CON 3990 EXAM 2026/2027 UPDATED MOST TESTED
QUESTIONS WITH VERIFIED ANSWERS GRADED A+ ASSURED
SUCCESS
What is the Micro-purhcase threshold for supplies? - CORRECT
ANSWER-$10k
All incentive contracts (schedule or performance) must also include
what? - CORRECT ANSWER-Cost incentive or constraint
What requires funds to be used only for needs or services in the year
of the appropriations obligation period? - CORRECT ANSWER-Bona
Fide Needs Rule
What contract types can be used for commercial item purchases? -
CORRECT ANSWER-FFP or FPEPA
What is the Simplified Acquisition Threshold for commercial products
and services? What is it for non-commercial? - CORRECT ANSWER-
$7.5M - commercial $250k for non-commercial
True or False: The Gov shall use electronic commerce whenever
practicable or cost-effective - CORRECT ANSWER-True
What is the purpose of a contract file? (4) - CORRECT ANSWER-
Provide background/basis for decisions
Supporting actions taken
,Provide information for reviews and investigations
Furnishing essential facts in the event of a litigation
Can contract files be combined if appropriate? - CORRECT ANSWER-
Yes
At what level are contract files maintained and why? - CORRECT
ANSWER-Maintained at the organizational level to ensure
effective documentation of contract actions
accessibility by principal users
minimal establishment of duplicate and working files
safeguarding classified docs
conformance with agency regs
When is a SAP contract file closed out? - CORRECT ANSWER-When
the KO receives evidence of receipt of property or final payment
When is a FFP (not SAP) contract file closed out? - CORRECT
ANSWER-Should be closed out within 6 months after date KO
receives evidence of physical completion
When should contract files required settlement of indirect cost rates
be closed out? - CORRECT ANSWER-Within 36 months of the month
the KO receives evidence of physical completion
,When should all other (not SAP, FFP, or indirect cost rate) contract
files be closed? - CORRECT ANSWER-Within 20 months of the month
the KO receives evidence of physical completion
When is a contract considered physically complete? - CORRECT
ANSWER-the KTR has completed required deliveries and Gov has
inspected and accepted the supplies
The contractor has performed all services and the Gov has accepted
the services and
all option provisions, if any, have expired
or the Gov gives the KTR notice of termination
What are the steps to close out a contract file? - CORRECT ANSWER-
1) Contract admin office is responsible for initiating, reviewing
contract fund status, and deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to admin
office
How long are contract documents retained after closeout? - CORRECT
ANSWER-6 years after final payment
What does a KO need prior to commencement of negotiations for a
sole source contract, commencement of negotiations for a contract
resulting from an unsolicited proposal, or award without providing
for full and open competition? - CORRECT ANSWER-Justification and
Approval which justifies the actions in writing, certifies the accuracy
, and completeness of the justifications and obtains the approval
required
The KO shall not award a sole-source contract for an amount
exceeding $25M unless - CORRECT ANSWER-they have a signed
Justification and Approval
A J&A should include - CORRECT ANSWER-Description of action being
approved
Description of supplies or services required + estimated value
statutory authority permitting other than full and open comp
demonstrate why specific KTR is required (instead of comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in the future
KO certification
What are the thresholds for J&A approval - CORRECT ANSWER-under
$750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
QUESTIONS WITH VERIFIED ANSWERS GRADED A+ ASSURED
SUCCESS
What is the Micro-purhcase threshold for supplies? - CORRECT
ANSWER-$10k
All incentive contracts (schedule or performance) must also include
what? - CORRECT ANSWER-Cost incentive or constraint
What requires funds to be used only for needs or services in the year
of the appropriations obligation period? - CORRECT ANSWER-Bona
Fide Needs Rule
What contract types can be used for commercial item purchases? -
CORRECT ANSWER-FFP or FPEPA
What is the Simplified Acquisition Threshold for commercial products
and services? What is it for non-commercial? - CORRECT ANSWER-
$7.5M - commercial $250k for non-commercial
True or False: The Gov shall use electronic commerce whenever
practicable or cost-effective - CORRECT ANSWER-True
What is the purpose of a contract file? (4) - CORRECT ANSWER-
Provide background/basis for decisions
Supporting actions taken
,Provide information for reviews and investigations
Furnishing essential facts in the event of a litigation
Can contract files be combined if appropriate? - CORRECT ANSWER-
Yes
At what level are contract files maintained and why? - CORRECT
ANSWER-Maintained at the organizational level to ensure
effective documentation of contract actions
accessibility by principal users
minimal establishment of duplicate and working files
safeguarding classified docs
conformance with agency regs
When is a SAP contract file closed out? - CORRECT ANSWER-When
the KO receives evidence of receipt of property or final payment
When is a FFP (not SAP) contract file closed out? - CORRECT
ANSWER-Should be closed out within 6 months after date KO
receives evidence of physical completion
When should contract files required settlement of indirect cost rates
be closed out? - CORRECT ANSWER-Within 36 months of the month
the KO receives evidence of physical completion
,When should all other (not SAP, FFP, or indirect cost rate) contract
files be closed? - CORRECT ANSWER-Within 20 months of the month
the KO receives evidence of physical completion
When is a contract considered physically complete? - CORRECT
ANSWER-the KTR has completed required deliveries and Gov has
inspected and accepted the supplies
The contractor has performed all services and the Gov has accepted
the services and
all option provisions, if any, have expired
or the Gov gives the KTR notice of termination
What are the steps to close out a contract file? - CORRECT ANSWER-
1) Contract admin office is responsible for initiating, reviewing
contract fund status, and deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to admin
office
How long are contract documents retained after closeout? - CORRECT
ANSWER-6 years after final payment
What does a KO need prior to commencement of negotiations for a
sole source contract, commencement of negotiations for a contract
resulting from an unsolicited proposal, or award without providing
for full and open competition? - CORRECT ANSWER-Justification and
Approval which justifies the actions in writing, certifies the accuracy
, and completeness of the justifications and obtains the approval
required
The KO shall not award a sole-source contract for an amount
exceeding $25M unless - CORRECT ANSWER-they have a signed
Justification and Approval
A J&A should include - CORRECT ANSWER-Description of action being
approved
Description of supplies or services required + estimated value
statutory authority permitting other than full and open comp
demonstrate why specific KTR is required (instead of comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in the future
KO certification
What are the thresholds for J&A approval - CORRECT ANSWER-under
$750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
