CFCM Practice Test Questions 100% VERIFIED ANSWERS 2024/2025 CORRECT, Study Guides, Projects, Research of Business Administration

Download CFCM Practice Test Questions 100% VERIFIED ANSWERS 2024/2025 CORRECT and more Study Guides, Projects, Research Business Administration in PDF only on Docsity! CFCM Practice Test Questions 100% VERIFIED ANSWERS 2024/2025 CORRECT How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation? Every 5 years A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actionsi s defined as a determination and findings Contracting officers below the level of ___ shall be selected and appointed a head of a contracting activity According to the FAR conventions at Subpart 1.1, each authority is delegable unless specifically stated otherwise When an imperative sentence directs action in the FAR, who is responsible for the action unless another party is expressly cited? the CO Unauthorized commitments are agreements that are NOT binding solely because the government representative who made the agreement lacked the authority to enter into it The simplified acquisition threshold for any contract in support of contingency operations to be awarded and performed, or purchase to be made, outside of the united states is 1 million Commercial Item A non developmental item, if the procuring agency determines the item was developed exclusively at private expense and sold in substantial quantities, on a competitive basis, to multiple state and local governments Consolidating 2 or more requirements for supplies or services, previosuly provided or performed under seperate smaller contracts, into a solicitation for a single contract that is likely to be unsuitable for award to a small business concern is defined as bundling Which of the following are included in the definitions of "contracts" letter contracts and job orders The government can minimize the opportunity for buying in by using which of the following techniques multiyear contracting, priced options, and amortization of nonrecurring costs A contractor's arrangements to pay contingent fees for soliciting government contracts have long been considered contrary to public policy because they may lead to exercise of improper influence the gov would derive mesurably substantial benefits The Federal Supply Schedule program provides federal agencies with a simplified process for obtaining commonly used commercial supplies and services at prices associated with volume buying. It is directed and managed by the GSA Which of the following is the name of GSA's electronic system that allows ordering activities to post requirements, obtain quotes, and issue orders electronically? ebuy In the event that the Federal Prison Industries (FPI) and nonprofit agencies participating in the AbilityOne program produce identification services, the ordering offices shall purchase services from the following sources based on priority. Identify the source that has 1st priority. AbilityOne participating nonprofit organizations Normally, testing and approval is appropriate in contracts for products requiring an approved first article to serve as a manufacturing standard A qualification requirement is a government requirement for testing or other quality assurance demonstration that must be completed before award The names and addresses of all suspended contractors may be found at the System for Award Management Exclusions Agencies are required to use the results of market research to determine The extent to which commercial items or non developmental items could satisfy the need If market research indicates that neither commercial items nor nondevelopmental items are available to satisfy the agency needs, agencies must reeveluate the need and determine whether it can be restated to permit commercial or nondevelopmenal items to satisfy them. Within what time frame may previously conducted market research be used before the award of a task or delivery order Within 18 months if if the info is still current, accurate, and relvant Contract delivery or performance schedules may be expressed by the specific number of days from the date of the contract To the maximum extent practicable, acquisition officials should state all of the following requirements with respect to an acquisition of supplies or services, with the exception of preference for commerical or nondevelopmenal items **They should state: functions, performance required, and physical characteristics A contractor is awarded 4 separate contracts on the same day. - One contract is rated "DO" and has a final delivery date (FDD) in 60 days - One is rated "DX" and has an FDD in 40 days - One is "DO" and has FDD in 10 days - One is unrated and has an FDD in 15 days. What is the order of priority 1. DX 2. Both DO's have same priority 3. Unrated Contracting activities shall employ simplified acquisition procedures to the maximum extent practicable for acquisitions of commercial items not exceeding $7M Unless otherwise provided, agencies shall use which of the following contract type for the acquisition of commercial items Firm-Fixed-Price or Fixed-Price with economic price adjustment contracts Cost Accounting Standards do not apply to contacts and subcontracts for commercial acquisition unless the contract provides for an economic price adjustment based on actual cost incurred When acquiring commercial items, the contracting officer must establish price reasonableness in accordance with FAR 13.106-3, 14.408-2, or Subpart 15.4, as applicable A system whereby the contracting officer receives authorization from a fiscal and accounting officer to obligate funds purchased documents against a specified lump sum of funds reserved for a specified time rather than obtaining individual obligation authority on each purchase document is bulk funding When considering a simplified acquisition, which database should contracting officers use as their primary