AACE Certified Cost Technician Examination Practice Test
The AACE Certified Cost Technician Examination practice material addresses project cost estimating, cost measurement, and reporting. Questions use practical scenarios involving estimate checks, indirect-cost allocation, cost classification, earned value, and forecast documentation. These concepts help cost technicians produce traceable estimates and communicate how project costs compare with budgets, scope, and actual performance.
Exam overview
About the AACE Certified Cost Technician Examination Exam
Cost technicians need to organize cost data so estimates and performance reports can be checked and interpreted consistently. This includes identifying duplicated or omitted estimate items, applying allocation bases, distinguishing fixed and variable costs, and comparing periods only after accounting for scope changes. Earned value calculations connect planned work, completed work, and actual expenditures; interpreting cost variance requires consistent definitions and units. Forecast work also involves recording assumptions, uncertainty, and potential future costs—such as regulatory changes—so decision-makers can see what is known and what remains uncertain. Historical productivity and unit-cost data can support repeatable estimates when the prior work is comparable to the new scope and conditions. Contract terms matter when assessing who bears cost overruns, while clear report labels and conversions help prevent misinterpretation of cost figures.
Sample Practice Questions
Review a selection from this exam's published US Practice Tests practice bank.
A cost technician is checking a spreadsheet formula that sums the same labor line twice. Which estimate quality check is most directly intended to catch this type of error?
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Correct answer: AArithmetic and formula verification checks calculations, links, and aggregation for errors such as duplicated or omitted values. The other activities address different aspects of project planning and estimating.
A project’s indirect costs are allocated to work packages using a consistent percentage of direct labor cost. What is the percentage used for this allocation called?
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Correct answer: AAn allocation rate is a basis for distributing indirect or shared costs to cost objects. The rate and allocation base should be applied consistently and be appropriate to the costs being allocated.
A project has actual cost of $72,000 and earned value of $90,000 for a defined period. Using cost variance as earned value minus actual cost, what is the cost variance?
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Correct answer: ACost variance is calculated as EV − AC. Here, $90,000 − $72,000 = $18,000. A positive cost variance means the value of work accomplished exceeds the cost incurred for that work.
A project has a fixed-price contract for a defined scope. Which statement best describes the contractor’s cost risk if its actual costs exceed the price, assuming no applicable change or relief provisions?
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Correct answer: BUnder a fixed-price arrangement, the contractor generally bears the risk that its costs exceed the agreed price, subject to the contract’s terms and any authorized changes or other relief provisions.
A project’s cost data from one reporting period are compared with another period. Which practice helps make the comparison meaningful when the scope has changed?
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Correct answer: AScope changes can alter cost totals independently of performance. Identifying and explaining those changes helps readers distinguish scope effects from cost trends or execution performance.
A project team compares its estimated labor productivity with results from completed projects, after checking that the work conditions are comparable. What is the main purpose of this comparison?
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Correct answer: BHistorical benchmarking compares an estimate or productivity assumption with relevant completed work. It can reveal assumptions that warrant investigation, but comparability of scope and conditions matters.
A project’s forecast indicates that a future regulatory requirement may cause additional engineering and permitting expense. What should the cost technician do first to make the forecast transparent?
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Correct answer: ADocumenting the forecast basis, assumptions, and treatment makes the estimate traceable and helps reviewers understand whether the amount is included, excluded, or managed as a risk or reserve.
How to use this practice test
Access is free. A practice session presents up to 20 randomly selected questions from the 50-question bank and shows results after the session. Use missed or uncertain items to identify which calculations, cost definitions, or estimating judgments need closer review; the questions reflect the bank’s coverage, not a published exam blueprint.
Preparation tips
- Rework earned value examples by stating the formula and sign convention before substituting values; distinguish cost variance from schedule measures.
- For estimate reviews, check for duplicate line items, missing scope, inconsistent units, and arithmetic or spreadsheet-reference errors.
- Practice classifying direct and indirect, fixed and variable costs, and identify the allocation base used for each indirect-cost distribution.
- When comparing historical costs or productivity, note scope, quantities, work conditions, and reporting period so differences are not mistaken for performance changes.
- Build forecast notes that separate known costs from assumptions and potential exposures, and label currency units and scale conversions in every report.