CCIFP Exam – Questions With Applicable Solutions
What is the legal definition of a contract? What is the IRS definition? Correct
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. Correct Answer - 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. Correct 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 Correct Answer - The failure to plan
and set specific objectives
Strategic Planning Correct Answer - A logical and systematic process by
which a contractor determines the strategic direction for the contractor's
future
Strategic Planning Correct Answer - Requires knowledge of the risks
inherent in the construction industry and of available new business
opportunities
Strategic Planning Process encourages Correct 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
What are the 2 coverage triggers for CGL? Correct Answer - 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? Correct Answer - An agreement between two parties that is
legally binding & enforceable under applicable law
What is RAID? Correct Answer - 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? Correct Answer - Estimated liability to complete contracts
What is the IRS's definition of a "Home Construction Contract"? Correct
Answer - 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? Correct Answer - Local Area Network
What is the difference between cloud computing & virtual environments?
Correct Answer - - 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 legal definition of a contract? What is the IRS definition? Correct
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. Correct Answer - 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. Correct 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 Correct Answer - The failure to plan
and set specific objectives
Strategic Planning Correct Answer - A logical and systematic process by
which a contractor determines the strategic direction for the contractor's
future
Strategic Planning Correct Answer - Requires knowledge of the risks
inherent in the construction industry and of available new business
opportunities
Strategic Planning Process encourages Correct 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
What are the 2 coverage triggers for CGL? Correct Answer - 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? Correct Answer - An agreement between two parties that is
legally binding & enforceable under applicable law
What is RAID? Correct Answer - 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? Correct Answer - Estimated liability to complete contracts
What is the IRS's definition of a "Home Construction Contract"? Correct
Answer - 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? Correct Answer - Local Area Network
What is the difference between cloud computing & virtual environments?
Correct Answer - - Cloud computing allows access to data through a
browser
- Virtual environment allows remote access to data, but access software
require on computer to access
