CPCM Exam ACTUAL QUESTIONS AND
CORRECT ANSWERS
Accountability - CORRECT ANSWERS An obligation or willingness to
accept responsibility for one's actions
Character - CORRECT ANSWERS A leadership competency that says
that contract leaders must be able to perform contract management with the
highest standards of ethical behavior and with integrity, decisiveness and
optimism
Collaboration - CORRECT ANSWERS Working jointly with others or
together, especially in an intellectual endeavor
Competence - CORRECT ANSWERS A leadership competency that says
that a contract leader must be technically proficient in contract management
with a broad understanding of the practices, policies, and procedures inherent to
contract management
Consensus - CORRECT ANSWERS General agreement; group solidarity
in sentiment and belief
Decisiveness - CORRECT ANSWERS The capacity to make decisions
even when the decision may not be popular or may pose risk
Ethics - CORRECT ANSWERS The principles of conduct governing n
individual or a group
Feedback - CORRECT ANSWERS Information about reactions to a
person's performance of a task, used as a basis for
Improvement
,Integrative thinking - CORRECT ANSWERS The ability to face
constructively the tension of opposing ideas and, instead of choosing one at the
expense of the other, to create a resolution in the form of a new, superior idea
that contains elements of each of the ideas
Integrity - CORRECT ANSWERS Having the courage to do what you
say you will do; following through on promises in a manner that promotes
trustworthiness
Intuition - CORRECT ANSWERS The ability to assess a situation and
know instinctively what to do, by blending fact with instinct and other
intangible factors
Letter of the Law - CORRECT ANSWERS The literal interpretation of a
rule or standard, but not necessarily the intent of those who wrote it
Mentoring - CORRECT ANSWERS The development by leaders of
other leaders
Optimism - CORRECT ANSWERS The ability to give hope and instill
confidence in others; giving followers something to look forward to and helping
them see the way through chaos and complexity
Spirit of the Law - CORRECT ANSWERS The intended interpretation of
a rule or standard, but. Or necessarily what is conveyed in the literal wording
Succession planning - CORRECT ANSWERS Empowering others and
helping them develop, so they become capable of taking over the leader's job
,Values - CORRECT ANSWERS Individual or personal standards of what
is valuable or important
Vision - CORRECT ANSWERS Being able to see the possibilities for a
better future and guiding others on getting there
Accounting - CORRECT ANSWERS The way an organization collects,
organizes, and records financial information for making management decisions;
the way to report a company's transactions and to maintain accountability for its
assets and liabilities.
Accounting System - CORRECT ANSWERS A formal communications
network that supplies relevant information for planning, control, decision-
making, and evaluation.
Acid test ratio - CORRECT ANSWERS The ratio determining how well
the company's current liabilities can be satisfied by its current assets less
inventory.
Activity-based costing system - CORRECT ANSWERS An accounting
system focused on production cycle and based on the principles that an output
needs activities to produce it and that those activities use certain resources;
assigns costs through cost drivers that the activities use to create the outputs.
Administrative lead time - CORRECT ANSWERS A measurement used
by some organizations of howling it takes to award a contract,starting when a
procurement request is received and ending when the contract is awarded.
Asset - CORRECT ANSWERS Something a company owns that has
value and that can be sold or used by the company to make products or provide
services that can be sold
, Balance sheet - CORRECT ANSWERS Provides detailed information
about a company's assets, liabilities, and shareholder equity
Bottom line - CORRECT ANSWERS A company's total earnings or
losses over a specific time period, after accounting for costs and expenses; also
called net income.
Burn rate - CORRECT ANSWERS An average of the estimated costs per
month, often based on staffing estimates, used for estimating funding
requirements.
Cash flow statement - CORRECT ANSWERS A statement reporting a
company's inflow and outflow of cash; generally includes operating activities,
investing activities, and financing activities.
Competition - CORRECT ANSWERS The effort or action of two or
more commercial companies to obtain the same business from a third party
Contingency planning - CORRECT ANSWERS Involves "what if?"
Analysis to look at various situations if certain environmental or economic
conditions change
Current - CORRECT ANSWERS Current assets are assets which can be
converted into cash within one year; current liabilities are obligations that a
business must pay within one year.
