Introductory Cost Engineering Quiz

Introductory Cost Engineering Quiz

Professional Development

12 Qs

quiz-placeholder

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Introductory Cost Engineering Quiz

Introductory Cost Engineering Quiz

Assessment

Quiz

Professional Development

Professional Development

Hard

Created by

Laurie Bowman

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of cost in project control and accounting?

The amount measured in money, cash expended or liability incurred, in consideration of goods and/or services received.

The value of an activity or asset determined by the cost of the resources expended to complete the activity or produce the asset.

The investment of resources in strategic assets including time, monetary, human, and physical resources.

The value of the resources used to support an activity or asset, such as facilities, office supplies, and communication costs.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the categories of resources used to determine the value of an activity or asset?

Material, labor, and 'other'

Money, time, and physical resources

Facilities, office supplies, and communication costs

Taxes, maintenance, and security costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of resources in the context of cost management?

Any investment in strategic assets

Any real or potential investment in time

Any investment in human and physical assets

Any investment in monetary assets

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of lifecycle in the context of cost management?

The stages or phases of project progress

The stages or phases of asset existence

The complete history of a product

The length of time over which an investment is analyzed

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the distinction between product life cycle and project life cycle?

Product life cycle includes the last two phases of project life cycle

Product life cycle does not include the last two phases of project life cycle

Product life cycle is longer than project life cycle

Product life cycle is shorter than project life cycle

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of process in the context of cost management?

A sequence of procedures that consume resources to convert inputs into outputs

A sequence of procedures that consume time and energy to convert inputs into outputs

A sequence of procedures that consume money and machines to convert inputs into outputs

A sequence of procedures that consume data and material to convert inputs into outputs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of product in the context of cost management?

The end result of a process that serves as a need or want satisfier

The end result of a process that serves as a tangible attribute

The end result of a process that serves as an intangible attribute

The end result of a process that serves as a method or idea

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