Free AACE AACE-CEP Exam Questions

Become AACE Certified with updated AACE-CEP exam questions and correct answers

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Total 297 Questions | Updated On: Dec 16, 2025

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Question 1

_______________ are associated with an asset and extend the cost management information beyond the acquisition (creation) of the asset to the use and disposal of the asset.

A : Life-Cycle Costs (LCC)

B : Indirect Costs

C : Fixed Costs

D : Variable Costs

Answer: A

Question 2

Management reserve is ______________.

A : Usually under the control of the project team

B : Another term for "contingency"

C : An amount outside the project scope and cost baseline to allow for discretionary management purposes

D : Reserved for work outside the original scope

Answer: C

Question 3

_______________ are associated with an asset and extend the cost management information beyond the acquisition (creation) of the asset to the use and disposal of the asset.

A : Life-Cycle Costs (LCC)

B : Indirect Costs

C : Fixed Costs

D : Variable Costs

Answer: A

Question 4

After planning, what is the first process in estimate preparation?

A : Costing

B : Quantification

C : Scoping

D : Pricing

Answer: C

Question 5

If the owner and contractor cannot come to agreement on the cost and terms of the change order, the reasonable solution is ….....................

A : The contractor should sue the owner

B : Stop the project

C : Arbitration

D : The owner should sue the contractor

Answer: C

Page: 1 / 60

Total 297 Questions | Updated On: Dec 16, 2025

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