CON 1400 Exams (Latest 2024/ 2025 Updates STUDY
BUNDLE PACKAGE) Questions and Verified Answers-
100% Correct-Grade A
What are some types of contract payments? Which is least/most preferred? -
ANSWERa. Advance Payments (least)
b. Performance-based Payments (most)
c. Commercial Advance and Interim Payments
d. Progress Payments
e. Cost Reimbursement Interim Payments
Government has the right to inspect ________________ at any time, place where
work on a contract is being performed. - ANSWERAll materials and workmanship
Inspections may: - ANSWERa. Occur at any time prior to acceptance
b. Be announced or unannounced
c. Not unduly delay work
d. Not include directions that would change the contract
True or False. Quality assurance surveillance plans should be prepared in conjunction
with the preparation of the statement of work. - ANSWERTrue
What is risk - ANSWERA measure of future uncertainties in achieving program goals
and objectives within defined cost, schedule and performance constraints
What is a PWS? - ANSWERDescribes requirement in terms of measurable outcomes
rather than by means of prescriptive methods
What is a QASP? - ANSWERDescribes how the government will assess contractor
performance against the performance standards contained in the PWS
Who is responsible for the performance of its supply chain? - ANSWERPrime
contractor
What two ways can a business be defined as a small business? - ANSWERa. Average
number of employees
b. Average annual receipts
True or False: A change to a contract is called an amendment. - ANSWERFalse
Changes that are "Out-of-Scope" are considered "____________________." -
ANSWERCardinal Changes
What are the requirements for contract closeout? - ANSWERa. DPS-DPS-AD
b. Delivered - All contract requirement have been delivered
c. Paid - Government has paid contractor in full
, d. Satisfied - All parties have fully satisfied obligations to the other(s)
e. De-obligated - All excess funds on the contract have been de-obligated
f. Property rights - Property rights have been settled to the satisfaction of all parties
g. Statement - Contract Completion Statement has been generated
h. Admin - Administrative actions have been finalized
Documented - All documentation has been included in the file
What are the time requirements for contract closeout? - ANSWERa. FFP/SAP - 6
months
b. Cost type contracts - 36 months
c. FP-EPA/FPI/FPAF - 20 months
When should you not close a contract? - ANSWERa. The contract is in litigation or
under appeal
b. The contract is under investigation or involves a deferred debt
c. The contract has value engineering proposals pending
The contract is terminated, and the termination actions have not been completed
Excess funding may result from what? - ANSWERa. Undelivered item(s)
b. Services not performed
c. A change in the contractor's price on the invoice but not reflected in the contract
schedule
d. A contract modification was not processed
e. The contractor's failure to invoice properly
f. An error in the billing or paying records
g. Shipments related to authorized quantity variation
h. Discounts taken are not reported as excess funds
When is a contract considered physically completed? - ANSWERa. The contractor has
completed the required deliveries and the Government has inspected and accepted
the supplies
b. The contractor has performed all services and the Government has accepted these
services
c. All option provisions, if any, have expired
d. The Government has given the contractor a notice of complete contract
termination
When remaining funds balance or unliquidated obligations exist that ____ be
explained, the KO shall issue a _______________to ______________any
excess/unliquidated funding, prior to final closeout. - ANSWERa. Can
b. Contract modification
c. De-obligate
When excess funds, remaining funds balances or unliquidated obligations exist that
__________ be explained, a ______________ is required to ___________________
the discrepancy. - ANSWERa. Cannot
b. Reconciliation audit
BUNDLE PACKAGE) Questions and Verified Answers-
100% Correct-Grade A
What are some types of contract payments? Which is least/most preferred? -
ANSWERa. Advance Payments (least)
b. Performance-based Payments (most)
c. Commercial Advance and Interim Payments
d. Progress Payments
e. Cost Reimbursement Interim Payments
Government has the right to inspect ________________ at any time, place where
work on a contract is being performed. - ANSWERAll materials and workmanship
Inspections may: - ANSWERa. Occur at any time prior to acceptance
b. Be announced or unannounced
c. Not unduly delay work
d. Not include directions that would change the contract
True or False. Quality assurance surveillance plans should be prepared in conjunction
with the preparation of the statement of work. - ANSWERTrue
What is risk - ANSWERA measure of future uncertainties in achieving program goals
and objectives within defined cost, schedule and performance constraints
What is a PWS? - ANSWERDescribes requirement in terms of measurable outcomes
rather than by means of prescriptive methods
What is a QASP? - ANSWERDescribes how the government will assess contractor
performance against the performance standards contained in the PWS
Who is responsible for the performance of its supply chain? - ANSWERPrime
contractor
What two ways can a business be defined as a small business? - ANSWERa. Average
number of employees
b. Average annual receipts
True or False: A change to a contract is called an amendment. - ANSWERFalse
Changes that are "Out-of-Scope" are considered "____________________." -
ANSWERCardinal Changes
What are the requirements for contract closeout? - ANSWERa. DPS-DPS-AD
b. Delivered - All contract requirement have been delivered
c. Paid - Government has paid contractor in full
, d. Satisfied - All parties have fully satisfied obligations to the other(s)
e. De-obligated - All excess funds on the contract have been de-obligated
f. Property rights - Property rights have been settled to the satisfaction of all parties
g. Statement - Contract Completion Statement has been generated
h. Admin - Administrative actions have been finalized
Documented - All documentation has been included in the file
What are the time requirements for contract closeout? - ANSWERa. FFP/SAP - 6
months
b. Cost type contracts - 36 months
c. FP-EPA/FPI/FPAF - 20 months
When should you not close a contract? - ANSWERa. The contract is in litigation or
under appeal
b. The contract is under investigation or involves a deferred debt
c. The contract has value engineering proposals pending
The contract is terminated, and the termination actions have not been completed
Excess funding may result from what? - ANSWERa. Undelivered item(s)
b. Services not performed
c. A change in the contractor's price on the invoice but not reflected in the contract
schedule
d. A contract modification was not processed
e. The contractor's failure to invoice properly
f. An error in the billing or paying records
g. Shipments related to authorized quantity variation
h. Discounts taken are not reported as excess funds
When is a contract considered physically completed? - ANSWERa. The contractor has
completed the required deliveries and the Government has inspected and accepted
the supplies
b. The contractor has performed all services and the Government has accepted these
services
c. All option provisions, if any, have expired
d. The Government has given the contractor a notice of complete contract
termination
When remaining funds balance or unliquidated obligations exist that ____ be
explained, the KO shall issue a _______________to ______________any
excess/unliquidated funding, prior to final closeout. - ANSWERa. Can
b. Contract modification
c. De-obligate
When excess funds, remaining funds balances or unliquidated obligations exist that
__________ be explained, a ______________ is required to ___________________
the discrepancy. - ANSWERa. Cannot
b. Reconciliation audit
