CCIFP – Questions With Correct Solutions (Rated A+)
Areas of dispute broad claim categories Correct Answer - delays,
disruption, changes in scope, changed conditions, termination
Contractor Damages Formula Correct Answer - Actual Cost + Profit + OH
- Owner Payments
Construction Manager acts as a what to owner? Correct Answer -
Business consultant to owner
Primary Methods of resolving claims Correct Answer - arbitration,
litigation, combined mediation/arbitration, neutral evaluation, litigation
Three Principles of contract interpretation Correct Answer - course of
performance, course of dealing, usage of trade
force majure Correct Answer - excusable delay
Most common types of exculpatory clauses Correct Answer - inspection,
familiarity of work, no damage for delay
strict liability definition Correct Answer - eliminates requirement that a
plaintiff needs to prove negligence and intentional conduct
Who bears the risk in unit price contracts Correct Answer - contractor
Eichleay Formula is used for calculating Correct Answer - home office
overhead costs
Little Miller acts mandate Correct Answer - surety bonds when tax
dollars are involved
exculpatory clauses Correct Answer - excuse owner from responsibility
for increased costs resulting from unforeseen circumstances; absolves party
from responsibility of their own actions
consequential damages do not Correct Answer - ordinarily flow directly
from breach of contract
,indemnification clauses Correct Answer - holds a party harmless
what resolves indemnification Correct Answer - risk insurance
Federal Procurement Policy Act prohibits certain parties from: Correct
Answer - disclosing bid or proposal information before the award of a
federal contract
apparent authority relates to what type of contract Correct Answer -
non-governmental
contracting officer relates to what type of contract Correct Answer -
governmental
commonly used accounting methods for JVs: Correct Answer - full
consolidation, partial consolidation, equity, expanded equity, cost method
S Corps are limited to Correct Answer - one type of stock
competitve bid contracts are used when Correct Answer - owners are
primarily concerned with price
discrete approach is also known as Correct Answer - actual cost
approach
approaches for calculating contractor damages Correct Answer - total
cost, modified total cost, estimated cost approach, discrete approach
types of privitatization of governmental functions Correct Answer -
asset transfer, contracting out, divesiture of functions, leasing of factilities
80-90% of claims fall into which category Correct Answer - scope
changes
Miller Act requires performance bonds on governmental contracts for
contracts over: Correct Answer - $100,000
, Considerations for cost plus GMP contract Correct Answer - scope,
shared savings, cost overruns, cost underruns
Four types of contracts Correct Answer - fixed price/lump sum, time and
material, cost-type, unit price
two rules established by FASB related to employee benefits Correct Answer
- pension plans and post retirement benefits
financial manager's responsibilities to employers Correct Answer -
representative, treasury, reporting
what is a fiduciary Correct Answer - person exercising discretionary
authority or control over the management of a plan
what are actual conflicts Correct Answer - financial manager receives
compensation or other benefits that haven't been approved by owners
components of wage structure Correct Answer - job families, pay grades,
minimum wage, midpoint, maximum wage
IRS twenty factor test relates to Correct Answer - improperly classifying
a worker as an independent contractor
financial managers' responsibility to creditors Correct Answer - bankers
& sureties
what act establishes minimum wages, overtime pay, record-keeping, and
child-labor standards? Correct Answer - Fair Labor Standards Act of
1938
benchmark jobs Correct Answer - jobs that closely match survey jobs
with company descriptions
a qualified plan cannot discrimate Correct Answer - in favor of highly
compensated employees
what is the amount of a federal or federally assisted contract that prohibits
the discrimination against applicants? Correct Answer - 10,000
Areas of dispute broad claim categories Correct Answer - delays,
disruption, changes in scope, changed conditions, termination
Contractor Damages Formula Correct Answer - Actual Cost + Profit + OH
- Owner Payments
Construction Manager acts as a what to owner? Correct Answer -
Business consultant to owner
Primary Methods of resolving claims Correct Answer - arbitration,
litigation, combined mediation/arbitration, neutral evaluation, litigation
Three Principles of contract interpretation Correct Answer - course of
performance, course of dealing, usage of trade
force majure Correct Answer - excusable delay
Most common types of exculpatory clauses Correct Answer - inspection,
familiarity of work, no damage for delay
strict liability definition Correct Answer - eliminates requirement that a
plaintiff needs to prove negligence and intentional conduct
Who bears the risk in unit price contracts Correct Answer - contractor
Eichleay Formula is used for calculating Correct Answer - home office
overhead costs
Little Miller acts mandate Correct Answer - surety bonds when tax
dollars are involved
exculpatory clauses Correct Answer - excuse owner from responsibility
for increased costs resulting from unforeseen circumstances; absolves party
from responsibility of their own actions
consequential damages do not Correct Answer - ordinarily flow directly
from breach of contract
,indemnification clauses Correct Answer - holds a party harmless
what resolves indemnification Correct Answer - risk insurance
Federal Procurement Policy Act prohibits certain parties from: Correct
Answer - disclosing bid or proposal information before the award of a
federal contract
apparent authority relates to what type of contract Correct Answer -
non-governmental
contracting officer relates to what type of contract Correct Answer -
governmental
commonly used accounting methods for JVs: Correct Answer - full
consolidation, partial consolidation, equity, expanded equity, cost method
S Corps are limited to Correct Answer - one type of stock
competitve bid contracts are used when Correct Answer - owners are
primarily concerned with price
discrete approach is also known as Correct Answer - actual cost
approach
approaches for calculating contractor damages Correct Answer - total
cost, modified total cost, estimated cost approach, discrete approach
types of privitatization of governmental functions Correct Answer -
asset transfer, contracting out, divesiture of functions, leasing of factilities
80-90% of claims fall into which category Correct Answer - scope
changes
Miller Act requires performance bonds on governmental contracts for
contracts over: Correct Answer - $100,000
, Considerations for cost plus GMP contract Correct Answer - scope,
shared savings, cost overruns, cost underruns
Four types of contracts Correct Answer - fixed price/lump sum, time and
material, cost-type, unit price
two rules established by FASB related to employee benefits Correct Answer
- pension plans and post retirement benefits
financial manager's responsibilities to employers Correct Answer -
representative, treasury, reporting
what is a fiduciary Correct Answer - person exercising discretionary
authority or control over the management of a plan
what are actual conflicts Correct Answer - financial manager receives
compensation or other benefits that haven't been approved by owners
components of wage structure Correct Answer - job families, pay grades,
minimum wage, midpoint, maximum wage
IRS twenty factor test relates to Correct Answer - improperly classifying
a worker as an independent contractor
financial managers' responsibility to creditors Correct Answer - bankers
& sureties
what act establishes minimum wages, overtime pay, record-keeping, and
child-labor standards? Correct Answer - Fair Labor Standards Act of
1938
benchmark jobs Correct Answer - jobs that closely match survey jobs
with company descriptions
a qualified plan cannot discrimate Correct Answer - in favor of highly
compensated employees
what is the amount of a federal or federally assisted contract that prohibits
the discrimination against applicants? Correct Answer - 10,000
