CPFO PRACTICE SET 2026 BUDGETING
AND FISCAL POLICY QUESTIONS HIGH
YIELD A+
◉ What are the 3 stages of procurement?
Answer: 1 Planning and scheduling; 2 Source selection (purchasing);
3 Contact administration
◉ Why is procurement important?
Answer: 1 Significant % of govt spending and of US gross national
product; 2 Program impact; 3 Public trust and confidence
◉ What is the fundamental objective of procurement?
Answer: To provide depts with the goods and services they need in
the right quality and quantity, on a timely basis, as efficiently as
possible and at the lowest overall cost.
◉ How does Procurement attempt to achieve its fundamental
objective?
Answer: Through as much competition as possible
,◉ How does Procurement attempt maintain integrity?
Answer: By complying with all applicable legal provisions.
◉ What are Procurement's goals?
Answer: 1 Foster competition, 2 Fairness, 3 Integrity, 4 Cost, 5
Quality, 6 Timeliness, 7 Social and economic objectives, 8
Transparency
◉ What is the legal framework for procurement?
Answer: 1 State law; 2 Local ordinances; 3 Federal requirements
◉ Where are the Federal procurement requirements located?
Answer: The Federal Acquisition Regulations
◉ What does the Federal Acquisition Regulations attempt to cover?
Answer: To simplify federal acquisition thresholds and procedures.
◉ What do govt procurement laws generally emphasize?
Answer: They generally emphasize price and accountability (not
total cost and efficiency).
◉ In whom does the procurement authority live?
, Answer: The designated Chief Procurement Official (not program
officials).
◉ What governs procurement actions?
Answer: They are governed by 1 Common law; 2 Uniform
Commercial Code; 3 Government procurement laws and ordinances.
◉ Can program officials sign contracts and agreements?
Answer: No, only the Chief Procurement Official may sign
procurement documents as there could be significant legal
constraints and exposures.
◉ What are the essential elements of procurement? 1-5
Answer: 1 purchasing structure, policy and authority; 2 competitive
processes; 3 planning and scheduling; 4 specifications; 5 provisions
for and restrictions on processes that limit competition
◉ What are the essential elements of procurement? 6-10
Answer: 6 bid evaluation and award; 7 quality assurance; 8
safeguards; 9 materials management; 10 cooperative purchasing
◉ What are the essential elements of procurement? 11-13
Answer: 11 professional development; 12 clear written procedures
available to the public; 13 environmental concerns
AND FISCAL POLICY QUESTIONS HIGH
YIELD A+
◉ What are the 3 stages of procurement?
Answer: 1 Planning and scheduling; 2 Source selection (purchasing);
3 Contact administration
◉ Why is procurement important?
Answer: 1 Significant % of govt spending and of US gross national
product; 2 Program impact; 3 Public trust and confidence
◉ What is the fundamental objective of procurement?
Answer: To provide depts with the goods and services they need in
the right quality and quantity, on a timely basis, as efficiently as
possible and at the lowest overall cost.
◉ How does Procurement attempt to achieve its fundamental
objective?
Answer: Through as much competition as possible
,◉ How does Procurement attempt maintain integrity?
Answer: By complying with all applicable legal provisions.
◉ What are Procurement's goals?
Answer: 1 Foster competition, 2 Fairness, 3 Integrity, 4 Cost, 5
Quality, 6 Timeliness, 7 Social and economic objectives, 8
Transparency
◉ What is the legal framework for procurement?
Answer: 1 State law; 2 Local ordinances; 3 Federal requirements
◉ Where are the Federal procurement requirements located?
Answer: The Federal Acquisition Regulations
◉ What does the Federal Acquisition Regulations attempt to cover?
Answer: To simplify federal acquisition thresholds and procedures.
◉ What do govt procurement laws generally emphasize?
Answer: They generally emphasize price and accountability (not
total cost and efficiency).
◉ In whom does the procurement authority live?
, Answer: The designated Chief Procurement Official (not program
officials).
◉ What governs procurement actions?
Answer: They are governed by 1 Common law; 2 Uniform
Commercial Code; 3 Government procurement laws and ordinances.
◉ Can program officials sign contracts and agreements?
Answer: No, only the Chief Procurement Official may sign
procurement documents as there could be significant legal
constraints and exposures.
◉ What are the essential elements of procurement? 1-5
Answer: 1 purchasing structure, policy and authority; 2 competitive
processes; 3 planning and scheduling; 4 specifications; 5 provisions
for and restrictions on processes that limit competition
◉ What are the essential elements of procurement? 6-10
Answer: 6 bid evaluation and award; 7 quality assurance; 8
safeguards; 9 materials management; 10 cooperative purchasing
◉ What are the essential elements of procurement? 11-13
Answer: 11 professional development; 12 clear written procedures
available to the public; 13 environmental concerns
