Certified Federal Contracts Manager (CFCM)

Certified Federal Contracts Manager (CFCM) A cost is reasonable if, in its nature and amount, it does not exceed - that which would be incurred by a prudent person in the conduct of competitive business. Advance Agreements should not be negotiated - after the incurrence of the costs involved. Under the Assignment of Claims Act, a contractor may assign moneys due or to become due under a contract if it meets all but which of the following? - The contract specifies payments aggregating $100,000 or more. Individuals delegated micro-purchase authority do not need to be - appointed in an SF 1402 Advisory and assistance services are classified in all of the following subdivisions except - construction. A foreign end product may be purchased under the Buy American Act if - the price of the lowest domestic offer is determined to be unreasonable by the CO. The threshold which must be exceeded before purchases of services become subject to the Service Contract Act is - $2,500 Which of the following examples is considered to be an inherently governmental function? - approving contractual documents If market research indicates commercial or nondevelopmental items might not be available to satisfy agency needs, agencies shall next: - determine whether the need can be restated to permit commercial or nondevelopmental items to satisfy the agency's needs. Which is NOT one of the seven exceptions to full and open competition? - Approval by the Agency Head If the delivery schedule is based on the date of the contract, the contracting officer shall mail or otherwise furnish to the contractor the contract, notice of award, acceptance of proposal or other contract document - not later than the date of the contract. Liquidated damages are typically assessed - per calendar day. Cost Accounting Standards apply to commercial item contracts when they are - fixed price with economic price adjustment based on actual costs. An indefinite-quantity contract is best used when: - a recurring need is anticipated _______________________ is a Department of Commerce regulation in support of approved national defense, emergency preparedness, and energy programs, and the Secretary of Commerce is designated to administer it. - Defense Priorities and Allocations System Under Sealed Bidding, a bid sample will be used to: - determine responsiveness of the bid. Which type of the cost reimbursement contract is the least preferred type due to its minimum incentive for the contractor to control cost? - cost plus fixed fee According to FAR 13.003, Policy for Simplified Acquisition Procedures, which of the following is correct? - Agencies shall use the government-wide commercial purchase card and electronic purchasing techniques to the maximum practicable in conducting simplified acquisitions. Which of the following must be evaluated in every source selection? - Price or cost to the government In what FAR Part will you find rules and policy on foreign acquisitions? - FAR Part 25 The Miller Act requires: - a performance and payment bond for construction contracts over $150,000 Under what type of contract might the seller never have to perform any services or provide any deliveries? - Requirements contract.