3/5/26, 5:02 PM CCIFP EXAM (2026) UPDATE Verified Questions And Answers | Latest Already Graded A+ UPDATE |2026 Flashcards | Quizlet
CCIFP EXAM (2026) UPDATE Verified Questions
And Answers | Latest Already Graded A+ UPDATE
|2026
Save
Terms in this set (106)
What is the legal definition of a An agreement between 2 parties that is legally
contract? What is the IRS definition? binding & enforceable under applicable law.
Strategic planning must consider 1. Political
external factors. These factors 2. Regulatory
change rapidly and are outside the 3. Market Outlook
contractor control. 4. Social
5. Technology
6. Economic
Strategic planning must consider 1. Culture, related to financial discipline, risk
internal factors. These factors the tolerance, growth, and change
contractor can control. 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 The failure to plan and set specific objectives
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,3/5/26, 5:02 PM CCIFP EXAM (2026) UPDATE Verified Questions And Answers | Latest Already Graded A+ UPDATE |2026 Flashcards | Quizlet
Strategic Planning A logical and systematic process by which a
contractor determines the strategic direction for
the contractor's future
Strategic Planning Requires knowledge of the risks inherent in the
construction industry and of available new business
opportunities
Strategic Planning Process 1. Assessment of your company's current condition
encourages 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
What are the 2 coverage triggers for 1. Occurrence Trigger - Whatever policy in place a
CGL? 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 An agreement between two parties that is legally
contract? What is the IRS's definition binding & enforceable under applicable law
of a contract?
What is RAID? Redundant array of Independent (or inexpensive)
disks.
- Data spread out over several disks, users access
simultaneously.
- Normally used by servers in multi-user
environments
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, 3/5/26, 5:02 PM CCIFP EXAM (2026) UPDATE Verified Questions And Answers | Latest Already Graded A+ UPDATE |2026 Flashcards | Quizlet
What is the disclosure on the Estimated liability to complete contracts
balance sheet for anticipated losses
on contracts?
What is the IRS's definition of a Contracts if 80% of the total contract costs are:
"Home Construction Contract"? 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? Local Area Network
What is the difference between - Cloud computing allows access to data through a
cloud computing & virtual browser
environments? - Virtual environment allows remote access to data,
but access software require on computer to access
What is the "look-Back" requirement? Taxpayer using percentage of completion must
redetermined contract profit in year of completion
and difference reported in periods are subject to
interest charge or refund.
What are the 4 types of contracts? 1) Fixed price or lump sum
2) Time & Material
3) Cost-type contracts
4) Unit Price
What is a fixed price or lump sum The price is not usually subject to adjustment
contract?
What is a time & material type The price is based on direct labor hours and cost
contract? of materials
https://quizlet.com/1152202099/ccifp-exam-2026-update-verified-questions-and-answers-latest-already-graded-a-update-2026-flash-cards/?new 3/18
CCIFP EXAM (2026) UPDATE Verified Questions
And Answers | Latest Already Graded A+ UPDATE
|2026
Save
Terms in this set (106)
What is the legal definition of a An agreement between 2 parties that is legally
contract? What is the IRS definition? binding & enforceable under applicable law.
Strategic planning must consider 1. Political
external factors. These factors 2. Regulatory
change rapidly and are outside the 3. Market Outlook
contractor control. 4. Social
5. Technology
6. Economic
Strategic planning must consider 1. Culture, related to financial discipline, risk
internal factors. These factors the tolerance, growth, and change
contractor can control. 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 The failure to plan and set specific objectives
https://quizlet.com/1152202099/ccifp-exam-2026-update-verified-questions-and-answers-latest-already-graded-a-update-2026-flash-cards/?new 1/18
,3/5/26, 5:02 PM CCIFP EXAM (2026) UPDATE Verified Questions And Answers | Latest Already Graded A+ UPDATE |2026 Flashcards | Quizlet
Strategic Planning A logical and systematic process by which a
contractor determines the strategic direction for
the contractor's future
Strategic Planning Requires knowledge of the risks inherent in the
construction industry and of available new business
opportunities
Strategic Planning Process 1. Assessment of your company's current condition
encourages 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
What are the 2 coverage triggers for 1. Occurrence Trigger - Whatever policy in place a
CGL? 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 An agreement between two parties that is legally
contract? What is the IRS's definition binding & enforceable under applicable law
of a contract?
What is RAID? Redundant array of Independent (or inexpensive)
disks.
- Data spread out over several disks, users access
simultaneously.
- Normally used by servers in multi-user
environments
https://quizlet.com/1152202099/ccifp-exam-2026-update-verified-questions-and-answers-latest-already-graded-a-update-2026-flash-cards/?new 2/18
, 3/5/26, 5:02 PM CCIFP EXAM (2026) UPDATE Verified Questions And Answers | Latest Already Graded A+ UPDATE |2026 Flashcards | Quizlet
What is the disclosure on the Estimated liability to complete contracts
balance sheet for anticipated losses
on contracts?
What is the IRS's definition of a Contracts if 80% of the total contract costs are:
"Home Construction Contract"? 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? Local Area Network
What is the difference between - Cloud computing allows access to data through a
cloud computing & virtual browser
environments? - Virtual environment allows remote access to data,
but access software require on computer to access
What is the "look-Back" requirement? Taxpayer using percentage of completion must
redetermined contract profit in year of completion
and difference reported in periods are subject to
interest charge or refund.
What are the 4 types of contracts? 1) Fixed price or lump sum
2) Time & Material
3) Cost-type contracts
4) Unit Price
What is a fixed price or lump sum The price is not usually subject to adjustment
contract?
What is a time & material type The price is based on direct labor hours and cost
contract? of materials
https://quizlet.com/1152202099/ccifp-exam-2026-update-verified-questions-and-answers-latest-already-graded-a-update-2026-flash-cards/?new 3/18
