1|Page
CCIFP FINAL EXAM LATEST 2025/2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
What are 2 types of wrap-up plans? - ANSWER-1) Owner
controlled insurance program (OCIP)
2) Contractor controlled insurance program (CCIP)
- Procurement by one party of policies protecting owner and
contractors involved
What are the 4 steps to implementing ABC (Activity Based
Costing)? - ANSWER-1) Understand the process to be costed
2) Identify activities within the process
3) Trace cost to activities using an activity survey or through
payroll codes
4) Link cost drivers to cost objects
What is the Cost to Cost method of percentage of completion?
What should be excluded from the calculation? - ANSWER-Step 1
- Costs to date / total estimated cost = percent complete
,2|Page
Step 2 - percent complete x anticipated profit = amount earned to
date
Excluded from this calculation is stored materials and uninstalled
materials
What are the four risk management techniques? - ANSWER-1)
Avoidance - Avoid risks associated with a particular operation or
situation
2) Retention - Assumption of risk by contractors (needs
budgeting)
3) Safety & loss control
4) Risk transfer -
a) Contractually - transfer risk from owner to general contractor to
sun contractor
b) Insurance - liability, builders risk, purchased after all possible
risks are transferred
what are the four requirement for using completed contract
method? - ANSWER-1) Reliable estimates can not be made
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2) Differenced between using percentage of completion and cost
complete method are significantly different (i.e. short term
contracts)
3) Contract terms & scope not specific
4) performance requirements not defined for all parties.
What are the 3 aspects unique to the cash management of a
construction company? - ANSWER-1) Business is project-
oriented
2) Retainage
3) Multiple levels of contractor & subcontractor relationships
What are 2 types of warranties? - ANSWER-1) Express - Can be
written or oral(such as a course of dealing) Arises from
negotiations
2) Implied - Not part of contract terms "caveat emptor" let the
buyer beware - implied by law
What are some techniques to maximizing cash flow? - ANSWER-
1) Receipts
, 4|Page
a) aggressive billings
b) No client checks through the mail
c) Internal cash handling (get money to the bank ASAP)
2) Disbursements
3) Investments - short term low risk
4) Negotiate contract terms - Retention - Incentives - Billing
frequency - Depsoits
Using the percentage of completion method - what are the
subtopics under reliable estimates? - ANSWER-1) Personnel -
must have experience necessary
2) Accounting systems & access to information - those estimating
must have reliable information and access to that information
What are 5 options for CF plans and self insured? - ANSWER-1)
Safety groups - usually trade associations and use dividend plan
2) Group and risk pools - not-for-profits organized to cover
contractors
3) Large deductible - generally over $100,000 best to reduce
costs
CCIFP FINAL EXAM LATEST 2025/2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
What are 2 types of wrap-up plans? - ANSWER-1) Owner
controlled insurance program (OCIP)
2) Contractor controlled insurance program (CCIP)
- Procurement by one party of policies protecting owner and
contractors involved
What are the 4 steps to implementing ABC (Activity Based
Costing)? - ANSWER-1) Understand the process to be costed
2) Identify activities within the process
3) Trace cost to activities using an activity survey or through
payroll codes
4) Link cost drivers to cost objects
What is the Cost to Cost method of percentage of completion?
What should be excluded from the calculation? - ANSWER-Step 1
- Costs to date / total estimated cost = percent complete
,2|Page
Step 2 - percent complete x anticipated profit = amount earned to
date
Excluded from this calculation is stored materials and uninstalled
materials
What are the four risk management techniques? - ANSWER-1)
Avoidance - Avoid risks associated with a particular operation or
situation
2) Retention - Assumption of risk by contractors (needs
budgeting)
3) Safety & loss control
4) Risk transfer -
a) Contractually - transfer risk from owner to general contractor to
sun contractor
b) Insurance - liability, builders risk, purchased after all possible
risks are transferred
what are the four requirement for using completed contract
method? - ANSWER-1) Reliable estimates can not be made
,3|Page
2) Differenced between using percentage of completion and cost
complete method are significantly different (i.e. short term
contracts)
3) Contract terms & scope not specific
4) performance requirements not defined for all parties.
What are the 3 aspects unique to the cash management of a
construction company? - ANSWER-1) Business is project-
oriented
2) Retainage
3) Multiple levels of contractor & subcontractor relationships
What are 2 types of warranties? - ANSWER-1) Express - Can be
written or oral(such as a course of dealing) Arises from
negotiations
2) Implied - Not part of contract terms "caveat emptor" let the
buyer beware - implied by law
What are some techniques to maximizing cash flow? - ANSWER-
1) Receipts
, 4|Page
a) aggressive billings
b) No client checks through the mail
c) Internal cash handling (get money to the bank ASAP)
2) Disbursements
3) Investments - short term low risk
4) Negotiate contract terms - Retention - Incentives - Billing
frequency - Depsoits
Using the percentage of completion method - what are the
subtopics under reliable estimates? - ANSWER-1) Personnel -
must have experience necessary
2) Accounting systems & access to information - those estimating
must have reliable information and access to that information
What are 5 options for CF plans and self insured? - ANSWER-1)
Safety groups - usually trade associations and use dividend plan
2) Group and risk pools - not-for-profits organized to cover
contractors
3) Large deductible - generally over $100,000 best to reduce
costs
