FAC 023 ACTUAL EXAM TEST PAPER FULL QUESTIONS CORRECT RESPONSES
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:
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:
