FAC 023 Practice EXAM Questions and
Answers Verified Solutions Latest
Update
Question:
Emergency Banking Relief Act.
Answer:
authorized the Treasury Department to close and inspect banks; restored public
confidence in banks
Question:
True or False? The procedures for buying open market items, as prescribed at FAR
8.402(f), are not applicable to itemspurchased under OLM procedures..
Answer:
False.
Question:
Glass-Seagall Banking Act of 1933.
Answer:
established the Federal Deposit Insurance Corporation (FDIC), which provided federal
insurance for individual bank accounts; reorganized the banking system
Question:
Federal Securities Act.
Answer:
required corporations to provide complete information on all stock offerings and made
them liable for any misrepresentations; regulated the stock market
,Question:
Select the three correct responses. When putting together the acquisition plan,
ordering activities should also consider howmuch and what types of Other Direct Costs
(ODCs) are going to be needed to meet the requirement. Which of the following is a
type of ODC:.
Answer:
Ancillary Supplies and ServicesOpen Market ItemsTravel Reimbursements
Question:
Select the three correct responses. When preparing an RFQ with OLMs, the RFQ should
state that:.
Answer:
OLMs must be in support of the orderQuoter must identify indirect cost as a fixed
amount (if applicable)OLMs shall not exceed 33 33% of the total cost of the order
Question:
True or False? According to FAR subpart 8.4, ordering activities should place orders on
a "best value" basis..
Answer:
True.
Question:
Select the correct response. Which is not a "best value factor" for Procurement of
Services?.
Answer:
Incapable key personnel
Question:
National Industrial Recovery Act (NIRA).
Answer:
provided money to states to create jobs in the construction of schools and other
community buildings; lowered the unemployment rate
, Question:
Agricultural Adjustment Act (AAA).
Answer:
government paid farmers to leave a certain amount of every acre of land unsettled;
raised crop prices by lowering production (reduced supplies would boost prices)
Question:
True or False? Order administration focuses on obtaining quality services and supplies
on time and within budget..
Answer:
True.
Question:
Tennessee Valley Authority (TVA).
Answer:
renovated five existing dams and constructed 20 new ones, created thousands of jobs,
and provided flood control, hydroelectric power, and other benefits to an impoverished
region; provided rural and employment assistance
Question:
True or False? Utilizing a best value determination eliminates the consideration of
price..
Answer:
False.
Question:
Civilian Conservation Corps (CCC).
Answer:
put young men aged 18 to 25 to work building roads, developing parks, planting trees,
and helping in soil-erosion and flood-control projects; provided relief through work
projects and helped with reforestation of the Dust Bowl
Answers Verified Solutions Latest
Update
Question:
Emergency Banking Relief Act.
Answer:
authorized the Treasury Department to close and inspect banks; restored public
confidence in banks
Question:
True or False? The procedures for buying open market items, as prescribed at FAR
8.402(f), are not applicable to itemspurchased under OLM procedures..
Answer:
False.
Question:
Glass-Seagall Banking Act of 1933.
Answer:
established the Federal Deposit Insurance Corporation (FDIC), which provided federal
insurance for individual bank accounts; reorganized the banking system
Question:
Federal Securities Act.
Answer:
required corporations to provide complete information on all stock offerings and made
them liable for any misrepresentations; regulated the stock market
,Question:
Select the three correct responses. When putting together the acquisition plan,
ordering activities should also consider howmuch and what types of Other Direct Costs
(ODCs) are going to be needed to meet the requirement. Which of the following is a
type of ODC:.
Answer:
Ancillary Supplies and ServicesOpen Market ItemsTravel Reimbursements
Question:
Select the three correct responses. When preparing an RFQ with OLMs, the RFQ should
state that:.
Answer:
OLMs must be in support of the orderQuoter must identify indirect cost as a fixed
amount (if applicable)OLMs shall not exceed 33 33% of the total cost of the order
Question:
True or False? According to FAR subpart 8.4, ordering activities should place orders on
a "best value" basis..
Answer:
True.
Question:
Select the correct response. Which is not a "best value factor" for Procurement of
Services?.
Answer:
Incapable key personnel
Question:
National Industrial Recovery Act (NIRA).
Answer:
provided money to states to create jobs in the construction of schools and other
community buildings; lowered the unemployment rate
, Question:
Agricultural Adjustment Act (AAA).
Answer:
government paid farmers to leave a certain amount of every acre of land unsettled;
raised crop prices by lowering production (reduced supplies would boost prices)
Question:
True or False? Order administration focuses on obtaining quality services and supplies
on time and within budget..
Answer:
True.
Question:
Tennessee Valley Authority (TVA).
Answer:
renovated five existing dams and constructed 20 new ones, created thousands of jobs,
and provided flood control, hydroelectric power, and other benefits to an impoverished
region; provided rural and employment assistance
Question:
True or False? Utilizing a best value determination eliminates the consideration of
price..
Answer:
False.
Question:
Civilian Conservation Corps (CCC).
Answer:
put young men aged 18 to 25 to work building roads, developing parks, planting trees,
and helping in soil-erosion and flood-control projects; provided relief through work
projects and helped with reforestation of the Dust Bowl
