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: Mar 06, 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

If you suspect a contractor’s bid estimate is unbalanced, which of the following best describes what to look for in an estimate review?

A : Errors and omissions concentrated in only a few elements of the work breakdown or cost account structure

B : Items that will be purchased or installed early and seem to have very high cost values

C : Extremely high escalation costs, particularly for those items installed later in the project schedule

D : Allowances for overtime that on balance appear to be excessive

Answer: B

Question 3

A budget estimate is typically but not always a Class-----estimate.

A : 1

B : 5

C : 4

D : 3

Answer: D

Question 4

An input to risk identification is:

A : Stakeholder risk tolerance

B : Product description

C : Historical Information

D : Simulation

Answer: C

Question 5

Two essentials for an effective project control baseline are _________________ .

A : Cash flow and the estimate

B : A resource‐loaded schedule and value engineering plan

C : The schedule and budget

D : The Actual Cost of Work Performed (ACWP) and an updated schedule

Answer: C

Page: 1 / 60

Total 297 Questions | Updated On: Mar 06, 2026

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