source of vendor information? System for Award Management, SAM When using the governmentwide commercial purchase card as a method of payment, COs need to verify a contractor's delinquent debt status in SAM database when those purchases are above the micro puchase threshold A pre-bid conference is never to be used for substituting an amendment for an ambiguous invitation *Should be for answering industrys questions, explaining requirements, and conducting market research THe first step of two-step bidding involves technical analysis only What is acceptable evidence to establish the time of receipt at the government installation time/date stamp of that installation on the bid wrapper Which is NOT a reason to reject a bid The schedule contains an apparent clerical mistake Which of the following concerning electronic bids is true Contracting officers may authorize use of electronic commerce for bids, but must specify the electronic commerce method that bidders may use Which of the following contract types may be used with sealed bidding procesures firm fixed price and sometime fixed price with economic price adjustment In a case where equal low bids are received in response to an invitation for bids, which category of bidder is given the highest priority for aware small businesses concerns that are also located in labor surplus areas Exchanges of information among all interested parties are encouraged from the earliest identification of a requirement through receipt of proposals A negotiated contract is awarded after using other than sealed bidding procedures Tradeoffs in the source selection process are not permitted when all evaluation factors and significant subfactors and their importance are clearly stated in the solication Contracts are to be formatted in accordance with the uniform contract format outlined in FAR part 15. Which contract section is not physically included in the contract, but shall be incorporated by reference in the contract K(Representations, Certifications, and other statements of Offerors or Respondents) The primary objective of discussions is to maximize the governments ability to obtain vest value based on the requirement and the valuation factors The process of examining and evaluating a proposed price without evaluating its separate cost elements and proposed profit is called price analysis Which statement concerning requests for information (RFIs) is true? Responses to RFI's are not offers and may not be accepted by the government to form a binding contract Which statement about proposal revisions is true? The CO may request or allow proposal revisions to clarify and document understandings reached during negotiations The contractor is required to submit certified cost and pricing data for subcontracts that are the lower of either 13.5M or values at more than both the pertinent cost or pricing threshold and more than 10% of the prime contractor's price Communication with an offeror for the sole purpose of eliminating minor irregularities, informalites, or apparent clerical mistakes in the proposal is called clarification A proposal may be withdrawn by written notice at any time before award A certificate of current cost or pricing data does not constitute a representation as to the accuracy of the contractor's judgement on the estimate of future costs or projections If defective pricing is discovered after award the gov is entitled to a price adjustment of any significant amount Pre-award debriefings shall NOT disclose the number of offerors The least preferred method of submitting ideas/concepts to the gov is unsolicited proposals In response to a widely publicized solicitation for a noncommerical item, a CO only recieved one offer. The offer is a FFP $1M, which is the same price for a similar item recently purchased by another agency under a contract that resulted from adequate price competition. Which of the following is correct? The proposed price is reasonable in comparison to a rent price for a similar item, certified cost and pricing data is not required. Which of the following is not true concerning project wage determinations? They are effective for 90 calendar days * is TRUE* they are issued at the specific request of a contracting agency, they are used only when no general wage determination applies, they apply only to the contracts for which they were issued This act provides that contracts in excess of $2,000 to which the US is a party for construction, alteration, or repair of public buildings within the US shall contain a clause that no laborer shall receive less than the prevailing wage rates as determined by the Secretary of Labor Construction Wage Rate Requirements statute (David-Bacon Act) Which of the following is NOT a statutory exemption to the contracts for materials supplies, articles, and equipment exceeding $15,000 statute (Walsh-Healey Public Contracts Act) items manufactures outside of the US *is*commerical items, perishable, agricultural or farm products Service contracts valued in excess of __ must contain mandatory provisions regarding minimum wage and fringe benefits, safe and sanitary working conditions, notification to employees of the minimum allowable compensation, and equivalent federal classifications and wage rates $2,500 Federal agencies shall advance sustainable acquisition by ensuring that __ % of new contract actions for the supply of products and for the acquisition of services (including construction) require that the products are energy-efficient, water-efficient, biobased, environmentally preferable, non-ozone depleting, or made with recovered matericals 95 FAR Part 24. Protection of Privacy and Freedom of Information. The Freedom of Info Act provides that info is to be made available to the public upon request, providing a copy of a reasonably described record For manufactured noncommerical end products, the test to determine the county of origin