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CCIFP Questions and Correct Answers/
Latest Update / Already Graded
What is the legal definition of a contract? What is the IRS definition?
Ans: 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.
Ans: 1. Political
2. Regulatory
3. Market Outlook
4. Social
5. Technology
6. Economic
Strategic planning must consider internal factors. These factors the
contractor can control.
Ans: 1. Culture, related to financial discipline, risk tolerance,
growth, and change
2. Life cycle stage
3. Comprehensive marketing strategy
4. Core competencies
All rights reserved © 2025/ 2026 |
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5. Talent acquisition and retention programs
6. Commitment to technology
Major cause of contractor failure is
Ans: The failure to plan and set specific objectives
Strategic Planning
Ans: A logical and systematic process by which a contractor
determines the strategic direction for the contractor's future
Strategic Planning
Ans: Requires knowledge of the risks inherent in the
construction industry and of available new business
opportunities
Strategic Planning Process encourages
Ans: 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
All rights reserved © 2025/ 2026 |
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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
What are the 2 coverage triggers for CGL?
Ans: 1. Occurrence Trigger - Whatever policy in place a the
time of the claim happening is policy used.
2. Claims Trigger - (Not used much) Made trigger policy in
place, Policy extended
What is the legal definition of a contract? What is the IRS's definition of
a contract?
Ans: An agreement between two parties that is legally binding
& enforceable under applicable law
What is RAID?
Ans: Redundant array of Independent (or inexpensive) disks.
- Data spread out over several disks, users access
simultaneously.
- Normally used by servers in multi-user environments
All rights reserved © 2025/ 2026 |
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What is the disclosure on the balance sheet for anticipated losses on
contracts?
Ans: Estimated liability to complete contracts
What is the IRS's definition of a "Home Construction Contract"?
Ans: Contracts if 80% of the total contract costs are:
1) Dwelling units, 4 of fewer
2) Improvements directly related to such dwelling units
3) Excluded from IRC 460 - Special rules from long term
contracts
What is LAN?
Ans: Local Area Network
What is the difference between cloud computing & virtual
environments?
Ans: - Cloud computing allows access to data through a
browser
- Virtual environment allows remote access to data, but access
software require on computer to access
All rights reserved © 2025/ 2026 |
CCIFP Questions and Correct Answers/
Latest Update / Already Graded
What is the legal definition of a contract? What is the IRS definition?
Ans: 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.
Ans: 1. Political
2. Regulatory
3. Market Outlook
4. Social
5. Technology
6. Economic
Strategic planning must consider internal factors. These factors the
contractor can control.
Ans: 1. Culture, related to financial discipline, risk tolerance,
growth, and change
2. Life cycle stage
3. Comprehensive marketing strategy
4. Core competencies
All rights reserved © 2025/ 2026 |
, Page |2
5. Talent acquisition and retention programs
6. Commitment to technology
Major cause of contractor failure is
Ans: The failure to plan and set specific objectives
Strategic Planning
Ans: A logical and systematic process by which a contractor
determines the strategic direction for the contractor's future
Strategic Planning
Ans: Requires knowledge of the risks inherent in the
construction industry and of available new business
opportunities
Strategic Planning Process encourages
Ans: 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
All rights reserved © 2025/ 2026 |
, Page |3
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
What are the 2 coverage triggers for CGL?
Ans: 1. Occurrence Trigger - Whatever policy in place a the
time of the claim happening is policy used.
2. Claims Trigger - (Not used much) Made trigger policy in
place, Policy extended
What is the legal definition of a contract? What is the IRS's definition of
a contract?
Ans: An agreement between two parties that is legally binding
& enforceable under applicable law
What is RAID?
Ans: Redundant array of Independent (or inexpensive) disks.
- Data spread out over several disks, users access
simultaneously.
- Normally used by servers in multi-user environments
All rights reserved © 2025/ 2026 |
, Page |4
What is the disclosure on the balance sheet for anticipated losses on
contracts?
Ans: Estimated liability to complete contracts
What is the IRS's definition of a "Home Construction Contract"?
Ans: Contracts if 80% of the total contract costs are:
1) Dwelling units, 4 of fewer
2) Improvements directly related to such dwelling units
3) Excluded from IRC 460 - Special rules from long term
contracts
What is LAN?
Ans: Local Area Network
What is the difference between cloud computing & virtual
environments?
Ans: - Cloud computing allows access to data through a
browser
- Virtual environment allows remote access to data, but access
software require on computer to access
All rights reserved © 2025/ 2026 |
