CFCM Practice Test Questions Latest Version with Complete Solutions

CFCM Practice Test Questions Latest Version with Complete Solutions How frequently are the financial thresholds for acquisitions set by law updated for inflation in the FAR? Every five years What is the term for a formal written endorsement required by law or regulation before proceeding with certain contract actions, which is signed by an authorized person? Determination and findings At what level must contracting officers be appointed and selected? By the head of a contracting activity According to FAR Subpart 1.1, which authorities can be delegated unless specified otherwise? All authorities In the FAR, if an imperative sentence mandates an action, who is responsible for executing it unless otherwise specified? 2 The Contracting Officer (CO) What are agreements that are not legally enforceable because the government representative who made them lacked the authority known as? Unauthorized commitments What is the threshold amount for simplified acquisitions for contracts related to contingency operations outside the U.S.? $1 million What qualifies as a Commercial Item? An item that was developed entirely at private expense and is sold in significant quantities to multiple state and local governments, without being developed in-house by the procuring agency What term describes the practice of combining multiple smaller contracts into one larger solicitation that may not be suitable for small businesses? Bundling Which types of agreements are considered as "contracts"? 3 Letter contracts and job orders What strategies can be used to reduce the risk of price buying? Long-term contracts, priced options, and spreading out nonrecurring costs Why are contingent fee arrangements for soliciting government contracts viewed negatively in terms of public policy? They can result in undue influence