CON 3990 Exam All Possible Questions and Answers with complete solution

What is the Micro-purhcase threshold for supplies? - $10k All incentive contracts (schedule or performance) must also include what? - Cost incentive or constraint What requires funds to be used only for needs or services in the year of the appropriations obligation period? - Bona Fide Needs Rule What contract types can be used for commercial item purchases? - FFP or FPEPA What is the Simplified Acquisition Threshold for commercial products and services? What is it for noncommercial? - $7.5M - commercial $250k for non-commercial True or False: The Gov shall use electronic commerce whenever practicable or cost-effective - True What is the purpose of a contract file? (4) - 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? - Yes At what level are contract files maintained and why? - Maintained at the organizational level to ensure effective documentation of contract actions accessibility by principal users minimal establishment of duplicate and working filessafeguarding classified docs conformance with agency regs When is a SAP contract file closed out? - When the KO receives evidence of receipt of property or final payment When is a FFP (not SAP) contract file closed out? - Should be closed out within 6 months after date KO receives evidence of physical completion