CLC 056 Analyzing Contract Costs Study Guide Latest 2022 Question &
Answers
According to FAR 15.4, which of the following Comparison of proposed prices received in response to the solicitation *
isone of the two most preferred price
analysis techniques?
How may you request an audit? All of these are correct
A "questioned cost" is one that has not yet False *
beenevaluated.
True or False: "Direct labor positions" share False *
the same titles and pay levels.
For which of the following procurements An offer of $800,000 for an item from the only known source of an electronic
would you require certified cost or pricing system unique to Government requirements.
data?
To make predictions about one dependent variable based on one independent
How is simple linear regression
used? variable *
Which of the following is a phase in the Final Allocation Phase
allocation cycle?
You are preparing to negotiate a service task Selecting the appropriate contract type
for routine maintenance of Government Developing a price negotiation objective for labor costs *
equipment. A sample of 25 records for similar Evaluating the bill of materials
maintenance tasks indicates that the average Assigning the risk factors for profit calculations
time required to perform similar maintenance
tasks has been six hours and 40 minutes. How
can you use this?
Verify transaction legality
Determine if the data is accurate and complete
The purpose of an audit is to:
All of these are correct *
Determine the degree of compliance with established procedures
Who has the authority to waive CAS The Agency Head *
applicability for a particular contract?
A cost is allowable if it is: Reasonable, allocable and compliant with CAS/GAAP *
CLC 056 Analyzing Contract Costs Study Guide
, Which regression method assumes a linear Simple linear regression *
relationship between the dependent and
independent variables?
What is the single most important decision the Selection of contract type *
Contracting Officer must make to mitigate cost
risk?
When a contract is subject to CAS, the True
Contracting Officer may not award a contract
until a written adequacy determination has been
made by the cognizant Federal agency official.
Each Price Negotiation Memorandum must Statement that the price is fair and reasonable *
contain which one of the following?
Select the item below that would likely be The purchase of 104 motor assemblies needed to manufacture vehicles *
categorized as a Direct Material Cost.
Using a direct comparison with the cost of a True *
similar contract effort is an acceptable summary
estimating technique.
Which of the following would be a proper -Compare proposed hours with a Government should-cost estimate *
method of determining the reasonableness of a
contractor's proposed labor hour estimate?
A Disclosure Statement is required when True *
Contractor receives a CAS covered contract or a
subcontract valued at $60 million in a cost
accounting period.
Identify the ultimate objective of performing To ensure the final agreed to price is fair and reasonable *
proposal analysis.
The review and evaluation of individual cost elements and proposed profit/fee
Identify the correct definition of "Cost Analysis".
in and offeror's proposal *
True or False: The national average mortgage rate False *
is used in calculating Facilities Capital Cost of
Money (FCCOM)
Which of the following is an effective use of Analyzing the items that make up 80% of the total material cost and 10% of the
stratified sampling? remaining items
When is it most appropriate to document or When the value, importance, and complexity warrant the modeling *
model a contractor's proposal?
CLC 056 Analyzing Contract Costs Study Guide
Answers
According to FAR 15.4, which of the following Comparison of proposed prices received in response to the solicitation *
isone of the two most preferred price
analysis techniques?
How may you request an audit? All of these are correct
A "questioned cost" is one that has not yet False *
beenevaluated.
True or False: "Direct labor positions" share False *
the same titles and pay levels.
For which of the following procurements An offer of $800,000 for an item from the only known source of an electronic
would you require certified cost or pricing system unique to Government requirements.
data?
To make predictions about one dependent variable based on one independent
How is simple linear regression
used? variable *
Which of the following is a phase in the Final Allocation Phase
allocation cycle?
You are preparing to negotiate a service task Selecting the appropriate contract type
for routine maintenance of Government Developing a price negotiation objective for labor costs *
equipment. A sample of 25 records for similar Evaluating the bill of materials
maintenance tasks indicates that the average Assigning the risk factors for profit calculations
time required to perform similar maintenance
tasks has been six hours and 40 minutes. How
can you use this?
Verify transaction legality
Determine if the data is accurate and complete
The purpose of an audit is to:
All of these are correct *
Determine the degree of compliance with established procedures
Who has the authority to waive CAS The Agency Head *
applicability for a particular contract?
A cost is allowable if it is: Reasonable, allocable and compliant with CAS/GAAP *
CLC 056 Analyzing Contract Costs Study Guide
, Which regression method assumes a linear Simple linear regression *
relationship between the dependent and
independent variables?
What is the single most important decision the Selection of contract type *
Contracting Officer must make to mitigate cost
risk?
When a contract is subject to CAS, the True
Contracting Officer may not award a contract
until a written adequacy determination has been
made by the cognizant Federal agency official.
Each Price Negotiation Memorandum must Statement that the price is fair and reasonable *
contain which one of the following?
Select the item below that would likely be The purchase of 104 motor assemblies needed to manufacture vehicles *
categorized as a Direct Material Cost.
Using a direct comparison with the cost of a True *
similar contract effort is an acceptable summary
estimating technique.
Which of the following would be a proper -Compare proposed hours with a Government should-cost estimate *
method of determining the reasonableness of a
contractor's proposed labor hour estimate?
A Disclosure Statement is required when True *
Contractor receives a CAS covered contract or a
subcontract valued at $60 million in a cost
accounting period.
Identify the ultimate objective of performing To ensure the final agreed to price is fair and reasonable *
proposal analysis.
The review and evaluation of individual cost elements and proposed profit/fee
Identify the correct definition of "Cost Analysis".
in and offeror's proposal *
True or False: The national average mortgage rate False *
is used in calculating Facilities Capital Cost of
Money (FCCOM)
Which of the following is an effective use of Analyzing the items that make up 80% of the total material cost and 10% of the
stratified sampling? remaining items
When is it most appropriate to document or When the value, importance, and complexity warrant the modeling *
model a contractor's proposal?
CLC 056 Analyzing Contract Costs Study Guide
