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: Aug 20, 2026

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Question 1

Which of the following is not an element of the cost of a project?

A : Freight

B : Material waste

C : Material

D : Esteem value

Answer: D

Question 2

The Budgeted Cost of Work Performed is equal to the product of budget for the account and what other multiplier?

A : The labor wage rate

B : Float

C : Percent complete

D : Productivity

Answer: C

Question 3

Which of the following is not a direct cost?

A : Construction trailer footing

B : Process piping

C : Plant switchgear

D : Permanent building slab

Answer: A

Question 4

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 5

The following is the result of the range estimating analysis. If you wish to be 80% certain of not over running the estimate, how much contingency should you add?

A : ($25)

B : $80

C : It cannot be determined from the table

D : $328

Answer: D

Page: 1 / 60

Total 297 Questions | Updated On: Aug 20, 2026

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