Apr-2024 FREE AACE International CCP PRACTICE QUESTIONS AND ANSWERS UPDATES [Q36-Q50]

NO.36

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.
What is the cost index value of copper at the end of Year 2? (rounded to 2 decimal positions)

4.62

4.24

4.10

4.31

NO.37 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 meaning of the +/-notations associated with an estimate. The actual cost is expected:

To be exactly the percentages stated

To fall within the percentage range stated

To be higher or lower that the percentages stated

To be outside the percentages stated

NO.38 The four steps to writing are:

Introduction, paragraph, conclusion, works cited

Start, write, complete, revise

Abstract, body conclusion, bibliography

Plan, write, cool, revise

NO.39 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.
In an exit interview, an employee comments that the reason he is leaving the organization is lack of teamwork and cohesion among his co-workers. Which need of Maslow’s hierarchy of needs is unmet?

Belongingness needs

Primary needs

Self-actualization needs

Esteem needs

NO.40 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?

10.4%

9.1%

8.3%

9.9%

NO.41 Which of the following best describes the concept of total cost management:

A method of quantifying construction damages where the total job costs are subtracted from the original bid or estimate to determine the total cost amount for a claim

The practices and processes utilized to manage the total life cycle cost investment in a portfolio of strategic assets

A job cost system for ensuring all aspects of a particular manufacturing process are accumulated completely

An integrating process that maps the fields of practice of cost engineering without linking it to project management, resource management, or accounting

NO.42 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.
According to Maslow’s hierarchy of needs, giving the employees an award that acknowledges their achievements is most likely to satisfy which level of need?

Belonging needs

Safety needs

Power needs

Self-actualization

NO.43 Money is value. Having money when you need it is very important. Money can also be valuable when used wisely by knowing when to spend and when to conserve Also, planning now for future expenses can be a plus to the company rather than a debit.
There are several ways to capitalize money and spending. Basically there is the single payment method that has a compound amount factor and a present worth factor. There is the uniform annual series that has a sinking fund factor, capital recovery factor and also the compound amount factor and present worth factor. At this point, we can assure money is worth 10%.
The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
A contractor must purchase a piece of equipment for $150,000. It has an estimated life of 10 years with no salvage value at the end. Ten years from now it will be necessary to purchase another piece of equipment, but this time it will cost $250,000. How much will the contractor need to invest at the end of each year in order to have the right amount?

$15,687

$12,550

$16,273

$9,412

NO.44 If you deposit $100 per month for two (2) years and earn interest at 12% APR (Annual Percentage Rate) compounded monthly, how much will you have at the end of the period?

$2,424

$2,976

$2,688

$2,697

NO.45 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.
The following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Depreciation (in the United States) is calculated in accordance with which of the following?

Modified Accelerated Cost Recovery System (MACRS)

The Federal IRS Reform Act (FIRSRA)

Generally Accepted Accounting Practices (GAAP)

Accelerated Cost Recovery System (ACRS)

NO.46 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

NO.47 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

NO.48 The process of stating goals and determining the most effective way of reaching them is the definition for:

Implementing

Mission Statement

Managing

Planning

NO.49

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.
Given a unit price contract between the owner and contractor, each assumes the following:

Bid unit rate, owner quantities can exceed estimate range Contractor can perform above

Bid unit rate, owner quantities are within estimate range

Contractor can perform at or below bid unit rate, owner quantities can exceed estimate range

Contractor can perform at or below bid unit rate, owner quantities are within estimate range

NO.50 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.
The following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
All of the following are included in “income tax” calculations except:

Annual income

Annual expenditures

Depreciation

Initial cost of investment