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CFCM Practice Test Questions and answers graded A+ Latest Updates 2024 CFCM Practice Test Questions and answers graded A+ Latest Updates 2024 How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation? - answer- 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 - answer-determination and findings Contracting officers below the level of ___ shall be selected and appointed - answer-a head of a contracting activity According to the FAR conventions at Subpart 1.1, each authority is delegable unless - answer-specifically stated otherwise When an imperative sentence directs action in the FAR, who is responsible for the action unless another party is expressly cited? - answer-the CO Unauthorized commitments are agreements that are NOT binding solely because - answer-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 - answer-1 million Commercial Item - answer-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 routine physical access to either a federally controlled facility or information system. Dollar threshold for public announcement of contract awards - answer-$4,000,000 Acceptable methods for disseminating information on proposed contract actions include - answer- announcements in magazines at no cost, assisting a local trade association in disseminating information to their members, and synopsis in the government wide point of entry What is the minimum response time for receipt of bids or proposals for noncommercial item solicitations - answer-30 days from the date of publication of a proper notice of intent to contract The contracting officer's certification can serve as approval of the justification for other than full and open competition for a proposed contract NOT exceeding - answer-$700,000 FAR Part 6, "Competition Requirements," applies to which of the following? - answer-A $1M contract for services The contracting officer may use competitive proposals in lieu of sealed bids if - answer-it is necessary to conduct discussions If other than full and open competition is anticipated, the acquisition plan must be coordinated with the cognizant - answer-competition advocate Acquisition planning should begin - answer-as soon as the agency need is identified The specific content of acquisition plans will vary, and are influenced primarily by which factors - answer-the nature, circumstances, and stage of the acquired Market research may indicate that bundling is necessary and justified if - answer-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 - answer-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? - answer-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. - answer-AbilityOne participating nonprofit organizations Normally, testing and approval is appropriate in contracts for - answer-products requiring an approved first article to serve as a manufacturing standard - One is unrated and has an FDD in 15 days. What is the order of priority - answer-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 - answer-$7M Unless otherwise provided, agencies shall use which of the following contract type for the acquisition of commercial items - answer-Firm-Fixed-Price or Fixed- Price with economic price adjustment contracts Cost Accounting Standards - answer-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 - answer-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 - answer-bulk funding When considering a simplified acquisition, which database should contracting officers use as their primary source of vendor information? - answer- 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 - answer-above the micro puchase threshold A CO's decision not to set aside an acquisition for a HUBZONE small business or SDVOSB concerns when it is at or below the simplified acquisition threshold - answer-is not subject to review under FAR 19.4 Micro-purchases may be awarded without soliciting competitive quotes if - answer-the CO determines that the price is reasonable A cash fund of a fixed amount established by an advance of funds, without charge to an appropriate, from an agency finance or disbursing officer to a duly appointed cashier for disbursement as needed from time to time in making a payment in case for relatively small purchases is an - answer-impreset fund Impresent funds may be used for transactions up to - answer-$500 It is advantageous to establish blanket purchase agreements with firms who - answer-Offer quality supplies or services at consistently lower prices than their competitors A pre-bid conference is never to be used for - answer- 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 - answer- technical analysis only What is acceptable evidence to establish the time of receipt at the government installation - answer- time/date stamp of that installation on the bid wrapper Which is NOT a reason to reject a bid - answer-The schedule contains an apparent clerical mistake Which of the following concerning electronic bids is true - answer-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 - answer-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 - answer-small businesses concerns that are also located in labor surplus areas Exchanges of information among all interested parties are encouraged - answer-from the earliest identification of a requirement through receipt of proposals A negotiated contract is - answer-awarded after using other than sealed bidding procedures Tradeoffs in the source selection process are not permitted - answer-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 - answer-K(Representations, Certifications, and other statements of Offerors or Respondents) The primary objective of discussions is to - answer- 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 - answer-price analysis Which statement concerning requests for information (RFIs) is true? - answer-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? - answer-The CO may request or allow proposal revisions A contract that provides for upward and