CFCM Exam Practice Test – Study Guide and Review |
Academic Year 2025-2026 – Practice Questions
What is a Certificate of Competency - ANS✔✔ A certificate issued by the SBA stating that the
holder is responsible for the purpose of receiving and performing a specific Government
contract
Except as specifically permitted by executive agencies, the fast payment procedure may not be
used for individual purchasing instruments exceeding what amount? - ANS✔✔ $35,000
What can a contractor access online at www.fedbizopps.gov? - ANS✔✔ The government wide
point of entry
Size Standards - ANS✔✔ FAR 19.102(b)(3): "(Small business size standards are applied by)
Specifying the size standard in the solicitation so that offerors can appropriately represent
themselves as small or large"
When may an agency be required to use simplified acquisition procedures? - ANS✔✔ When the
value of the contract is $100,000
How is the publication of a paid advertisement in a newspaper authorized? - ANS✔✔ FAR 5.502
"Authority to approve the publication of paid advertisements in the newspaper is vested in the
head of each agency. This approval authority may be delegated" Must be a written
authorization from the head of the agency.
The unilateral right in a contract by which the government may elect to purchase additional
supplies or services called for by the contract is called what? - ANS✔✔ Option
If a prospective contractor is qualified and eligible to receive award, but lacks adequate financial
resources to perform the contract, can the contractor be determined responsible? - ANS✔✔ If
,the contractor presents evidence of the ability to obtain adequate financial resources, the
contractor may be determined responsible.
This is not a method for simplified acquisition - ANS✔✔ Advanced Agreement
For a contract exceeding the simplified acquisition threshold, an offeror (other than an
individual) that does not agree to provide a drug-free workplace is what? - ANS✔✔ Not
considered a responsible source
What law specifies how agencies shall make their records available upon public request,
imposes strict time standards for agency responses, and exempts certain records from public
disclosure - ANS✔✔ Freedom of Information Act
Who is responsible for printing, publishing, and distributing the Federal Acquisition Regulation?
- ANS✔✔ The FAR Secretariat, as authorized by GSA
Which FAR part prescribes policies and procedures unique to the acquisition of commercial
items? - ANS✔✔ FAR Part 12
Which of the following is necessarily rue about a cost that is assignable or chargeable to one of
the most cost objectives on the basis of relative benefits received or other equitable
relationship? - ANS✔✔ The cost is allocable
A defense subcontractor provides a gift of vehicles to a prime contractor, and in return the
prime contractor awards the subcontractor a valuable military subcontract. What will happen
next? - ANS✔✔ The prime contractor and the subcontractor are subject to civil and criminal
penalties
A mineral required for production in performance of a contract is not mined in the United
States, but can be acquired from another country. How does the Buy American statute apply in
, this case? - ANS✔✔ The mineral can be acquired from a foreign source if it is in the best interest
of the Government.
Which contract types allow for disallowing costs during the course of performance, after the
costa have been incurred? - ANS✔✔ Cost reimbursement contracts, the cost-reimbursement
portion of fixed-price contracts, letter contracts that provide for reimbursement of costs, and
time and material and labor-hour contracts provide for disallowing costs during the course of
performance after the costs have been incurred.
