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AACE CCT PRIMER EXAM AND PRACTICE EXAM
LATEST 2025/ 2026 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+|
|| VERIFIED EXAM!!!|| ||LATEST EXAM VERSION!!!||
The sum of the practices and processes that an enterprise
uses to manage the total life cycle cost investment in its
portfolio of strategic assets is called _________ - Answer-
Total Cost Management
______ is the application of scientific principles and
techniques to problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling - Answer-Cost Engineering
_______ Is the value of an activity or asset. Generally, this
value is determined by the cost of the resources that are
expended to complete the activity or produce the asset. An
,2|Page
example would be the facilities needed to produce an
activity or asset, which would include the tooling,
electricity, taxes, and maintenance, etc., necessary to
keep the facility available for use. Other costs might be
office supplies, communication costs, travel costs, and
security costs - Answer-Cost
Any consumable, except time, required to accomplish an
activity are considered _______. From a total cost and
asset management perspective, _______ may include any
real or potential investment in strategic assets including
time, monetary, human, and physical. - Answer-
Resources, Resources
A resource becomes a cost when it is ______ or
consumed in an _____or project - Answer-invested,
project
Material, labor, and "other" are categories of _________. -
Answer-Resources
The product lifecycle is the complete history of a product
through its ______, definition, production, operation, and
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obsolescence /______ phases. - Answer-concept,
disposal
The distinction between product life cycle and project life
cycle is that the latter does not include the ______ and
______. - Answer-operation, disposal
___________ is the systematic numeric method of
classifying various categories of costs for accounting
purposes - Answer-Code of Accounts
______ is used used in situations where each job is
different and is performed to the customer's specifications.
______ involves keeping an account of direct costs (labor,
machine time, raw materials) and indirect costs
(overheads) - Answer-Job Costing, Job Costing
A process is a sequence or independent & linked
procedures which ___________ to convert inputs into
outputs. These outputs then serve as inputs for the next
stage until a known goal or end result is reached - Answer-
consume resources
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A _____ is a good, idea, method, information, object,
service, etc, that is the end result of a process & serves as
a need or want satisfierProduct - Answer-Product
Product manufactured along with a different product, in a
process in which both are required in the production of
another product are considered _____ - Answer-Co-
products
A key feature of a ____ is that it has low value in
comparison with the principal product(s) & may be
discarded or sold - Answer-by-product
Types of Manufacturing Operations include _____, ______
run and _____ shop - Answer-Process, Batch, Job
This manufacturing operation runs almost continuously
making the same thing. Examples are refining and
chemical plants, and very long run assembly operations. -
Answer-Process
A ______ characterized by setting up for one product,
producing a set quantity of product, and then shutting
AACE CCT PRIMER EXAM AND PRACTICE EXAM
LATEST 2025/ 2026 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+|
|| VERIFIED EXAM!!!|| ||LATEST EXAM VERSION!!!||
The sum of the practices and processes that an enterprise
uses to manage the total life cycle cost investment in its
portfolio of strategic assets is called _________ - Answer-
Total Cost Management
______ is the application of scientific principles and
techniques to problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling - Answer-Cost Engineering
_______ Is the value of an activity or asset. Generally, this
value is determined by the cost of the resources that are
expended to complete the activity or produce the asset. An
,2|Page
example would be the facilities needed to produce an
activity or asset, which would include the tooling,
electricity, taxes, and maintenance, etc., necessary to
keep the facility available for use. Other costs might be
office supplies, communication costs, travel costs, and
security costs - Answer-Cost
Any consumable, except time, required to accomplish an
activity are considered _______. From a total cost and
asset management perspective, _______ may include any
real or potential investment in strategic assets including
time, monetary, human, and physical. - Answer-
Resources, Resources
A resource becomes a cost when it is ______ or
consumed in an _____or project - Answer-invested,
project
Material, labor, and "other" are categories of _________. -
Answer-Resources
The product lifecycle is the complete history of a product
through its ______, definition, production, operation, and
,3|Page
obsolescence /______ phases. - Answer-concept,
disposal
The distinction between product life cycle and project life
cycle is that the latter does not include the ______ and
______. - Answer-operation, disposal
___________ is the systematic numeric method of
classifying various categories of costs for accounting
purposes - Answer-Code of Accounts
______ is used used in situations where each job is
different and is performed to the customer's specifications.
______ involves keeping an account of direct costs (labor,
machine time, raw materials) and indirect costs
(overheads) - Answer-Job Costing, Job Costing
A process is a sequence or independent & linked
procedures which ___________ to convert inputs into
outputs. These outputs then serve as inputs for the next
stage until a known goal or end result is reached - Answer-
consume resources
, 4|Page
A _____ is a good, idea, method, information, object,
service, etc, that is the end result of a process & serves as
a need or want satisfierProduct - Answer-Product
Product manufactured along with a different product, in a
process in which both are required in the production of
another product are considered _____ - Answer-Co-
products
A key feature of a ____ is that it has low value in
comparison with the principal product(s) & may be
discarded or sold - Answer-by-product
Types of Manufacturing Operations include _____, ______
run and _____ shop - Answer-Process, Batch, Job
This manufacturing operation runs almost continuously
making the same thing. Examples are refining and
chemical plants, and very long run assembly operations. -
Answer-Process
A ______ characterized by setting up for one product,
producing a set quantity of product, and then shutting
