CON 1400V – Exam Questions and
Answers with Rationales Latest Version
Top Rated A+
Topics Covered
• Federal Acquisition Regulation (FAR)
• Contract Formation
• Acquisition Planning
• Market Research
• Competition Requirements
• Contract Types
• Source Selection
• Cost and Price Analysis
• Simplified Acquisition Procedures (SAP)
• Small Business Programs
• Ethics and Procurement Integrity
• Performance-Based Acquisition (PBA)
• Commercial Item Acquisition
• Contract Administration
• Risk Management
• Contract Modifications
• Quality Assurance
• Government Property
• Contract Closeout
• Fiscal Law Basics
CON 1400V Practice Exam 1
Questions 1–25
Question 1
,Which Federal Acquisition Regulation (FAR) Part primarily addresses Acquisition
Planning?
A. FAR Part 5
B. FAR Part 7
C. FAR Part 12
D. FAR Part 15
Correct Answer: B. FAR Part 7
Rationale:
FAR Part 7 establishes policies and procedures for acquisition planning. Effective
planning ensures agencies satisfy their needs in the most efficient, economical, and
timely manner.
Question 2
The primary objective of acquisition planning is to:
A. Increase contract costs
B. Ensure government requirements are met effectively and efficiently
C. Eliminate market research
D. Limit competition whenever possible
Correct Answer: B. Ensure government requirements are met effectively and
efficiently
Rationale:
Acquisition planning helps agencies obtain needed supplies and services while
promoting competition, managing risk, and achieving best value.
Question 3
,Which FAR Part covers Market Research?
A. FAR Part 10
B. FAR Part 19
C. FAR Part 22
D. FAR Part 31
Correct Answer: A. FAR Part 10
Rationale:
FAR Part 10 requires agencies to conduct market research before developing new
requirements and before soliciting offers when appropriate.
Question 4
Market research is primarily conducted to:
A. Increase procurement lead time
B. Identify capable sources and commercial solutions
C. Avoid competition
D. Determine employee salaries
Correct Answer: B. Identify capable sources and commercial solutions
Rationale:
Market research helps contracting professionals understand industry capabilities,
identify qualified vendors, and determine whether commercial products or services
can satisfy government needs.
Question 5
, What is the preferred method of satisfying agency requirements whenever
practical?
A. Sole-source contracting
B. Full and open competition
C. Emergency acquisition only
D. Cost-reimbursement contracts only
Correct Answer: B. Full and open competition
Rationale:
The Competition in Contracting Act (CICA) generally requires full and open
competition unless a statutory exception applies.
Question 6
Which contract type places the greatest cost risk on the contractor?
A. Cost-plus-fixed-fee
B. Cost-reimbursement
C. Firm-fixed-price
D. Time-and-materials
Correct Answer: C. Firm-fixed-price
Rationale:
Under a firm-fixed-price contract, the contractor is responsible for completing the
work at the agreed price regardless of actual costs, assuming no contract
modifications.
Question 7
Answers with Rationales Latest Version
Top Rated A+
Topics Covered
• Federal Acquisition Regulation (FAR)
• Contract Formation
• Acquisition Planning
• Market Research
• Competition Requirements
• Contract Types
• Source Selection
• Cost and Price Analysis
• Simplified Acquisition Procedures (SAP)
• Small Business Programs
• Ethics and Procurement Integrity
• Performance-Based Acquisition (PBA)
• Commercial Item Acquisition
• Contract Administration
• Risk Management
• Contract Modifications
• Quality Assurance
• Government Property
• Contract Closeout
• Fiscal Law Basics
CON 1400V Practice Exam 1
Questions 1–25
Question 1
,Which Federal Acquisition Regulation (FAR) Part primarily addresses Acquisition
Planning?
A. FAR Part 5
B. FAR Part 7
C. FAR Part 12
D. FAR Part 15
Correct Answer: B. FAR Part 7
Rationale:
FAR Part 7 establishes policies and procedures for acquisition planning. Effective
planning ensures agencies satisfy their needs in the most efficient, economical, and
timely manner.
Question 2
The primary objective of acquisition planning is to:
A. Increase contract costs
B. Ensure government requirements are met effectively and efficiently
C. Eliminate market research
D. Limit competition whenever possible
Correct Answer: B. Ensure government requirements are met effectively and
efficiently
Rationale:
Acquisition planning helps agencies obtain needed supplies and services while
promoting competition, managing risk, and achieving best value.
Question 3
,Which FAR Part covers Market Research?
A. FAR Part 10
B. FAR Part 19
C. FAR Part 22
D. FAR Part 31
Correct Answer: A. FAR Part 10
Rationale:
FAR Part 10 requires agencies to conduct market research before developing new
requirements and before soliciting offers when appropriate.
Question 4
Market research is primarily conducted to:
A. Increase procurement lead time
B. Identify capable sources and commercial solutions
C. Avoid competition
D. Determine employee salaries
Correct Answer: B. Identify capable sources and commercial solutions
Rationale:
Market research helps contracting professionals understand industry capabilities,
identify qualified vendors, and determine whether commercial products or services
can satisfy government needs.
Question 5
, What is the preferred method of satisfying agency requirements whenever
practical?
A. Sole-source contracting
B. Full and open competition
C. Emergency acquisition only
D. Cost-reimbursement contracts only
Correct Answer: B. Full and open competition
Rationale:
The Competition in Contracting Act (CICA) generally requires full and open
competition unless a statutory exception applies.
Question 6
Which contract type places the greatest cost risk on the contractor?
A. Cost-plus-fixed-fee
B. Cost-reimbursement
C. Firm-fixed-price
D. Time-and-materials
Correct Answer: C. Firm-fixed-price
Rationale:
Under a firm-fixed-price contract, the contractor is responsible for completing the
work at the agreed price regardless of actual costs, assuming no contract
modifications.
Question 7
