CON 3990V- Pre practice Test 3 Questions and Correct Answers

CON 3990V- Pre practice Test 3 Questions and Correct Answers What is Price? - Correct Answer Cost plus any fee or profit What is Pricing? - Correct Answer The process of establishing a reasonable amount or amounts to be paid for supplies or services. True or False? Each contract should be priced separately and independently? - Correct Answer True When contracting on a firm-fixed-price basis, what will usually satisfy the requirement to perform a price analysis? - Correct Answer A comparison of proposed prices True or False? Price to the Government shall be evaluated in every source selection? - Correct Answer True When contracting on a cost-reimbursement basis, evaluations shall include a cost realism analysis to determine? - Correct Answer - What the Government should realistically expect to pay for the proposed effort, - the offeror's understanding of the work, and - the offeror's ability to perform the contract. True or False? Cost realism analysis may not be used on fixed-price incentive contracts? - Correct Answer False When a contracting professional determines that a price is reasonable, what does that mean? They made a decision that is both judicious and wise. They made a decision based on their ability, knowledge or skill.