1|Page
CCIFP FINAL EXAM NEWEST 2025/2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED||
What is the IRS definition of a "residential construction contract"?
- ANSWER-More than 4 dwellings, excluding row houses and
townhouses as they considered separate dwellings. Excluded
from IRC 460
List 6 external users of finacials - ANSWER-1) Owners
2) Sureties
3) Banks
4) Vendors
5) Customers
6) Licening
What is the deductibility of a per diet paid to an employee? -
ANSWER-Treasury takes the position that 40% of per diet is meal
expense and only 50% deductible to employer
,2|Page
What are 2 methods used as measurement of completion for
percentage of completion method? - ANSWER-1) Input -
measures costs
2) Output - measures results
What is Alternate Dispute Resolution in contract law? - ANSWER-
Doesn't include litigation or arbitration
Could be mediation, mini-trial negotiation
What are the two definitions of contract completion on IRS 460? -
ANSWER-The earlier of:
1) Use by customer & 95% of allocable costs incurred or
2) Final completion and acceptance
What is the legal definition of a contract? What is the IRS
definition? - 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. - ANSWER-
1. Political
,3|Page
2. Regulatory
3. Market Outlook
4. Social
5. Technology
6. Economic
Strategic planning must consider internal factors. These factors
the contractor can control. - 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
Major cause of contractor failure is - ANSWER-The failure to plan
and set specific objectives
, 4|Page
Strategic Planning - ANSWER-A logical and systematic process
by which a contractor determines the strategic direction for the
contractor's future
Strategic Planning - ANSWER-Requires knowledge of the risks
inherent in the construction industry and of available new
business opportunities
Strategic Planning Process encourages - 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
CCIFP FINAL EXAM NEWEST 2025/2026 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED||
What is the IRS definition of a "residential construction contract"?
- ANSWER-More than 4 dwellings, excluding row houses and
townhouses as they considered separate dwellings. Excluded
from IRC 460
List 6 external users of finacials - ANSWER-1) Owners
2) Sureties
3) Banks
4) Vendors
5) Customers
6) Licening
What is the deductibility of a per diet paid to an employee? -
ANSWER-Treasury takes the position that 40% of per diet is meal
expense and only 50% deductible to employer
,2|Page
What are 2 methods used as measurement of completion for
percentage of completion method? - ANSWER-1) Input -
measures costs
2) Output - measures results
What is Alternate Dispute Resolution in contract law? - ANSWER-
Doesn't include litigation or arbitration
Could be mediation, mini-trial negotiation
What are the two definitions of contract completion on IRS 460? -
ANSWER-The earlier of:
1) Use by customer & 95% of allocable costs incurred or
2) Final completion and acceptance
What is the legal definition of a contract? What is the IRS
definition? - 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. - ANSWER-
1. Political
,3|Page
2. Regulatory
3. Market Outlook
4. Social
5. Technology
6. Economic
Strategic planning must consider internal factors. These factors
the contractor can control. - 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
Major cause of contractor failure is - ANSWER-The failure to plan
and set specific objectives
, 4|Page
Strategic Planning - ANSWER-A logical and systematic process
by which a contractor determines the strategic direction for the
contractor's future
Strategic Planning - ANSWER-Requires knowledge of the risks
inherent in the construction industry and of available new
business opportunities
Strategic Planning Process encourages - 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
