FAC-C QUESTIONS WITH VERIFIED ANSWERS
Contractors shall make available records to satisfy contract negotiation, administration,
and audit requirements of the contracting agencies and the Comptroller General for -
Answers - 3 years after final payment
Files for contracts using simplified acquisition procedures should be considered closed
when the contracting officer receives - Answers - evidence of receipt of property and
final payment
What is the length of time a SAP contract should be closed within after physical
completion & payment - Answers - Immediately
Files for firm-fixed-price contracts, other than those using simplified acquisition
procedures, should be ______________________ on which the contracting officer
receives evidence of physical completion. - Answers - closed within 6 months after the
date
Files for contracts requiring settlement of indirect cost rates should be
____________________ in which the contracting officer receives evidence of physical
completion. - Answers - closed within 36 months of the month
Files for all other contracts should be ________________ in which the contracting
officer receives evidence of physical completion. - Answers - closed within 20 months of
the month
Agencies are required to hold contract files in the office responsible for maintaining
them for a period of ________ - Answers - 12 months
Contracts sent to holding or staging will be retained for a total of ___________ after
final payment. - Answers - 6 years
A contract qualifies for the automated closeout process if the contract - Answers - -Is
firm- fixed priced
-Does not exceed a total contract value of $500,000 (inclusive of exercised options)
-Does not contain a certain provision requiring administrative action at closeout.
Quick-closeout is when the contracting officer responsible for contract closeout
negotiates the ____________________ for a specific contract, task order, or delivery
order to be closed, in advance of the determination of final direct costs and indirect
rates. - Answers - settlement of direct and indirect costs
Quick-closeouts - Answers - may be completed for cost reimbursement, time and
material, labor hour, fixed-price incentive, and fixed-price predeterminable contracts,
task orders, and delivery orders.
Contractors shall make available records to satisfy contract negotiation, administration,
and audit requirements of the contracting agencies and the Comptroller General for -
Answers - 3 years after final payment
Files for contracts using simplified acquisition procedures should be considered closed
when the contracting officer receives - Answers - evidence of receipt of property and
final payment
What is the length of time a SAP contract should be closed within after physical
completion & payment - Answers - Immediately
Files for firm-fixed-price contracts, other than those using simplified acquisition
procedures, should be ______________________ on which the contracting officer
receives evidence of physical completion. - Answers - closed within 6 months after the
date
Files for contracts requiring settlement of indirect cost rates should be
____________________ in which the contracting officer receives evidence of physical
completion. - Answers - closed within 36 months of the month
Files for all other contracts should be ________________ in which the contracting
officer receives evidence of physical completion. - Answers - closed within 20 months of
the month
Agencies are required to hold contract files in the office responsible for maintaining
them for a period of ________ - Answers - 12 months
Contracts sent to holding or staging will be retained for a total of ___________ after
final payment. - Answers - 6 years
A contract qualifies for the automated closeout process if the contract - Answers - -Is
firm- fixed priced
-Does not exceed a total contract value of $500,000 (inclusive of exercised options)
-Does not contain a certain provision requiring administrative action at closeout.
Quick-closeout is when the contracting officer responsible for contract closeout
negotiates the ____________________ for a specific contract, task order, or delivery
order to be closed, in advance of the determination of final direct costs and indirect
rates. - Answers - settlement of direct and indirect costs
Quick-closeouts - Answers - may be completed for cost reimbursement, time and
material, labor hour, fixed-price incentive, and fixed-price predeterminable contracts,
task orders, and delivery orders.
