CFCM Quiz 4 | Questions and Answers With Verified Solutions 2025
A pre-bid conference may be used for the following purposes except? - ✔✔The correct answer is: as a
substitute for amending a defective or ambiguous invitation.
________________ provides for upward or downward revision of the state contract price upon
occurrence of specified contingencies - ✔✔Fixed-Price with economic price adjustment
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? - ✔✔FAR
17.104
The correct answer is: Multi-Year Contracting
ich of the following is the Government's preferred method to purchase and pay for micro purchases? -
✔✔FAR 13.305
The correct answer is: $500
Two-Step bidding can use which of the following types of contracts? - ✔✔FAR 14.502
The correct answer is: Firm-Fixed-Price
Imprest Funds are used for cash purchases below what level? - ✔✔FAR 13.305
The correct answer is: $500
The Government prefers to issue multiple awards for which of the following? - ✔✔FAR 16.5
, The correct answer is: Indefinite Delivery Indefinite Quantity Contracts
Which of the following contract types puts the most risk on the buyer? - ✔✔FAR 16.101
The correct answer is: Cost Plus Fixed Fee
Which of the following contract types is prohibited by the FAR? - ✔✔FAR 16.102
The correct answer is: Cost Plus Percentage of Cost
The objective when negotiating contract type and price is to negotiate one that will result in: - ✔✔The
correct answer is: Reasonable contractor risk and greatest incentive for efficient and economical
performance
What occurs when the final cost exceeds the price ceiling in a fixed-price incentive fee type contract? -
✔✔FAR 16.403
The correct answer is: Contractor absorbs the difference as a loss
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. - ✔✔FAR 16.603
The correct answer is: 180
________________ Contracts place maximum risk and full responsibility for all costs and resulting profit
and loss upon the Contractor. - ✔✔FAR 16.202
The correct answer is: Firm-Fixed-Price
What type of contract is a written preliminary contractual instrument that authorizes the contractor to
begin immediately manufacturing supplies or performing service? - ✔✔FAR 16.603
A pre-bid conference may be used for the following purposes except? - ✔✔The correct answer is: as a
substitute for amending a defective or ambiguous invitation.
________________ provides for upward or downward revision of the state contract price upon
occurrence of specified contingencies - ✔✔Fixed-Price with economic price adjustment
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? - ✔✔FAR
17.104
The correct answer is: Multi-Year Contracting
ich of the following is the Government's preferred method to purchase and pay for micro purchases? -
✔✔FAR 13.305
The correct answer is: $500
Two-Step bidding can use which of the following types of contracts? - ✔✔FAR 14.502
The correct answer is: Firm-Fixed-Price
Imprest Funds are used for cash purchases below what level? - ✔✔FAR 13.305
The correct answer is: $500
The Government prefers to issue multiple awards for which of the following? - ✔✔FAR 16.5
, The correct answer is: Indefinite Delivery Indefinite Quantity Contracts
Which of the following contract types puts the most risk on the buyer? - ✔✔FAR 16.101
The correct answer is: Cost Plus Fixed Fee
Which of the following contract types is prohibited by the FAR? - ✔✔FAR 16.102
The correct answer is: Cost Plus Percentage of Cost
The objective when negotiating contract type and price is to negotiate one that will result in: - ✔✔The
correct answer is: Reasonable contractor risk and greatest incentive for efficient and economical
performance
What occurs when the final cost exceeds the price ceiling in a fixed-price incentive fee type contract? -
✔✔FAR 16.403
The correct answer is: Contractor absorbs the difference as a loss
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. - ✔✔FAR 16.603
The correct answer is: 180
________________ Contracts place maximum risk and full responsibility for all costs and resulting profit
and loss upon the Contractor. - ✔✔FAR 16.202
The correct answer is: Firm-Fixed-Price
What type of contract is a written preliminary contractual instrument that authorizes the contractor to
begin immediately manufacturing supplies or performing service? - ✔✔FAR 16.603
