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Procurement and Contract Management: Key Questions and Answers, Exams of Government & Non-Profit Accounting

Princeton UniversityGovernment & Non-Profit Accounting

A series of questions and answers related to procurement and contract management, covering topics such as contract pricing, legal requirements, risk mitigation, and ethical considerations. It includes questions on performance bonds, fixed-price contracts, the statute of frauds, and transparency in procurement. The document also addresses contract terms, conditions, and various types of warranties, providing insights into effective procurement practices and legal compliance. It is useful for students and professionals in procurement, supply chain management, and contract law, offering a practical understanding of key concepts and best practices in the field. (415 characters)

Typology: Exams

2024/2025

Available from 06/04/2025

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NIGP – CPP EXAM WITH ANSWERS
You are leading the procurement for a new enterprise resource planning IT
system that will be deployed across the entity. Proposers likely will use
various subcontractors for integration, project management, and training.
The users have expressed concern about financial viability of the successful
contractor; the entity does not have the financial resources to mitigate risk
from a default. What requirement would best protect the entity? -
CORRECT ANSWERS ✔✔Legal or statutory requirements
You are leading the procurement for a new enterprise resource planning IT
system that will be deployed across the entity. Proposers likely will use
various subcontractors for integration, project management, and training.
The users have expressed concern about financial viability of the successful
contractor; the entity does not have the financial resources to mitigate risk
from a default. What requirement would best protect the entity? -
CORRECT ANSWERS ✔✔Performance bond
Which type of contract pricing is appropriate when market or labor
conditions are unstable over an extended production period? - CORRECT
ANSWERS ✔✔Fixed price with escalation
Statutes, ordinances, charters, rules, regulations, policies and procedures
are all examples of: - CORRECT ANSWERS ✔✔Contract terms and
conditions
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NIGP – CPP EXAM WITH ANSWERS

You are leading the procurement for a new enterprise resource planning IT system that will be deployed across the entity. Proposers likely will use various subcontractors for integration, project management, and training. The users have expressed concern about financial viability of the successful contractor; the entity does not have the financial resources to mitigate risk from a default. What requirement would best protect the entity? - CORRECT ANSWERS ✔✔Legal or statutory requirements You are leading the procurement for a new enterprise resource planning IT system that will be deployed across the entity. Proposers likely will use various subcontractors for integration, project management, and training. The users have expressed concern about financial viability of the successful contractor; the entity does not have the financial resources to mitigate risk from a default. What requirement would best protect the entity? - CORRECT ANSWERS ✔✔Performance bond Which type of contract pricing is appropriate when market or labor conditions are unstable over an extended production period? - CORRECT ANSWERS ✔✔Fixed price with escalation Statutes, ordinances, charters, rules, regulations, policies and procedures are all examples of: - CORRECT ANSWERS ✔✔Contract terms and conditions

The Statute of Frauds is a 1677 device passed by the English Parliament and carried down to us by common law and the actions of state legislatures that: - CORRECT ANSWERS ✔✔Requires certain promises and agreements to be evidenced in writing The three types of competition found in the market place are: - CORRECT ANSWERS ✔✔Pure, imperfect and monopoly What is the bidder's obligation when a bid that was accepted by the agency contained minor clerical errors? - CORRECT ANSWERS ✔✔The bidder must perform the contract. Price fixing, bid rigging and restraints of trade are prohibited by this first of its kind federal act. - CORRECT ANSWERS ✔✔Sherman Anti-Trust Act Assignment clauses are often included in solicitations and contracts. What are they and why do we need them? - CORRECT ANSWERS ✔✔Assignment allows either party to assign or transfer their rights, obligations, or property to another. We need them in case the contracted party terminates service by going out of business or can't fulfil their obligation but can replace with a suitable substitution preventing the ending the agreement. A good bid specification does all of the following except: - CORRECT ANSWERS ✔✔Allow the vendor to choose which requirements he will meet.

Careless County recently lost an important court case in the State Supreme Court. The court decision will now impact every county in the state, and the decision may be used to argue other cases as well in other jurisdictions in the future. The type of law developed through court case decisions is known as: - CORRECT ANSWERS ✔✔Common Law Put the following purchase requisition 6 items in their standard (not your agency's) sequence of occurrence: - CORRECT ANSWERS ✔✔Purchase requisition issue the solicitation pre-bid vendor conference addendum Award recommendation PO Upon arrival of an order, a buyer inspects the goods on the delivery dock and finds them to be nonconforming to the purchase order specifications. The buyer should consider which of the following options: - CORRECT ANSWERS ✔✔Note the exception on the packing list, refuse the delivery and contact the supplier immediately. Which of the following is an alternative to using bidder/source lists? - CORRECT ANSWERS ✔✔Electronic bid boards

  • CORRECT ANSWERS ✔✔

The ABA Model Procurement Code lists six methods of source selection. - CORRECT ANSWERS ✔✔Competitive sealed bidding, competitive sealed proposals, small purchase procedures, sole source procurement, emergency procurement and competitive selection for deigned types of services Name three things that we do in procurement to maintain transparency. - CORRECT ANSWERS ✔✔Transparency in procurement

  1. Publishing procurement policies;
  2. Disclosure of evaluation criteria in solicitation documents;
  3. Publication of contract awards and prices paid The agency has just awarded a contract for cleaning services in the headquarters building. It is very important that the cleaning be done in a professional manner since this is a high visibility area and receives a lot of the senior staff traffic throughout the day. The contract was very detailed as to the standards to be met. What can the Contract Administrator include in the performance assessment plan to ensure compliance with the performance standards? - CORRECT ANSWERS ✔✔Surveillance techniques A warranty given orally or in writing is known as an - CORRECT ANSWERS ✔✔Implied warranty A warranty (full name) that exists because a vendor sells goods that meet some industry standard is known as an - CORRECT ANSWERS ✔✔

The extent to which procurement provides the needed goods and services within acceptable quality standards is known as: - CORRECT ANSWERS ✔✔Effectiveness This Italian economist lent his name to the concept of the "significant few", more commonly known as the 80/20 rule. - CORRECT ANSWERS ✔✔Pareto This type of specification details the physical characteristics and is typically used in construction - CORRECT ANSWERS ✔✔Design specifications A warranty that exists because the vendor provided the agency with a sample is known as an: - CORRECT ANSWERS ✔✔Express warranty The terms express, implied, inherent and apparent are all types of - CORRECT ANSWERS ✔✔Authority The risk that a solicitation will adequately communicate the need of the agency to bidders is known as: - CORRECT ANSWERS ✔✔Proposal risk This contract pricing is appropriate when market or labor conditions are unstable over an extended period. - CORRECT ANSWERS ✔✔Fixed price with escalation

Life-cycle costing is synonymous with: - CORRECT ANSWERS ✔✔Total cost of ownership While there are 7 "rights" of procurement, these two also name the committee chair who arranges chapter meetings - CORRECT ANSWERS ✔✔Time and place Statutes, ordinances, charters, rules, regulations and policies that allow us to do our jobs are all examples of: - CORRECT ANSWERS ✔✔Enabling legislation Escrow deposits, cashier's checks and irrevocable letters of credit are examples of: - CORRECT ANSWERS ✔✔Surety Principles of good conduct embodied in a code. - CORRECT ANSWERS ✔✔Ethics Using departments performing similar functions with different pieces of equipment might benefit from: - CORRECT ANSWERS ✔✔Standardization An agency owns the goods in transit under this common freight term: - CORRECT ANSWERS ✔✔FOB Origin Indemnification clauses are added to our terms and conditions to protect the agency from: - CORRECT ANSWERS ✔✔Acts of the vendor