CCIFP QUESTIONS | TESTED AND PROVEN ANSWERS
| LATEST UPDATE 2024/2025 100% (GRADE A+)
What is the legal definition of a contract? What is the IRS definition?
Ans>> 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.
Ans>> 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.
Ans>> 1. Culture, related to financial discipline, risk tolerance, growth, and change
2. Life cycle stage
1
,3. Comprehensive marketing strategy
4. Core competencies
5. Talent acquisition and retention programs
6. Commitment to technology
Major cause of contractor failure is
Ans>> The failure to plan and set specific objectives
Strategic Planning
Ans>> A logical and systematic process by which a contractor determines the strategic direction
for the contractor's future
Strategic Planning
Ans>> Requires knowledge of the risks inherent in the construction industry and of available new
business opportunities
Strategic Planning Process encourages
2
,Ans>> 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?
Ans>> 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?
Ans>> An agreement between two parties that is legally binding & enforceable under
applicable law
What is RAID?
Ans>> Redundant array of Independent (or inexpensive) disks.
3
, - 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?
Ans>> Estimated liability to complete contracts
What is the IRS's definition of a "Home Construction Contract"?
Ans>> 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?
Ans>> Local Area Network
What is the difference between cloud computing & virtual environments?
Ans>> - Cloud computing allows access to data through a browser
4
| LATEST UPDATE 2024/2025 100% (GRADE A+)
What is the legal definition of a contract? What is the IRS definition?
Ans>> 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.
Ans>> 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.
Ans>> 1. Culture, related to financial discipline, risk tolerance, growth, and change
2. Life cycle stage
1
,3. Comprehensive marketing strategy
4. Core competencies
5. Talent acquisition and retention programs
6. Commitment to technology
Major cause of contractor failure is
Ans>> The failure to plan and set specific objectives
Strategic Planning
Ans>> A logical and systematic process by which a contractor determines the strategic direction
for the contractor's future
Strategic Planning
Ans>> Requires knowledge of the risks inherent in the construction industry and of available new
business opportunities
Strategic Planning Process encourages
2
,Ans>> 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?
Ans>> 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?
Ans>> An agreement between two parties that is legally binding & enforceable under
applicable law
What is RAID?
Ans>> Redundant array of Independent (or inexpensive) disks.
3
, - 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?
Ans>> Estimated liability to complete contracts
What is the IRS's definition of a "Home Construction Contract"?
Ans>> 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?
Ans>> Local Area Network
What is the difference between cloud computing & virtual environments?
Ans>> - Cloud computing allows access to data through a browser
4
