1. 100% REAL EXAM QUESTIONS ANSWERS CCP Certified Cost Professional
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CCP Certified Cost Professional
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Sample Questions

2. Question No 1: Answer: C Question No 2: Answer: D Question No 3:
A bond that guarantees the bidder will enter into a contract on the basis of his/her bid is referred to as?
Surety bond
Performance bond
Bid bond
Liability bond
Answer: C
Question No 2:
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?
Continuous compounding rate
Simple interest rate
Minimum attractive rate of return
Nominal interest rate
Answer: D Question No 3:
What do you call a person authorized to represent another (the principal) in some capacity? He/she can only act within this capacity or "scope of authority" to bind the principal.
Engineer
Alternate
Project Manager
Agent
Answer: D

3. Question No 4: Answer: D Question No 5: Answer: D Question No 6:
A concrete slab measuring 10 feet wide by 13.5 feet long by 6 inches deep is to be installed. How many cubic yards of concrete will be required?
3.0 cubic yards
2.0 cubic yards
3.5 cubic yards
2.5 cubic yards
Answer: D
Question No 5:
The process of stating goals and determining the most effective way of reaching them is the definition for:
Implementing
Mission Statement
Managing
Planning
Answer: D Question No 6:
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 ncome 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. $70,000 C. $75,000 D. $82,000
Answer: C

4. Question No 7: Answer: D Question No 8: Answer: C Question No 9:
The goal of listening is to:
Analyze what the speaker is saying
Find out what is going on
Have time to formulate your thoughts on the subject
Improve communication
Answer: D Question No 8:
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.
You are reporting on a roadway project, which was estimated to be 10 miles of road. It was scheduled to be completed in 16 weeks, which is this week. According to your calculations, the project has a schedule performance index of What would you advise the management about the scheduled completion date?
Project will be completed in 20 more weeks
Project will be completed this week - on schedule
Project will be completed in 4 more weeks
Project will be completed in 12.8 more weeks
Answer: C Question No 9:
The following question requires your selection of CCC/CCE Scenario 26 ( ) 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?

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Contingency cushion
It makes up for the lack of time to develop a real estimate
It is a government requirement
There are unknowns that affect the final cost of a project
Answer: D Question No 10:
An effort by a prime contractor to reduce the price quoted by a vendor, by providing the bid price to other vendors in an attempt to get the other vendors to underbid the original price quoted is referred to as:
Costing
Cost-price analysis
Bid shopping
Negotiating a best and final offer
Answer: C
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