2024 NEW GENERATION Analyzing Contract Costs Exam GRADED A+ LATEST

2024 NEW GENERATION Analyzing Contract Costs Exam GRADED A+ LATEST 1)Which of the following must be true to properly classify a cost as an “other direct cost”? [Recognize concerns that affect the other direct costs proposed] All of these The proposed cost benefits only the proposed contract work The offeror customarily treats similar costs as “other direct costs” under similar circumstances The contractor’s accounting system segregates “other direct costs” from similar indirect costs 2)Which of these statements below is correct regarding the criteria for classifying a special test equipment cost as an "other direct cost”? [Determine if the other direct costs are properly proposed] Engineered, designed, fabricated, or modified to meet specific contract needs and cannot be used for other contracts An item (e.g., fixture, pattern, or gauge) that is necessary in aiding the development of a unique product Engineered, designed, fabricated, or modified to meet not only the requirements of the current contract but also the requirements of all other contracts Developed and engineered by a subcontractor who is not currently working on another contract 3) Which of the following is an indirect cost pool? [Identify indirect cost pools and bases] General and Administrative Expenses Direct material Assembly labor Manufacturing labor 4)What two costs elements are required to calculate an indirect cost rate? [Identify the process of calculating indirect cost rates] Expense pool and Allocation base Overhead rate and Expense base Allocation Pool and Expense base Allocation base and Overhead rate 5)In which of the following phases does the contractor determine actual indirect cost rates? [Identify the cost allocation cycle] Final Allocation Phase Beginning Payment Phase Forward Pricing Phase Billing Phase 6) How is simple linear regression used? [Identify what regression analysis is] To make predictions about one dependent variable based on one independent variable To make predictions about one dependent variable based on more than one independent variable To calculate an estimate that demonstrates the most likely average value based on the data supplied To ensure contractor’s estimates properly capture the reduction of labor costs associated with repetitive production tasks 7)Which regression method would be used when there is more than one independent variable? [Identify the different regression analysis methods] Multivariate regression Simple linear regression Curvilinear regression Segmented regression 8)Identify the situation where you would use simple linear regression. [Identify contract pricing situations where simple regression analysis should be considered] Indirect cost rate analysis Labor classification analysis Facilities Capital Cost of Money calculation