CON 3990 Exam Study Questions with Complete Solutions 2023/2024

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