When it is in the best interest of the Government to consider award to other than the highest
technically rated offeror, which of the following should the Government use to select the
source? - ANS✔✔ A tradeoff process
The obtaining of opinions, special knowledge, or skills from noted experts would be included in
what kind of service? - ANS✔✔ Advisory and assistance service
Who is authorized to execute contract modifications on behalf of the Government - ANS✔✔
Only a contracting officer acting within the scope of his or her authority
Which FAR part prescribes policies and procedures for contracting for supplies and services
under the Federal Supply Schedule program - ANS✔✔ FAR 38
If hazardous materials are expected to be used during contract performance, what must the
apparent successful offeror do prior to contract award? - ANS✔✔ Furnish hazardous material
data on a Material Safety Data Sheet
A failure in estimating, accumulating, or reporting costs to comply with applicable cost
accounting standards is called what? - ANS✔✔ Noncompliance
Who is authorized to sign a contract on behalf of the US? - ANS✔✔ Only the Contracting Officer
Academic Year 2025-2026 – Practice Questions
What is a Certificate of Competency - ANS✔✔ A certificate issued by the SBA stating that the
holder is responsible for the purpose of receiving and performing a specific Government
contract
Except as specifically permitted by executive agencies, the fast payment procedure may not be
used for individual purchasing instruments exceeding what amount? - ANS✔✔ $35,000
What can a contractor access online at www.fedbizopps.gov? - ANS✔✔ The government wide
point of entry
Size Standards - ANS✔✔ FAR 19.102(b)(3): "(Small business size standards are applied by)
Specifying the size standard in the solicitation so that offerors can appropriately represent
themselves as small or large"
When may an agency be required to use simplified acquisition procedures? - ANS✔✔ When the
value of the contract is $100,000
How is the publication of a paid advertisement in a newspaper authorized? - ANS✔✔ FAR 5.502
"Authority to approve the publication of paid advertisements in the newspaper is vested in the
head of each agency. This approval authority may be delegated" Must be a written
authorization from the head of the agency.
The unilateral right in a contract by which the government may elect to purchase additional
supplies or services called for by the contract is called what? - ANS✔✔ Option
If a prospective contractor is qualified and eligible to receive award, but lacks adequate financial
resources to perform the contract, can the contractor be determined responsible? - ANS✔✔ If
,the contractor presents evidence of the ability to obtain adequate financial resources, the
contractor may be determined responsible.
This is not a method for simplified acquisition - ANS✔✔ Advanced Agreement
For a contract exceeding the simplified acquisition threshold, an offeror (other than an
individual) that does not agree to provide a drug-free workplace is what? - ANS✔✔ Not
considered a responsible source
What law specifies how agencies shall make their records available upon public request,
imposes strict time standards for agency responses, and exempts certain records from public
disclosure - ANS✔✔ Freedom of Information Act
Who is responsible for printing, publishing, and distributing the Federal Acquisition Regulation?
- ANS✔✔ The FAR Secretariat, as authorized by GSA
Which FAR part prescribes policies and procedures unique to the acquisition of commercial
items? - ANS✔✔ FAR Part 12
Which of the following is necessarily rue about a cost that is assignable or chargeable to one of
the most cost objectives on the basis of relative benefits received or other equitable
relationship? - ANS✔✔ The cost is allocable
A defense subcontractor provides a gift of vehicles to a prime contractor, and in return the
prime contractor awards the subcontractor a valuable military subcontract. What will happen
next? - ANS✔✔ The prime contractor and the subcontractor are subject to civil and criminal
penalties
A mineral required for production in performance of a contract is not mined in the United
States, but can be acquired from another country. How does the Buy American statute apply in
, this case? - ANS✔✔ The mineral can be acquired from a foreign source if it is in the best interest
of the Government.
Which contract types allow for disallowing costs during the course of performance, after the
costa have been incurred? - ANS✔✔ Cost reimbursement contracts, the cost-reimbursement
portion of fixed-price contracts, letter contracts that provide for reimbursement of costs, and
time and material and labor-hour contracts provide for disallowing costs during the course of
performance after the costs have been incurred.
When it is in the best interest of the Government to consider award to other than the highest
technically rated offeror, which of the following should the Government use to select the
source? - ANS✔✔ A tradeoff process
The obtaining of opinions, special knowledge, or skills from noted experts would be included in
what kind of service? - ANS✔✔ Advisory and assistance service
Who is authorized to execute contract modifications on behalf of the Government - ANS✔✔
Only a contracting officer acting within the scope of his or her authority
Which FAR part prescribes policies and procedures for contracting for supplies and services
under the Federal Supply Schedule program - ANS✔✔ FAR 38
If hazardous materials are expected to be used during contract performance, what must the
apparent successful offeror do prior to contract award? - ANS✔✔ Furnish hazardous material
data on a Material Safety Data Sheet
A failure in estimating, accumulating, or reporting costs to comply with applicable cost
accounting standards is called what? - ANS✔✔ Noncompliance
Who is authorized to sign a contract on behalf of the US? - ANS✔✔ Only the Contracting Officer
