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CCIFP EXAM LATEST UP DATE
ACTUAL EXAM 320 QUES TIONS
AND 100% VERIFIED CORRECT
ANSWERS GUARANTEED A +
VERIFIED BY PROFESSO R
Question 1: What is the legal definition of a contract?
What is the IRS definition?
CORRECT ANSWER: An agreement between 2 parties
that is legally binding & enforceable under applicable law.
Strategic planning must consider external factors. These factors change rapidly and are outside the contractor control.
Question 2: What are the external factors that strategic
planning must consider?
CORRECT ANSWER: 1. Political 2. Regulatory 3.
Market Outlook 4. Social 5. Technology 6. Economic
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Strategic planning must consider internal factors. These factors the contractor can control.
Question 3: What are the internal factors that strategic
planning must consider?
CORRECT ANSWER: 1. Culture, related to financial
discipline, risk tolerance, growth, and change 2. Life cycle stage 3. Comprehensive marketing strategy 4. Core competencies 5. Talent acquisition and retention programs 6. Commitment to technology
Question 4: What is the major cause of contractor failure?
CORRECT ANSWER: The failure to plan and set
specific objectives
Strategic Planning
Question 5: What is strategic planning?
CORRECT ANSWER: A logical and systematic process
by which a contractor determines the strategic direction for the contractor's future
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Strategic Planning
Question 6: What does strategic planning require?
CORRECT ANSWER: Requires knowledge of the risks
inherent in the construction industry and of available new business opportunities
Strategic Planning Process encourages
Question 7: What does the strategic planning process
encourage?
CORRECT ANSWER: 1. Assessment of your
company's current condition 2. Examination of current business model and the way you would like to do business in future 3. Development of new future operating methods in estimating, preconstruction, marketing and sales 4. Commitment to set strategic goals and plans to meet them 5. Creation of momentum necessary to start and carry out the implementation of strategic plan
Question 8: What are the 2 coverage triggers for CGL?
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CORRECT ANSWER: 1. Occurrence Trigger -
Whatever policy in place at the time of the claim happening is policy used. 2. Claims Trigger - (Not used much) Made trigger policy in place, Policy extended
Question 9: What is the legal definition of a contract?
What is the IRS's definition of a contract?
CORRECT ANSWER: An agreement between two
parties that is legally binding & enforceable under applicable law
Question 10: What is RAID?
CORRECT ANSWER: Redundant array of Independent
(or inexpensive) disks. - Data spread out over several disks, users access simultaneously. - Normally used by servers in multi-user environments
Question 11: What is the disclosure on the balance sheet
for anticipated losses on contracts?
CORRECT ANSWER: Estimated liability to complete
contracts