CLC 056 ACTUAL QUESTIONS AND VERIFIED
ANSWERS EXAM PREP
◉ One of the elements of the government pricing objective is to
ensure that contract prices are fair and reasonable. Which of the
following statements is true about "fairness to seller" that involve
concerns? (Select all that apply) Answer: - Sellers need to be
concerned about an unrealistic low price because of the risk
- Sellers need to be concerned about the market implications of a
price that is too high
- Sellers need to be concerned about major mistakes in estimating
costs
- Sellers need to be concerned about recovering buy-in losses
◉ Which of the following are market conditions that affect a
reasonable price? Answer: - Competition
- Supply and Demand
- General Economic Conditions
◉ All of the following statements are true about government
contracting as part of pricing each contract separately EXCEPT:
Answer: - Buyers and sellers usually have a good working knowledge
of transactions between a contractor and the government
, ◉ Which of the following is the correct definition of a contingency in
government contracting? Answer: - Possible future event arising from
known or unknown causes where the outcome cannot be determined
◉ You have been asked to procure seven high definition mobile
cameras. You determine that this is a commercial item. The prices for
these items range from approximately $400,000 to $650,000 each.
You identify six vendors but you only receive one offer from
Advanced Technology Solutions (ATS). You contact ATS and they are
willing to provide quantities, dates of sale, discounts offered, and
prices offered to their other customers. What analysis of ATS's offer
should you use? Answer: Price analysis
◉ In reviewing the acquisition plan, which form of proposal analysis
do you think the Contracting Officer contemplated using prior to
soliciting offers? Answer: Price analysis
◉ Which of the following estimating methods produces estimates
based on an analysis of the methods and materials required to
complete each element of the work required by the contract? Answer:
Detailed
◉ Which of the following are key terms associated with TINA?
Answer: - Certified Cost or Pricing Data
- Cost or Pricing Data
- Data Other than Certified Cost or Pricing Data
ANSWERS EXAM PREP
◉ One of the elements of the government pricing objective is to
ensure that contract prices are fair and reasonable. Which of the
following statements is true about "fairness to seller" that involve
concerns? (Select all that apply) Answer: - Sellers need to be
concerned about an unrealistic low price because of the risk
- Sellers need to be concerned about the market implications of a
price that is too high
- Sellers need to be concerned about major mistakes in estimating
costs
- Sellers need to be concerned about recovering buy-in losses
◉ Which of the following are market conditions that affect a
reasonable price? Answer: - Competition
- Supply and Demand
- General Economic Conditions
◉ All of the following statements are true about government
contracting as part of pricing each contract separately EXCEPT:
Answer: - Buyers and sellers usually have a good working knowledge
of transactions between a contractor and the government
, ◉ Which of the following is the correct definition of a contingency in
government contracting? Answer: - Possible future event arising from
known or unknown causes where the outcome cannot be determined
◉ You have been asked to procure seven high definition mobile
cameras. You determine that this is a commercial item. The prices for
these items range from approximately $400,000 to $650,000 each.
You identify six vendors but you only receive one offer from
Advanced Technology Solutions (ATS). You contact ATS and they are
willing to provide quantities, dates of sale, discounts offered, and
prices offered to their other customers. What analysis of ATS's offer
should you use? Answer: Price analysis
◉ In reviewing the acquisition plan, which form of proposal analysis
do you think the Contracting Officer contemplated using prior to
soliciting offers? Answer: Price analysis
◉ Which of the following estimating methods produces estimates
based on an analysis of the methods and materials required to
complete each element of the work required by the contract? Answer:
Detailed
◉ Which of the following are key terms associated with TINA?
Answer: - Certified Cost or Pricing Data
- Cost or Pricing Data
- Data Other than Certified Cost or Pricing Data