downward revision of the stated contract price upon the occurrence of specified contingencies is referred to as - answer-fixed price contract with economic price adjustment A cost-reimbursement contract that provides for an initially negotiated fee to be adjusted later by a formula based on the relationship of total allowable costs to total target costs is known as a - answer-cost-plus incentive fee contract There are three types of indefinite delivery contracts: - answer-1. Definite-quantity contracts 2. requirements contracts 3. indefinite quality contracts The __ authorizes agencies to enter into agreements to obtain supplies or services from another agency - answer-Economy Act __ may be used for emergency acquisitions when contract performance must begin immediately - answer-letter contracts Which of the below is NOT an emergency action flexibility authorized to support a contingency operaton - answer-increase in the threshold for advance payments **IS** increase in the micro-purchase threshold, simplified purchase threshold purchase increase, higher dollar limitations for use of SF-44, Purchase Order-Involve-Voucher If a requirement has been accepted by the SBA under the 8a program, it must remain in the 8a program unless - answer-the SBA agrees to release it A protest concerning small business representation - answer-may be considered timely if made orally and confirmed in writing withing a 5 day period Which member of the acquisition team is responsible for determining the appropriate NAICS code and related small business size standard - answer-the CO The CO shall set aside a portion of an acquisition, except for construction, for exclusive small business participation when - answer-the requirement is severable into 2 or more economic production runs If the CO and the SBA area office cannot reach a resolution regarding a small business concern's ability to perform, who is empowered to make the final decision - answer-the SBA associate admin for the gov contracting Contractors are required to perform all gov contracts, so far as is practicable without using overtime, EXCEPT when - answer-overtime is necessary to meet urgent program needs and will result in a lower overall cost to the gov The contract work hours and safety standards statute (Act) requires which of the following - answer- Contractors and subcontracts on covered contracts 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 - answer- 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 - answer-domestic end products Which of the following statements is true - answer-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 - answer-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 - answer-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 - answer-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 - answer-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 - answer-incurred by a purdent person in the conduct of competitive business Performance-based payments shall be used only - answer-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? - answer- Customary progress payment rate is 80% (85% for small businesses) What definition best describes alternative dispute resolution? - answer-procedures voluntarily used to resolve issues of controversy Award of contracts for recurring and continuing service requirements are often delayed due to circumstances beyond the control of the CO. In order to avoid negotiation of short extensitions to existing contracts, the CO may include an option clause in solicitations and contracts which will enable the gov to require continued performance of any services - answer-for up to 6 months, within the limits and the rates specified in the contract When acquiring services, agencies must use performance based acquisition methods to the maximum extent practicable, EXCEPT for - answer- renewable energy services The following activities and programs are excluded or exempted from the definition of advisory or assistance services` - answer-1. Architectural and engineering services 2. Research or theoretical mathematics and basic research involving medical, biological, physical, social, psychological, or other phenomena 3. Routine IT services unless they are an integral part of a contract for the acquisition of advisory and assistance services The Federal Supply Schedule program provides federal agencies - answer-a simplified process for obtaining commercial supplies and services at prices associated with volume buying Contracts to acquire IT systems in successive, interoperable increments are known as - answer- modular Prior to entering into a contract for IT, an agency should analyze - answer-risks, benefits, and cost The following are examples of types of risk for the acquisition of IT - answer-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 - answer-Economy Act (31 U.S.C. 1535) Which of the following is true regarding production surveillance - answer-- 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 - answer-- reviewing the contractors compensation structure and insurance plans - conducting post-award orientation conferences - determining the contractors compliance with cost accounting standards - withholding approval of the contractors purchasing system - withdrawing approval of the contractors purchaching system Which of the following is defined as gov property - answer-- 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 - answer-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 - answer-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? - answer-by acting as a self insurer A person holding himself out to the general public to provide transportation for compensation is a - answer-a common carrier A contract should not normally be terminated for convince but would be permitted to run a completion when the price of the undelivered balance of the contract is less than - answer-$5,000 What is the heart of a settlement for a contract terminated for convenience? - answer-business judgement