1
¶ (CFCM) Certified Federal Contracts
Manager Exam (Latest
Update) Actual Questions and Verified
Answers | 100% Correct | Grade A+
COMPLETE
A cost is reasonable if, in its nature and amount, it does not exceed -
(ANSWER)that which would be incurred by a prudent person in the conduct of
competitive business.
Advance Agreements should not be negotiated - (ANSWER)after the incurrence
of the costs involved.
Under the Assignment of Claims Act, a contractor may assign moneys due or to
become due under a contract if it meets all but which of the following? -
(ANSWER)The contract specifies payments aggregating $100,000 or more.
Individuals delegated micro-purchase authority do not need to be -
(ANSWER)appointed in an SF 1402
Advisory and assistance services are classified in all of the following subdivisions
except - (ANSWER)construction.
, 2
A foreign end product may be purchased under the Buy American Act if -
(ANSWER)the price of the lowest domestic offer is determined to be
unreasonable by the CO.
The threshold which must be exceeded before purchases of services become
subject to the Service Contract Act is - (ANSWER)$2,500
Which of the following examples is considered to be an inherently governmental
function? - (ANSWER)approving contractual documents
If market research indicates commercial or nondevelopmental items might not be
available to satisfy agency needs, agencies shall next: - (ANSWER)determine
whether the need can be restated to permit commercial or nondevelopmental
items to satisfy the agency's needs.
Which is NOT one of the seven exceptions to full and open competition? -
(ANSWER)Approval by the Agency Head
If the delivery schedule is based on the date of the contract, the contracting
officer shall mail or otherwise furnish to the contractor the contract, notice of
award, acceptance of proposal or other contract document - (ANSWER)not later
than the date of the contract.
Liquidated damages are typically assessed - (ANSWER)per calendar day.
, 3
Cost Accounting Standards apply to commercial item contracts when they are -
(ANSWER)fixed price with economic price adjustment based on actual costs.
An indefinite-quantity contract is best used when: - (ANSWER)a recurring need is
anticipated
_______________________ is a Department of Commerce regulation in support
of approved national defense, emergency preparedness, and energy programs,
and the Secretary of Commerce is designated to administer it. -
(ANSWER)Defense Priorities and Allocations System
Under Sealed Bidding, a bid sample will be used to: - (ANSWER)determine
responsiveness of the bid.
Which type of the cost reimbursement contract is the least preferred type due to
its minimum incentive for the contractor to control cost? - (ANSWER)cost plus
fixed fee
According to FAR 13.003, Policy for Simplified Acquisition Procedures, which of
the following is correct? - (ANSWER)Agencies shall use the government-wide
commercial purchase card and electronic purchasing techniques to the maximum
practicable in conducting simplified acquisitions.
Which of the following must be evaluated in every source selection? -
(ANSWER)Price or cost to the government
, 4
In what FAR Part will you find rules and policy on foreign acquisitions? -
(ANSWER)FAR Part 25
The Miller Act requires: - (ANSWER)a performance and payment bond for
construction contracts over $150,000
Under what type of contract might the seller never have to perform any services
or provide any deliveries? - (ANSWER)Requirements contract.
A termination for convenience should not normally be issued if the undelivered
balance of the contract is less than: - (ANSWER)$5,000
Effective competition, as used in FAR Part 34, is a market condition that exists
when - (ANSWER)two or more contractors act independently and actively
contend for the government's business.
The total amount that can be paid for commercial advance payments cannot
exceed _____ of the contract price: - (ANSWER)15%
When progress payments are authorized, what is the customary progress
payment rate applicable to the total costs of performing the contract? -
(ANSWER)80%, 85% for contracts with small businesses
The Walsh-Healy Public Contracts Act pertains to such matters as minimum
wages, maximum hours, child labor, convict labor, and safe and sanitary working
¶ (CFCM) Certified Federal Contracts
Manager Exam (Latest
Update) Actual Questions and Verified
Answers | 100% Correct | Grade A+
COMPLETE
A cost is reasonable if, in its nature and amount, it does not exceed -
(ANSWER)that which would be incurred by a prudent person in the conduct of
competitive business.
Advance Agreements should not be negotiated - (ANSWER)after the incurrence
of the costs involved.
Under the Assignment of Claims Act, a contractor may assign moneys due or to
become due under a contract if it meets all but which of the following? -
(ANSWER)The contract specifies payments aggregating $100,000 or more.
Individuals delegated micro-purchase authority do not need to be -
(ANSWER)appointed in an SF 1402
Advisory and assistance services are classified in all of the following subdivisions
except - (ANSWER)construction.
, 2
A foreign end product may be purchased under the Buy American Act if -
(ANSWER)the price of the lowest domestic offer is determined to be
unreasonable by the CO.
The threshold which must be exceeded before purchases of services become
subject to the Service Contract Act is - (ANSWER)$2,500
Which of the following examples is considered to be an inherently governmental
function? - (ANSWER)approving contractual documents
If market research indicates commercial or nondevelopmental items might not be
available to satisfy agency needs, agencies shall next: - (ANSWER)determine
whether the need can be restated to permit commercial or nondevelopmental
items to satisfy the agency's needs.
Which is NOT one of the seven exceptions to full and open competition? -
(ANSWER)Approval by the Agency Head
If the delivery schedule is based on the date of the contract, the contracting
officer shall mail or otherwise furnish to the contractor the contract, notice of
award, acceptance of proposal or other contract document - (ANSWER)not later
than the date of the contract.
Liquidated damages are typically assessed - (ANSWER)per calendar day.
, 3
Cost Accounting Standards apply to commercial item contracts when they are -
(ANSWER)fixed price with economic price adjustment based on actual costs.
An indefinite-quantity contract is best used when: - (ANSWER)a recurring need is
anticipated
_______________________ is a Department of Commerce regulation in support
of approved national defense, emergency preparedness, and energy programs,
and the Secretary of Commerce is designated to administer it. -
(ANSWER)Defense Priorities and Allocations System
Under Sealed Bidding, a bid sample will be used to: - (ANSWER)determine
responsiveness of the bid.
Which type of the cost reimbursement contract is the least preferred type due to
its minimum incentive for the contractor to control cost? - (ANSWER)cost plus
fixed fee
According to FAR 13.003, Policy for Simplified Acquisition Procedures, which of
the following is correct? - (ANSWER)Agencies shall use the government-wide
commercial purchase card and electronic purchasing techniques to the maximum
practicable in conducting simplified acquisitions.
Which of the following must be evaluated in every source selection? -
(ANSWER)Price or cost to the government
, 4
In what FAR Part will you find rules and policy on foreign acquisitions? -
(ANSWER)FAR Part 25
The Miller Act requires: - (ANSWER)a performance and payment bond for
construction contracts over $150,000
Under what type of contract might the seller never have to perform any services
or provide any deliveries? - (ANSWER)Requirements contract.
A termination for convenience should not normally be issued if the undelivered
balance of the contract is less than: - (ANSWER)$5,000
Effective competition, as used in FAR Part 34, is a market condition that exists
when - (ANSWER)two or more contractors act independently and actively
contend for the government's business.
The total amount that can be paid for commercial advance payments cannot
exceed _____ of the contract price: - (ANSWER)15%
When progress payments are authorized, what is the customary progress
payment rate applicable to the total costs of performing the contract? -
(ANSWER)80%, 85% for contracts with small businesses
The Walsh-Healy Public Contracts Act pertains to such matters as minimum
wages, maximum hours, child labor, convict labor, and safe and sanitary working
