Acquisition & Contracting Exam 1 comprehensive Questions
and Answers with 100% Correct Answers | Latest Version
Question 1.
Acquisition
Correct 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
Question 2.
Procurement
Correct Answer: acquiring goods, services, works from an external source
Question 3.
Contracting
Correct 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
Question 4.
subcontracting
Correct Answer: when some of the effort is contracted to another party
Question 5.
Contract management as a competitive advantage
Correct 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 differentiation advantages.
Question 6.
Contract Elements
Correct Answer: Offer, Acceptance, Exchange of consideration, Competent parties,
Legality of purpose
, Question 7.
Law of Agency
Correct Answer: relationship based on the delegation of authority by the principal to
the agent to act on the principal's behalf.
Question 8.
Privity of Contract
Correct 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/contractor and the
prime contractor to subcontractor. The buyer does not have privity of contract with
the subcontractor.
Question 9.
Sources of contracting authority
Correct 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 officer authority -Numerous executive orders,
regulations, directives
Question 10.
Authorities of KO
Correct Answer: FAR 1602-1: Enter in to contracts, administer and terminate
contracts, make determinations and findings
Question 11.
Express Authority
Correct Answer: Actual authority as defined in writing
Question 12.
Implied Authority
Correct Answer: Actual authority by position - not in writing
Question 13.
Apparent Authority
Correct Answer: not intentionally granted, but may rest with the agent if the principal
or agency allows the agent to exercise such authority and the other party believes
that the agent indeed possesses such authority.
and Answers with 100% Correct Answers | Latest Version
Question 1.
Acquisition
Correct 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
Question 2.
Procurement
Correct Answer: acquiring goods, services, works from an external source
Question 3.
Contracting
Correct 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
Question 4.
subcontracting
Correct Answer: when some of the effort is contracted to another party
Question 5.
Contract management as a competitive advantage
Correct 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 differentiation advantages.
Question 6.
Contract Elements
Correct Answer: Offer, Acceptance, Exchange of consideration, Competent parties,
Legality of purpose
, Question 7.
Law of Agency
Correct Answer: relationship based on the delegation of authority by the principal to
the agent to act on the principal's behalf.
Question 8.
Privity of Contract
Correct 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/contractor and the
prime contractor to subcontractor. The buyer does not have privity of contract with
the subcontractor.
Question 9.
Sources of contracting authority
Correct 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 officer authority -Numerous executive orders,
regulations, directives
Question 10.
Authorities of KO
Correct Answer: FAR 1602-1: Enter in to contracts, administer and terminate
contracts, make determinations and findings
Question 11.
Express Authority
Correct Answer: Actual authority as defined in writing
Question 12.
Implied Authority
Correct Answer: Actual authority by position - not in writing
Question 13.
Apparent Authority
Correct Answer: not intentionally granted, but may rest with the agent if the principal
or agency allows the agent to exercise such authority and the other party believes
that the agent indeed possesses such authority.
