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The Certified Cost Professional (CCP) Exam is a globally recognized certification program that validates professionals working in the cost engineering and project management fields. CCP Exam is offered by the Association for the Advancement of Cost Engineering (AACE) International, a non-profit organization that provides education, certification, and resources for professionals involved in cost engineering and project management.

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The CCP Exam is a comprehensive assessment of a professional’s understanding of cost engineering principles, including cost estimating, cost control, and cost analysis. CCP exam covers a range of topics, including project management fundamentals, cost estimation methods, risk analysis, and project scheduling. Exam takers must also be able to demonstrate proficiency in the use of various software tools and techniques commonly used in the practice of cost engineering.

AACE International Certified Cost Professional (CCP) Exam Sample Questions (Q116-Q121):

NEW QUESTION # 116
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. $370,710
B. $375,658
C. $378,750
D. $328,810

Answer: C

Explanation:
Steel:
Year 1 inflation: 2.5%
Year 2 inflation: 2.5%
Year 3 inflation: 3.0%
Total cumulative inflation for Steel over 2.5 years: Cumulative Inflation=(1+0.025)×(1+0.025)×(1+0.03)=1.025×1.025×1.03=1.080625×1.03≈1.11304 ext{Cumulative Inflation} = (1 + 0.025) imes (1 + 0.025) imes (1 + 0.03) = 1.025 imes 1.025 imes 1.03 = 1.080625 imes 1.03 approx 1.11304Cumulative Inflation=(1+0.025)×(1+0.025)×(1+0.03)=1.025×1.025×1.03=1.080625×1.03≈1.11304 Steel cost component: 0.3 imes $350,000 = $105,000 Adjusted cost: $105,000 imes 1.11304 ≈ $116,869.20 Copper:
Year 1 inflation: 1.0%
Year 2 inflation: 1.5%
Year 3 inflation: 2.0%
Total cumulative inflation for Copper over 2.5 years: Cumulative Inflation=(1+0.01)×(1+0.015)×(1+0.02)=1.01×1.015×1.02≈1.04515×1.02≈1.0651 ext{Cumulative Inflation} = (1 + 0.01) imes (1 + 0.015) imes (1 + 0.02) = 1.01 imes 1.015 imes 1.02 ≈ 1.04515 imes 1.02 ≈ 1.0651Cumulative Inflation=(1+0.01)×(1+0.015)×(1+0.02)=1.01×1.015×1.02≈1.04515×1.02≈1.0651 Copper cost component: 0.3 imes $350,000 = $105,000 Adjusted cost: $105,000 imes 1.0651 ≈ $111,835.50 Manufacturing Labor:
Year 1 inflation: 2.5%
Year 2 inflation: 3.0%
Year 3 inflation: 3.5%
Total cumulative inflation for Manufacturing Labor over 2.5 years: Cumulative Inflation=(1+0.025)×(1+0.03)×(1+0.035)=1.025×1.03×1.035≈1.05625×1.035≈1.09138 ext{Cumulative Inflation} = (1 + 0.025) imes (1 + 0.03) imes (1 + 0.035) = 1.025 imes 1.03 imes 1.035 ≈ 1.05625 imes 1.035 ≈ 1.09138Cumulative Inflation=(1+0.025)×(1+0.03)×(1+0.035)=1.025×1.03×1.035≈1.05625×1.035≈1.09138 Labor cost component: 0.4 imes $350,000 = $140,000 Adjusted cost: $140,000 imes 1.09138 ≈ $152,793.20 Final Price:
Final Price=116,869.20+111,835.50+152,793.20≈381,497.90 ext{Final Price} = 116,869.20 + 111,835.50 + 152,793.20 ≈ 381,497.90Final Price=116,869.20+111,835.50+152,793.20≈381,497.90
The closest option: Answer: D. $378,750

NEW QUESTION # 117
A work breakdown structure (WBS) is developed because:

A. It avoids omissions of key product activities through a systematic planning process; removes the complexity of the project by dividing it into manageable units; and provides a framework.
B. It can be illustrated by a simple bar, with important milestones represented by symbols at the planned time of occurrence
C. It can be illustrated by individual bars for major phases, such as permitting, funding, engineering, procurement construction, commission/startup
D. It defines specific tasks within a project from which schedules can be developed; it aids in linking activities with resources; it facilitates communication; and it allows integration of project plans

Answer: D

NEW QUESTION # 118
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.
Annual estimated tax would be:

A. $5,565
B. $3,869
C. $11,925
D. $10,500

Answer: B

Explanation:
To calculate the taxable income:
Annual income: $22,500
Annual expenditures: $12,000
Depreciation: $3,200
Taxable Income: 22,500-12,000-3,200=7,30022,500 - 12,000 - 3,200 = 7,30022,500-12,000-3,200=7,300 Tax Rate: 53% Estimated Annual Tax: 7,300×0.53=3,8697,300 imes 0.53 = 3,8697,300×0.53=3,869

NEW QUESTION # 119
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. Bid bond
C. Performance bond
D. Surety bond

Answer: C

Explanation:
A Performance Bond is a type of surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. In connection with a contract, a performance bond secures the performance and fulfillment of all the undertakings, covenants, terms, conditions, and agreements contained in the contract. This ensures that if the contractor fails to complete the project as per the contract, the owner is compensated by the bond issuer for the financial losses incurred. This bond is crucial in construction and large projects to protect the client against the risk of contractor default.

NEW QUESTION # 120
A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.
Based on the information provided, which statement is most correct?

A. The truck should be purchased
B. The truck should not be leased
C. The truck should be leased
D. The truck should not be purchased

Answer: A

Explanation:
Based on the provided financials, the truck results in a positive net income after accounting for all expenses, including depreciation and taxes. Since the truck meets the desired 10% return on investment, the most financially sound decision would be to purchase the truck. This conclusion assumes the cash flows and return analysis align with the management's required rate of return.

NEW QUESTION # 121
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