CFCM LATEST 2026 STUDY GUIDE EXAM QUESTIONS AND
SOLUTIONS GUARANTEE A+
✔✔Acquistion
when agency needs are established - ✔✔Acquisition begins at the point when agency
needs are established includes the description of requirements to satisfy agency needs,
solicitation and selection of sources, award of contracts, contract financing, contract
performance, contract administration, and those technical and management functions
related to fulfilling needs
✔✔Acquisition Plan
coordinated and integrated in timely manner - ✔✔Process by which efforts of all
personnel responsible for an acquisition are coordinated and integrated through a
comprehensive plan for fulfilling the agency need in a timely manner at a reasonable
cost.
Includes developing the overall strategy for managing the acquisition.
✔✔Best value
greatest overall benifit - ✔✔Best value means the expected outcome of an acquisition
that, in the Government's estimation, provides the greatest overall benefit in response to
the requirement.
✔✔Contract - ✔✔Contract mutually binding legal relationship obligating the seller to
furnish the supplies services construction and the buyer to pay for them. It includes all
types of commitments that obligate the Government to an expenditure of appropriated
funds in writing.
✔✔Contract
JAB
Bilateral
Awards
Job Order Task Letter-Basic Ordering Agreement
Letter Contracts-orders and purchase orders
Not Grants Coopertive Agreements - ✔✔In addition to bilateral instruments, contracts
include (but are not limited to) awards and notices of awards; job orders or task letters
issued under basic ordering agreements; letter contracts; orders, such as purchase
orders, under which the contract becomes effective by written acceptance or
performance; and bilateral contract modifications. Contracts do not include grants and
cooperative agreements covered by 31 U.S.C. 6301, et seq. For discussion of various
types of contracts, see Part 16
✔✔Cost Realism Analysis
, Independent cost est. - ✔✔A process for independently reviewing and evaluating
specific elements of each offeror's proposal cost estimate. The purpose is to determine
that the estimated proposed cost elements are consistent with the methods of
performance and materials described in the offeror's technical proposal.
RE: FAR 2.101
✔✔In writing," "writing," or "written - ✔✔In writing," "writing," or "written" means any
worded or numbered expression that can be read, reproduced, and later communicated,
and includes electronically transmitted and stored information.
✔✔May = permissive and no person req, autho, or permit - ✔✔May denotes the
permissive. However, the words "no person may..." mean that no person is required,
authorized, or permitted to do the act described.
✔✔Shall - ✔✔Shall means the imperative.
✔✔Should =expected action or policy - ✔✔Should means an expected course of action
or policy that is to be followed unless inappropriate for a particular circumstance.
✔✔Offer
responses to requests for quotations (simplified acquisition) are "quotations," not offers.
- ✔✔Offer means a response to a solicitation that, if accepted, would bind the offeror to
perform the resultant contract. Responses to invitations for bids (sealed bidding) are
offers called "bids" or "sealed bids"; responses to requests for proposals (negotiation)
are offers called "proposals"; however, responses to requests for quotations (simplified
acquisition) are "quotations," not offers. For unsolicited proposals, see Subpart 15.6.
"Offeror" means offeror or bidder.
✔✔Performance-based Acquisition desired outcome of the requirement. - ✔✔The
structuring of all aspects of an acquisition
around the desired outcome of the requirement.
RE: FAR 2.101
These contracts are distinguished by their use of measurable performance standards
and quality assurance plans.
✔✔Pricing - ✔✔"Pricing" means the process of establishing a reasonable amount or
amounts to be paid for supplies or services.
✔✔Purchase order
simplified acquisition procedures - ✔✔"Purchase order," when issued by the
Government, means an offer by the Government to buy supplies or services, including
construction and research and development, upon specified terms and conditions, using
simplified acquisition procedures.
SOLUTIONS GUARANTEE A+
✔✔Acquistion
when agency needs are established - ✔✔Acquisition begins at the point when agency
needs are established includes the description of requirements to satisfy agency needs,
solicitation and selection of sources, award of contracts, contract financing, contract
performance, contract administration, and those technical and management functions
related to fulfilling needs
✔✔Acquisition Plan
coordinated and integrated in timely manner - ✔✔Process by which efforts of all
personnel responsible for an acquisition are coordinated and integrated through a
comprehensive plan for fulfilling the agency need in a timely manner at a reasonable
cost.
Includes developing the overall strategy for managing the acquisition.
✔✔Best value
greatest overall benifit - ✔✔Best value means the expected outcome of an acquisition
that, in the Government's estimation, provides the greatest overall benefit in response to
the requirement.
✔✔Contract - ✔✔Contract mutually binding legal relationship obligating the seller to
furnish the supplies services construction and the buyer to pay for them. It includes all
types of commitments that obligate the Government to an expenditure of appropriated
funds in writing.
✔✔Contract
JAB
Bilateral
Awards
Job Order Task Letter-Basic Ordering Agreement
Letter Contracts-orders and purchase orders
Not Grants Coopertive Agreements - ✔✔In addition to bilateral instruments, contracts
include (but are not limited to) awards and notices of awards; job orders or task letters
issued under basic ordering agreements; letter contracts; orders, such as purchase
orders, under which the contract becomes effective by written acceptance or
performance; and bilateral contract modifications. Contracts do not include grants and
cooperative agreements covered by 31 U.S.C. 6301, et seq. For discussion of various
types of contracts, see Part 16
✔✔Cost Realism Analysis
, Independent cost est. - ✔✔A process for independently reviewing and evaluating
specific elements of each offeror's proposal cost estimate. The purpose is to determine
that the estimated proposed cost elements are consistent with the methods of
performance and materials described in the offeror's technical proposal.
RE: FAR 2.101
✔✔In writing," "writing," or "written - ✔✔In writing," "writing," or "written" means any
worded or numbered expression that can be read, reproduced, and later communicated,
and includes electronically transmitted and stored information.
✔✔May = permissive and no person req, autho, or permit - ✔✔May denotes the
permissive. However, the words "no person may..." mean that no person is required,
authorized, or permitted to do the act described.
✔✔Shall - ✔✔Shall means the imperative.
✔✔Should =expected action or policy - ✔✔Should means an expected course of action
or policy that is to be followed unless inappropriate for a particular circumstance.
✔✔Offer
responses to requests for quotations (simplified acquisition) are "quotations," not offers.
- ✔✔Offer means a response to a solicitation that, if accepted, would bind the offeror to
perform the resultant contract. Responses to invitations for bids (sealed bidding) are
offers called "bids" or "sealed bids"; responses to requests for proposals (negotiation)
are offers called "proposals"; however, responses to requests for quotations (simplified
acquisition) are "quotations," not offers. For unsolicited proposals, see Subpart 15.6.
"Offeror" means offeror or bidder.
✔✔Performance-based Acquisition desired outcome of the requirement. - ✔✔The
structuring of all aspects of an acquisition
around the desired outcome of the requirement.
RE: FAR 2.101
These contracts are distinguished by their use of measurable performance standards
and quality assurance plans.
✔✔Pricing - ✔✔"Pricing" means the process of establishing a reasonable amount or
amounts to be paid for supplies or services.
✔✔Purchase order
simplified acquisition procedures - ✔✔"Purchase order," when issued by the
Government, means an offer by the Government to buy supplies or services, including
construction and research and development, upon specified terms and conditions, using
simplified acquisition procedures.
