CLC 056 Analyzing Contract Costs Complete Study Guide 100% Solved

According to FAR 15.4, which of the following is one of the two most preferred price analysis techniques? - Correct Answer Comparison of proposed prices received in response to the solicitation * How may you request an audit? - Correct Answer All of these are correct A "questioned cost" is one that has not yet been evaluated. - Correct Answer False * True or False: "Direct labor positions" share the same titles and pay levels. - Correct Answer False * For which of the following procurements would you require certified cost or pricing data? - Correct Answer An offer of $800,000 for an item from the only known source of an electronic system unique to Government requirements. How is simple linear regression used? - Correct Answer To make predictions about one dependent variable based on one independent variable * Which of the following is a phase in the allocation cycle? - Correct Answer Final Allocation Phase You are preparing to negotiate a service task for routine maintenance of Government equipment. A sample of 25 records for similar maintenance tasks indicates that the average time required to perform similar maintenance tasks has been six hours and 40 minutes. How can you use this? - Correct Answer Selecting the appropriate contract type Developing a price negotiation objective for labor costs * Evaluating the bill of materials Assigning the risk factors for profit calculations The purpose of an audit is to: - Correct Answer Verify transaction legality Determine if the data is accurate and complete All of these are correct * Determine the degree of compliance with established procedures Who has the authority to waive CAS applicability for a particular contract? - Correct Answer The Agency Head * A cost is allowable if it is: - Correct Answer Reasonable, allocable and compliant with CAS/GAAP *