MGT 401 EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
The Gizmos R Us Company has 20 contracts, including Contract ABC which
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requires the production of 100 special model desks. Employees Tom, Dick, and
| | | | | | | | | | | |
Mary work on assembling the special desks. Harry works in the payroll office and
| | | | | | | | | | | | | |
processes payroll for all 1,000 of the Company's employees.
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What type of cost is the time spent assembling the desks by employees Tom,
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Dick, and Mary? - CORRECT ANSWER✔✔-Direct Cost
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The Gizmos R Us Company has 20 contracts, including Contract ABC which
| | | | | | | | | | | |
requires the production of 100 special model desks. Employees Tom, Dick, and
| | | | | | | | | | | |
Mary work on assembling the special desks. Harry works in the payroll office and
| | | | | | | | | | | | | |
processes payroll for all 1,000 of the Company's employees.
| | | | | | | |
What type of cost is the time spent processing payroll by Harry? - CORRECT
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ANSWER✔✔-Indirect Cost |
This cost type cannot be identified with or assigned to a specific contract, and is
| | | | | | | | | | | | | | |
often referred to as the "burden rate": - CORRECT ANSWER✔✔-Indirect Cost
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Personnel Working at a Government Location Do Not Require the Same Office
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Equipment as Employees Located at Company Facilities. Therefore, Direct Labor
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for Onsite Personnel is Burdened With a Lower OH Rate Than Personnel Located
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at Company-Owned Buildings. - CORRECT ANSWER✔✔-True
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, To whom a contractor can appeal a final decision on a claim and timelines for
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appealing? - CORRECT ANSWER✔✔-Both options are correct
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A written demand or assertion by one of the contracting parties seeking payment
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of money, adjustment of contract terms or relief is referred to as a: - CORRECT
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ANSWER✔✔-Claim
To be considered timely, a Post-Award Protest must be filed within 10 days after
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contract award or within 5 days after a debriefing date is offered to the protester,
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whichever is later. - CORRECT ANSWER✔✔-True | | | | |
A Protest can be filed by ___________________. - CORRECT ANSWER✔✔-Only
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parties with an economic interest in the contract being contemplated
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This action is an authorized government disbursement of monies to a contractor
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prior to acceptance of supplies or services: - CORRECT ANSWER✔✔-Contract
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Financing Payments |
This action is a government disbursement of monies to a contractor for supplies
| | | | | | | | | | | | |
and services accepted by the government: - CORRECT ANSWER✔✔-Invoice
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Payment
The Government is required to provide contractor's with Government Furnished
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Property (GFP) on every contract awarded. - CORRECT ANSWER✔✔-False
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When the contractor delivers data to the Government, it must mark each piece of
| | | | | | | | | | | | |
data on which it asserts restrictions with a marking or legend indicating the level
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COMPLETE SOLUTIONS
The Gizmos R Us Company has 20 contracts, including Contract ABC which
| | | | | | | | | | | |
requires the production of 100 special model desks. Employees Tom, Dick, and
| | | | | | | | | | | |
Mary work on assembling the special desks. Harry works in the payroll office and
| | | | | | | | | | | | | |
processes payroll for all 1,000 of the Company's employees.
| | | | | | | |
What type of cost is the time spent assembling the desks by employees Tom,
| | | | | | | | | | | | | |
Dick, and Mary? - CORRECT ANSWER✔✔-Direct Cost
| | | | | |
The Gizmos R Us Company has 20 contracts, including Contract ABC which
| | | | | | | | | | | |
requires the production of 100 special model desks. Employees Tom, Dick, and
| | | | | | | | | | | |
Mary work on assembling the special desks. Harry works in the payroll office and
| | | | | | | | | | | | | |
processes payroll for all 1,000 of the Company's employees.
| | | | | | | |
What type of cost is the time spent processing payroll by Harry? - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-Indirect Cost |
This cost type cannot be identified with or assigned to a specific contract, and is
| | | | | | | | | | | | | | |
often referred to as the "burden rate": - CORRECT ANSWER✔✔-Indirect Cost
| | | | | | | | | |
Personnel Working at a Government Location Do Not Require the Same Office
| | | | | | | | | | | |
Equipment as Employees Located at Company Facilities. Therefore, Direct Labor
| | | | | | | | | |
for Onsite Personnel is Burdened With a Lower OH Rate Than Personnel Located
| | | | | | | | | | | | |
at Company-Owned Buildings. - CORRECT ANSWER✔✔-True
| | | | |
, To whom a contractor can appeal a final decision on a claim and timelines for
| | | | | | | | | | | | | | |
appealing? - CORRECT ANSWER✔✔-Both options are correct
| | | | | |
A written demand or assertion by one of the contracting parties seeking payment
| | | | | | | | | | | | |
of money, adjustment of contract terms or relief is referred to as a: - CORRECT
| | | | | | | | | | | | | | |
ANSWER✔✔-Claim
To be considered timely, a Post-Award Protest must be filed within 10 days after
| | | | | | | | | | | | | |
contract award or within 5 days after a debriefing date is offered to the protester,
| | | | | | | | | | | | | | |
whichever is later. - CORRECT ANSWER✔✔-True | | | | |
A Protest can be filed by ___________________. - CORRECT ANSWER✔✔-Only
| | | | | | | | | |
parties with an economic interest in the contract being contemplated
| | | | | | | | |
This action is an authorized government disbursement of monies to a contractor
| | | | | | | | | | | |
prior to acceptance of supplies or services: - CORRECT ANSWER✔✔-Contract
| | | | | | | | | |
Financing Payments |
This action is a government disbursement of monies to a contractor for supplies
| | | | | | | | | | | | |
and services accepted by the government: - CORRECT ANSWER✔✔-Invoice
| | | | | | | | |
Payment
The Government is required to provide contractor's with Government Furnished
| | | | | | | | | |
Property (GFP) on every contract awarded. - CORRECT ANSWER✔✔-False
| | | | | | | |
When the contractor delivers data to the Government, it must mark each piece of
| | | | | | | | | | | | |
data on which it asserts restrictions with a marking or legend indicating the level
| | | | | | | | | | | | | | |
