Acquisition and contracting exam 1 continuous tests with correct answers
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, Acquisition and contracting exam 1 continuous tests with correct answers
1. Acquisition Answer: acquiring by contract with appropriated funds of supplies or services by
and for the use of the Federal Government through purchase or lease, whether the supplies or services
are already in existence or must be created, developed, demonstrated and evaluated
2. Procurement Answer: acquiring goods, services, works from an external source
3. Contracting Answer: purchasing, renting, leasing or otherwise obtaining supplies or services
from nonfederal sources. includes description of supplies and services, selection and solicitation of
sources, preparation and award of contracts and all phases of contract administration
4. subcontracting Answer: when some of the ettort is contracted to another party
5. Contract management as a competitive advantage Answer: Important part
of the value chain that can create significant value over and above the cost of operations. Enables
other parts of the organization to achieve greater value when contracting is able to keep prices low and
delivery on time.
Provides insight and value to the 'links' in the value chain. Make or buy outsourcing decisions can create
cost or ditterentiation advantages.
6. Contract Elements Answer: Otter, Acceptance, Exchange of consideration, Competent parties,
Legality of purpose
7. Law of Agency Answer: relationship based on the delegation of authority by the principal to
the agent to act on the principal's behalf.
8. Privity of Contract Answer: the legal connection or relationship that exists between the
contracting parties allowing either party to enforce contractual rights and seek restitution. Buyer has
privity of contract with the prime vendor/con- tractor and the prime contractor to subcontractor. The
buyer does not have privity of contract with the subcontractor.
9. Sources of contracting authority Answer: -Constitution provides legal authority of
government to enter into contracts for supplies and services.
-Statutes and laws of the USC Title 10
-FAR 1.602-1 provides actual contracting oflcer authority
-Numerous executive orders, regulations, directives
10. Authorities of KO Answer: FAR 1602-1 Answer: Enter in to contracts, administer and
terminate contracts, make determi- nations and findings
11. Express Authority Answer: Actual authority as defined in writing
12. Implied Authority Answer: Actual authority by position - not in writing
2/
8
ACADEMIC WRITING & RESEARCH SERVICES
Professional | Original | Reliable
Academic Writing • Research & Analysis • Thesis & Dissertation Support
SERVICES OFFERED
Academic Writing
Research & Data Analysis
Thesis Writing Assistance
Dissertation Support
Assignment Help
Literature Reviews
Case Studies
Research Proposals
Editing & Proofreading
Referencing & Citations (APA, MLA, Harvard, Chicago)
Proctored exams
Why choose us?
High-Quality Work
Plagiarism-Free Content
Timely Delivery
Confidential & Professional
Well-Researched Academic Solutions
Contacts
Gmail:
WhatsApp: https://wa.me/254721933068?text=
Empowering Academic Success Through Professional Writing & Research Excellence
, Acquisition and contracting exam 1 continuous tests with correct answers
1. Acquisition Answer: acquiring by contract with appropriated funds of supplies or services by
and for the use of the Federal Government through purchase or lease, whether the supplies or services
are already in existence or must be created, developed, demonstrated and evaluated
2. Procurement Answer: acquiring goods, services, works from an external source
3. Contracting Answer: purchasing, renting, leasing or otherwise obtaining supplies or services
from nonfederal sources. includes description of supplies and services, selection and solicitation of
sources, preparation and award of contracts and all phases of contract administration
4. subcontracting Answer: when some of the ettort is contracted to another party
5. Contract management as a competitive advantage Answer: Important part
of the value chain that can create significant value over and above the cost of operations. Enables
other parts of the organization to achieve greater value when contracting is able to keep prices low and
delivery on time.
Provides insight and value to the 'links' in the value chain. Make or buy outsourcing decisions can create
cost or ditterentiation advantages.
6. Contract Elements Answer: Otter, Acceptance, Exchange of consideration, Competent parties,
Legality of purpose
7. Law of Agency Answer: relationship based on the delegation of authority by the principal to
the agent to act on the principal's behalf.
8. Privity of Contract Answer: the legal connection or relationship that exists between the
contracting parties allowing either party to enforce contractual rights and seek restitution. Buyer has
privity of contract with the prime vendor/con- tractor and the prime contractor to subcontractor. The
buyer does not have privity of contract with the subcontractor.
9. Sources of contracting authority Answer: -Constitution provides legal authority of
government to enter into contracts for supplies and services.
-Statutes and laws of the USC Title 10
-FAR 1.602-1 provides actual contracting oflcer authority
-Numerous executive orders, regulations, directives
10. Authorities of KO Answer: FAR 1602-1 Answer: Enter in to contracts, administer and
terminate contracts, make determi- nations and findings
11. Express Authority Answer: Actual authority as defined in writing
12. Implied Authority Answer: Actual authority by position - not in writing
2/
8
