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CON 3990V TEST FINAL EXAM 2026/2027 BANK 2
VERSIONS 500 QUESTIONS WITH DETAILED
VERIFIED ANSWERS|| VERIFIED EXAM QUESTIONS
WILL COME FROM HERE (100% CORRECT
ANSWERS/ A+ GRADED||NEWEST EXAM!!!
When is a SAP contract file closed out? - Answer-When
the KO receives evidence of receipt of property or final
payment
When is a FFP (not SAP) contract file closed out? -
Answer-Should be closed out within 6 months after date
KO receives evidence of physical completion
When should contract files required settlement of indirect
cost rates be closed out? - Answer-Within 36 months of
the month the KO receives evidence of physical
completion
When should all other (not SAP, FFP, or indirect cost rate)
contract files be closed? - Answer-Within 20 months of the
month the KO receives evidence of physical completion
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When is a contract considered physically complete? -
Answer-the KTR has completed required deliveries and
Gov has inspected and accepted the supplies
The contractor has performed all services and the Gov
has accepted the services and
all option provisions, if any, have expired
or the Gov gives the KTR notice of termination
What are the steps to close out a contract file? - Answer-1)
Contract admin office is responsible for initiating, reviewing
contract fund status, and deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to
admin office
How long are contract documents retained after closeout?
- Answer-6 years after final payment
What does a KO need prior to commencement of
negotiations for a sole source contract, commencement of
negotiations for a contract resulting from an unsolicited
proposal, or award without providing for full and open
competition? - Answer-Justification and Approval which
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justifies the actions in writing, certifies the accuracy and
completeness of the justifications and obtains the approval
required
The KO shall not award a sole-source contract for an
amount exceeding $25M unless - Answer-they have a
signed Justification and Approval
A J&A should include - Answer-Description of action being
approved
Description of supplies or services required + estimated
value
statutory authority permitting other than full and open
comp
demonstrate why specific KTR is required (instead of
comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in
the future
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KO certification
What are the thresholds for J&A approval - Answer-under
$750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
What is the Micro-purhcase threshold for supplies? -
Answer-$10k
All incentive contracts (schedule or performance) must
also include what? - Answer-Cost incentive or constraint
What requires funds to be used only for needs or services
in the year of the appropriations obligation period? -
Answer-Bona Fide Needs Rule
What contract types can be used for commercial item
purchases? - Answer-FFP or FPEPA
What is the Simplified Acquisition Threshold for
commercial products and services? What is it for non-
CON 3990V TEST FINAL EXAM 2026/2027 BANK 2
VERSIONS 500 QUESTIONS WITH DETAILED
VERIFIED ANSWERS|| VERIFIED EXAM QUESTIONS
WILL COME FROM HERE (100% CORRECT
ANSWERS/ A+ GRADED||NEWEST EXAM!!!
When is a SAP contract file closed out? - Answer-When
the KO receives evidence of receipt of property or final
payment
When is a FFP (not SAP) contract file closed out? -
Answer-Should be closed out within 6 months after date
KO receives evidence of physical completion
When should contract files required settlement of indirect
cost rates be closed out? - Answer-Within 36 months of
the month the KO receives evidence of physical
completion
When should all other (not SAP, FFP, or indirect cost rate)
contract files be closed? - Answer-Within 20 months of the
month the KO receives evidence of physical completion
,2|Page
When is a contract considered physically complete? -
Answer-the KTR has completed required deliveries and
Gov has inspected and accepted the supplies
The contractor has performed all services and the Gov
has accepted the services and
all option provisions, if any, have expired
or the Gov gives the KTR notice of termination
What are the steps to close out a contract file? - Answer-1)
Contract admin office is responsible for initiating, reviewing
contract fund status, and deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to
admin office
How long are contract documents retained after closeout?
- Answer-6 years after final payment
What does a KO need prior to commencement of
negotiations for a sole source contract, commencement of
negotiations for a contract resulting from an unsolicited
proposal, or award without providing for full and open
competition? - Answer-Justification and Approval which
,3|Page
justifies the actions in writing, certifies the accuracy and
completeness of the justifications and obtains the approval
required
The KO shall not award a sole-source contract for an
amount exceeding $25M unless - Answer-they have a
signed Justification and Approval
A J&A should include - Answer-Description of action being
approved
Description of supplies or services required + estimated
value
statutory authority permitting other than full and open
comp
demonstrate why specific KTR is required (instead of
comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in
the future
, 4|Page
KO certification
What are the thresholds for J&A approval - Answer-under
$750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
What is the Micro-purhcase threshold for supplies? -
Answer-$10k
All incentive contracts (schedule or performance) must
also include what? - Answer-Cost incentive or constraint
What requires funds to be used only for needs or services
in the year of the appropriations obligation period? -
Answer-Bona Fide Needs Rule
What contract types can be used for commercial item
purchases? - Answer-FFP or FPEPA
What is the Simplified Acquisition Threshold for
commercial products and services? What is it for non-
