CON 3990V- Pre practice Test 3
Questions
What is Price? - Answer-Cost plus any fee or profit
What is Pricing? - Answer-The process of establishing a reasonable amount or amounts to be paid for
supplies or services.
True or False? Each contract should be priced separately and independently? - Answer-True
When contracting on a firm-fixed-price basis, what will usually satisfy the requirement to perform a
price analysis? - Answer-A comparison of proposed prices
True or False? Price to the Government shall be evaluated in every source selection? - Answer-True
When contracting on a cost-reimbursement basis, evaluations shall include a cost realism analysis to
determine? - Answer-- What the Government should realistically expect to pay for the proposed effort,
- the offeror's understanding of the work, and
- the offeror's ability to perform the contract.
True or False? Cost realism analysis may not be used on fixed-price incentive contracts? - Answer-False
When a contracting professional determines that a price is reasonable, what does that mean?
, They made a decision that is both judicious and wise.
They made a decision based on their ability, knowledge or skill.
They made a decision based on what a prudent and competent buyer would be willing to pay. - Answer-
They made a decision based on what a prudent and competent buyer would be willing to pay.
Price analysis is used...(select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
To evaluate data other than certified cost or pricing data to determine cost reasonableness or cost
realism
To verify that the overall price offered is fair and reasonable. - Answer-When certified cost or pricing
data are not required.
To verify that the overall price offered is fair and reasonable.
Cost analysis is used... (select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
Questions
What is Price? - Answer-Cost plus any fee or profit
What is Pricing? - Answer-The process of establishing a reasonable amount or amounts to be paid for
supplies or services.
True or False? Each contract should be priced separately and independently? - Answer-True
When contracting on a firm-fixed-price basis, what will usually satisfy the requirement to perform a
price analysis? - Answer-A comparison of proposed prices
True or False? Price to the Government shall be evaluated in every source selection? - Answer-True
When contracting on a cost-reimbursement basis, evaluations shall include a cost realism analysis to
determine? - Answer-- What the Government should realistically expect to pay for the proposed effort,
- the offeror's understanding of the work, and
- the offeror's ability to perform the contract.
True or False? Cost realism analysis may not be used on fixed-price incentive contracts? - Answer-False
When a contracting professional determines that a price is reasonable, what does that mean?
, They made a decision that is both judicious and wise.
They made a decision based on their ability, knowledge or skill.
They made a decision based on what a prudent and competent buyer would be willing to pay. - Answer-
They made a decision based on what a prudent and competent buyer would be willing to pay.
Price analysis is used...(select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
To evaluate data other than certified cost or pricing data to determine cost reasonableness or cost
realism
To verify that the overall price offered is fair and reasonable. - Answer-When certified cost or pricing
data are not required.
To verify that the overall price offered is fair and reasonable.
Cost analysis is used... (select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
