 10
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.
9.1 C. 8.3 D. 9.9
Answer B
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