under the Buy American statute (act) is a two-part test to define a domestic end product that is manufactured in the US and the domestic cost of the components exceeds 50% The Buy American statute (Act) restricts the purchase of supplies that are NOT domestic end products Which of the following statements is true The gov encourages the maximum practical commercial use of inventions made under gov contracts he government recognizes rights in data developed at private expense and limits its demands for delivery of that data. The gov requires that contractors obtain permission from copyright owners before including copyrighted works, owned by others, in data to be delivered by the gov. Performance and payment bonds are required or may be required for construction contracts exceeding $150,000 and services and supply contracts exceeding the simplified acquisition threshold when necessary to protect the gov interests. Cost Accounting Standards Board rules and regulations apply to negotiated contracts and subcontracts The head of the agency may waive the applicability of Cost Accounting Standards (CAS) for a particular contract or subcontract when one of these conditions exisits The contract or subcontract is less than $15M, primarily engaged in the sale of commercial items, and has no contracts/subcontracts subject to CAS Which of the following statements about advance agreements is true Advance agreements may only be negotiated either before or during a contract. They must be in writing They must be incorporated into applicable current and future contracts. A cost is reasonable if, in its nature and amount, it does not exceed that which would be incurred by a purdent person in the conduct of competitive business Performance-based payments shall be used only when the CO and the offeror are able to agree on the performance-based iterms, the contract is fixed type, and the contract does not provide for progress payments Which of the following statements concerning customary progress payments is true? Customary progress payment rate is 80% (85% for small businesses) What definition best describes alternative dispute resolution? procedures voluntarily used to resolve issues of controversy The gov's policy is to try to resolve all contractual issues in controversy by mutual agreement at the CO's level Contracts to acquire IT systems in successive, interoperable increments are known as modular Prior to entering into a contract for IT, an agency should analyze risks, benefits, and cost The following are examples of types of risk for the acquisition of IT technical obsolescence, technical feasibility, and dependencies between a new project and other projects or systems Subject to fiscal regulations of the agenceis and applicable interagency agreements, the requesting agency shall reimburse the servicing agency for rendered contract admin and audit services in accordance with the Economy Act (31 U.S.C. 1535) Which of the following is true regarding production surveillance - The purpose is to determine contractor progress and to identify any factors that may delay performance - It involves gov review of contractor performance plans, schedules, controls, and industrial processes and the actual performance under them. - Contracts at or below the simplified acquisition threshold should not normally require production surveillance. Which of these is a normal function of a contract administration office - reviewing the contractors compensation structure and insurance plans - conducting post-award orientation conferences - determining the contractors compliance with cost accounting standards A contractor auditor is responsible for submitting info and advice to the requesting activity on contractors accounting records and financial and cost control system Final indirect cost rates are established by a single agency and are binding on all agencies unless otherwise specifically prohibited which of the following is true with respect to suspension of work or stop work orders - The co may order a suspension of work for a reasonable period of time under a construction or architectural and engineering contract. - Stop work order is approved at a level higher than the CO - Stop work orders are applicable to any negotiated fixed price or cost reimbursement supply, research, development, or service contract supplemental agreements are used to definitize letter contracts "Effective Date" means For a solicitation amendment, change order, or administrate change, it is the issue date Change orders issues under the "Changes" clause of the contract shall use which form SF30 Unilateral modifications are used to - Issue change orders - Make changes aughorized by clases other than a changes clause - issue termination notices If a contractor has an approved purchasing system, consent is required for subcontracts identified in the subcontractors clause of the contract The contractor puchasing system review provides the administrative cO a basis for all of the following - granting approval for the contractor's purchasing system - withholding approval of the contractors purchasing system - withdrawing approval of the contractors purchaching system Which of the following is defined as gov property - gov furnished property - contractor acquired property - property owned or leased to the gov or acquired by the gov under the terms of the contract * Intellectual property and software is NOT* A latent defect is a defect that exists at the time of acceptance and cannot be discovered by a reasonable inspection The inclusion of a warranty in federal gov contracts is not required How does the gov relieve contracts of liability for loss or damage to property of the gov that occurs after acceptance or results from defects or deficiencies? by acting as a self insurer A person holding himself out to the general public to provide transportation for compensation is a a common carrier