QUESTIONS WITH
COMPLETE
SOLUTIONS!!
ABCC
Evatee 9/3/24 ABCC
, ABCC EXAM #1 QUESTIONS WITH COMPLETE
SOLUTIONS!!
What is the basic reference guide for Government pricing? Answer - Contract
Pricing Reference Guide (CPRG)
What are the three elements of the Basic Pricing Policy? Answer - Purchase
from responsible sources at Fair & Reasonable Prices. Price each contract
separately and independently. Exclude contingencies.
What is fair and reasonable price? Answer - Fair to both parties; too high or
too low; to a prudent & competent buyer
What is a contingency? Answer - Future event or condition we did not expect
to happen
What is the dollar threshold for TINA? Answer - $750K
Exceptions to TINA Answer - adequate price competition (2 or more)
price set by law/regulated price
Commercial item
waiver - from head of the contracting agency
What is it called when TINA is violated? Answer - Defective Pricing