CCIFP Exam Questions & Answers | 100% Correct Answers | Verified | Latest 2024 Version

CCIFP Exam Questions & Answers | 100% Correct Answers | Verified | Latest 2024 Version What is the legal definition of a contract? What is the IRS definition? - 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. - 1. Political 2. Regulatory 3. Market Outlook 4. Social 5. Technology 6. Economic Strategic planning must consider internal factors. These factors the contractor can control. - 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 - The failure to plan and set specific objectives 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 encourages - 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 What are the 2 coverage triggers for CGL? - 1. Occurrence Trigger - Whatever policy in place a 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 contract? What is the IRS's definition of a contract? - An agreement between two parties that is legally binding & enforceable under applicable law 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 What is the disclosure on the balance sheet for anticipated losses on contracts? - Estimated liability to complete contracts What is the IRS's definition of a "Home Construction Contract"? - Contracts if 80% of the total contract costs are: 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 & virtual environments? - - Cloud computing allows access to data through a browser - 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