Page 1 of 58
CFCM Certified Federal Contracts Manager COMPLETE
NEWEST 250 QUESTIONS AND VERIFIED SOLUTIONS
LATEST UPDATE THIS YEAR
QUESTION: What method of special contracting is used to acquire known requirements in
quantities and total cost not over planned requirements for up to five years unless otherwise
authorized by statute, even though the total funds ultimately to be obligated may not be
available at the time of contract award? - ANSWER-FAR 17.104
The correct answer is: Multi-Year Contracting
QUESTION: ich of the following is the Government's preferred method to purchase and pay for
micro purchases? - ANSWER-FAR 13.305
The correct answer is: $500
QUESTION: Two-Step bidding can use which of the following types of contracts? - ANSWER-FAR
14.502
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, Page 2 of 58
The correct answer is: Firm-Fixed-Price
QUESTION: Imprest Funds are used for cash purchases below what level? - ANSWER-FAR 13.305
The correct answer is: $500
QUESTION: The Government prefers to issue multiple awards for which of the following? -
ANSWER-FAR 16.5
The correct answer is: Indefinite Delivery Indefinite Quantity Contracts
QUESTION: Which of the following contract types puts the most risk on the buyer? - ANSWER-
FAR 16.101
The correct answer is: Cost Plus Fixed Fee
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, Page 3 of 58
Q; A pre-bid conference may be used for the following purposes except? - ANSWER-The correct
answer is: as a substitute for amending a defective or ambiguous invitation.
QUESTION: ________________ provides for upward or downward revision of the state contract
price upon occurrence of specified contingencies - ANSWER-Fixed-Price with economic price
adjustment
QUESTION: Which of the following contract types is prohibited by the FAR? - ANSWER-FAR
16.102
The correct answer is: Cost Plus Percentage of Cost
QUESTION: The objective when negotiating contract type and price is to negotiate one that will
result in: - ANSWER-The correct answer is: Reasonable contractor risk and greatest incentive for
efficient and economical performance
3
, Page 4 of 58
QUESTION: What occurs when the final cost exceeds the price ceiling in a fixed-price incentive
fee type contract? - ANSWER-FAR 16.403
The correct answer is: Contractor absorbs the difference as a loss
QUESTION: A letter contract may be used when the schedule will provide definitization of a
contract no greater than _____ days after the date of the letter contract. - ANSWER-FAR 16.603
The correct answer is: 180
QUESTION: ________________ Contracts place maximum risk and full responsibility for all
costs and resulting profit and loss upon the Contractor. - ANSWER-FAR 16.202
The correct answer is: Firm-Fixed-Price
4
CFCM Certified Federal Contracts Manager COMPLETE
NEWEST 250 QUESTIONS AND VERIFIED SOLUTIONS
LATEST UPDATE THIS YEAR
QUESTION: What method of special contracting is used to acquire known requirements in
quantities and total cost not over planned requirements for up to five years unless otherwise
authorized by statute, even though the total funds ultimately to be obligated may not be
available at the time of contract award? - ANSWER-FAR 17.104
The correct answer is: Multi-Year Contracting
QUESTION: ich of the following is the Government's preferred method to purchase and pay for
micro purchases? - ANSWER-FAR 13.305
The correct answer is: $500
QUESTION: Two-Step bidding can use which of the following types of contracts? - ANSWER-FAR
14.502
1
, Page 2 of 58
The correct answer is: Firm-Fixed-Price
QUESTION: Imprest Funds are used for cash purchases below what level? - ANSWER-FAR 13.305
The correct answer is: $500
QUESTION: The Government prefers to issue multiple awards for which of the following? -
ANSWER-FAR 16.5
The correct answer is: Indefinite Delivery Indefinite Quantity Contracts
QUESTION: Which of the following contract types puts the most risk on the buyer? - ANSWER-
FAR 16.101
The correct answer is: Cost Plus Fixed Fee
2
, Page 3 of 58
Q; A pre-bid conference may be used for the following purposes except? - ANSWER-The correct
answer is: as a substitute for amending a defective or ambiguous invitation.
QUESTION: ________________ provides for upward or downward revision of the state contract
price upon occurrence of specified contingencies - ANSWER-Fixed-Price with economic price
adjustment
QUESTION: Which of the following contract types is prohibited by the FAR? - ANSWER-FAR
16.102
The correct answer is: Cost Plus Percentage of Cost
QUESTION: The objective when negotiating contract type and price is to negotiate one that will
result in: - ANSWER-The correct answer is: Reasonable contractor risk and greatest incentive for
efficient and economical performance
3
, Page 4 of 58
QUESTION: What occurs when the final cost exceeds the price ceiling in a fixed-price incentive
fee type contract? - ANSWER-FAR 16.403
The correct answer is: Contractor absorbs the difference as a loss
QUESTION: A letter contract may be used when the schedule will provide definitization of a
contract no greater than _____ days after the date of the letter contract. - ANSWER-FAR 16.603
The correct answer is: 180
QUESTION: ________________ Contracts place maximum risk and full responsibility for all
costs and resulting profit and loss upon the Contractor. - ANSWER-FAR 16.202
The correct answer is: Firm-Fixed-Price
4
