CFCM Exam 2024/2025 Questions & Answers with Complete Solution

CFCM Exam 2024/2025 Questions & Answers with Complete Solution CFCM Exam 2024/2025 Questions & Answers with Complete Solution Drawings submitted by a contractor to show the construction of a particular structure as actually completed under the contract are called what? - Answer Record drawings During source selection it is an acceptable practice to: - Answer inform an offeror that its price is considered too high. Each acquisition of supplies or services that has an anticipated dollar value above the ______________, but not over the ___________, shall be set aside for small business unless the contracting officer determines there is not a reasonable expectation of obtaining offers from two or more responsible small business concerns that are competitive in terms of fair market prices, quality, and delivery. - Answer micro purchase threshold; simplified acquisition threshold Except as authorized by law, what is the maximum term of contracts for severable services that are funded by annual appropriations? - Answer Until the end of the fiscal year of the appropriation Except as specifically permitted by executive agencies, the fast payment procedure may not be used for individual purchasing instruments exceeding what amount? - Answer $35,000 Except for copyrighted works, what rights does the Government acquire in data first produced in the performance of a federal procurement contract? - Answer Unlimited rights _______________ contracts are characterized by the employer-employee relationship it creates between the Government and the contractor's personnel. - Answer Personal services A cash fund of fixed amount established by an advance of funds, for disbursement in cash for relatively small amounts is called what? - Answer Imprest fund A contract for demolition of a public building, without any further construction work, is subject to which of the following? - Answer Only the Service Contract Labor Standards statute A contract that is awarded using other than sealed bidding procedures is what? - Answer A negotiated contract A contractor has made an invention under a Federal research and development contract. In which of the following cases may the contractor be required to assign title to the invention to the Government? - Answer The contractor does not have a place of business in the United States A contractor infringes on a copyright with the authorization of the Government. What remedy is available to the copyright holder? - Answer A suit for monetary damages against the Government in the Court of Federal Claims A contractor receives a refund relating to an allowable cost. What shall the contractor do with the applicable portion of the refund? - Answer The contractor may credit it to the Government either as a cost reduction or a cash refund A contractor transfers its right to be paid by the Government for contract performance to a trust company. What is this called? - Answer Assignment of a claim A contractor under a construction contract provides the Government with a quantity of unit-priced items other than the quantity called for. Can the Government or the contractor demand an adjustment in the contract price? - Answer Yes, if the variation exceeds plus or minus 15 percent of the expected quantity A contractor's arrangement to pay contingent fees for soliciting or obtaining Government contracts is considered contrary to public policy. Which of the following statements explains why? - Answer Such arrangements may lead to attempted or actual exercise of improper influence A defense subcontractor provides a gift of vehicles to a prime contractor, and in return the prime contractor awards the subcontractor a valuable military subcontract. Which of the following is true? - Answer The prime contractor and the subcontractor are subject to civil and criminal penalties A failure in estimating, accumulating, or reporting costs to comply wit