Current ratio - CORRECT ANSWERS The ratio of current assets to
current liabilities
CORRECT ANSWERS
Accountability - CORRECT ANSWERS An obligation or willingness to
accept responsibility for one's actions
Character - CORRECT ANSWERS A leadership competency that says
that contract leaders must be able to perform contract management with the
highest standards of ethical behavior and with integrity, decisiveness and
optimism
Collaboration - CORRECT ANSWERS Working jointly with others or
together, especially in an intellectual endeavor
Competence - CORRECT ANSWERS A leadership competency that says
that a contract leader must be technically proficient in contract management
with a broad understanding of the practices, policies, and procedures inherent to
contract management
Consensus - CORRECT ANSWERS General agreement; group solidarity
in sentiment and belief
Decisiveness - CORRECT ANSWERS The capacity to make decisions
even when the decision may not be popular or may pose risk
Ethics - CORRECT ANSWERS The principles of conduct governing n
individual or a group
Feedback - CORRECT ANSWERS Information about reactions to a
person's performance of a task, used as a basis for
Improvement
,Integrative thinking - CORRECT ANSWERS The ability to face
constructively the tension of opposing ideas and, instead of choosing one at the
expense of the other, to create a resolution in the form of a new, superior idea
that contains elements of each of the ideas
Integrity - CORRECT ANSWERS Having the courage to do what you
say you will do; following through on promises in a manner that promotes
trustworthiness
Intuition - CORRECT ANSWERS The ability to assess a situation and
know instinctively what to do, by blending fact with instinct and other
intangible factors
Letter of the Law - CORRECT ANSWERS The literal interpretation of a
rule or standard, but not necessarily the intent of those who wrote it
Mentoring - CORRECT ANSWERS The development by leaders of
other leaders
Optimism - CORRECT ANSWERS The ability to give hope and instill
confidence in others; giving followers something to look forward to and helping
them see the way through chaos and complexity
Spirit of the Law - CORRECT ANSWERS The intended interpretation of
a rule or standard, but. Or necessarily what is conveyed in the literal wording
Succession planning - CORRECT ANSWERS Empowering others and
helping them develop, so they become capable of taking over the leader's job
,Values - CORRECT ANSWERS Individual or personal standards of what
is valuable or important
Vision - CORRECT ANSWERS Being able to see the possibilities for a
better future and guiding others on getting there
Accounting - CORRECT ANSWERS The way an organization collects,
organizes, and records financial information for making management decisions;
the way to report a company's transactions and to maintain accountability for its
assets and liabilities.
Accounting System - CORRECT ANSWERS A formal communications
network that supplies relevant information for planning, control, decision-
making, and evaluation.
Acid test ratio - CORRECT ANSWERS The ratio determining how well
the company's current liabilities can be satisfied by its current assets less
inventory.
Activity-based costing system - CORRECT ANSWERS An accounting
system focused on production cycle and based on the principles that an output
needs activities to produce it and that those activities use certain resources;
assigns costs through cost drivers that the activities use to create the outputs.
Administrative lead time - CORRECT ANSWERS A measurement used
by some organizations of howling it takes to award a contract,starting when a
procurement request is received and ending when the contract is awarded.
Asset - CORRECT ANSWERS Something a company owns that has
value and that can be sold or used by the company to make products or provide
services that can be sold
, Balance sheet - CORRECT ANSWERS Provides detailed information
about a company's assets, liabilities, and shareholder equity
Bottom line - CORRECT ANSWERS A company's total earnings or
losses over a specific time period, after accounting for costs and expenses; also
called net income.
Burn rate - CORRECT ANSWERS An average of the estimated costs per
month, often based on staffing estimates, used for estimating funding
requirements.
Cash flow statement - CORRECT ANSWERS A statement reporting a
company's inflow and outflow of cash; generally includes operating activities,
investing activities, and financing activities.
Competition - CORRECT ANSWERS The effort or action of two or
more commercial companies to obtain the same business from a third party
Contingency planning - CORRECT ANSWERS Involves "what if?"
Analysis to look at various situations if certain environmental or economic
conditions change
Current - CORRECT ANSWERS Current assets are assets which can be
converted into cash within one year; current liabilities are obligations that a
business must pay within one year.
Current ratio - CORRECT ANSWERS The ratio of current assets to
current liabilities
