CON 3990V- Pre practice Test 2 Questions and Complete Solutions Graded A+

CON 3990V- Pre practice Test 2 Questions and Complete Solutions Graded A+ Acquisition planning should begin as soon as the agency need is identifed. True False - Answer: True What is the Government's policy on describing agency needs? (select all that apply) Promote full & open competition Minimize restrictive provisions State requirements in terms of function, performance, & essential physical characteristics None of the above - Answer: Promote full & open competition Minimize restrictive provisions State requirements in terms of function, performance, & essential physical characteristics No officer or employee of the Government may create or authorize an obligation in excess of the funds available, or in advance of appropriations (Anti-Deficiency Act,31 U.S.C.1341), unless otherwise authorized by law. True False - Answer: True Conducting a Requirements Analysis means: (select all that apply) Conducting a systematic review of your requirement given the guidance captured from stakeholders during the planning phase Describing the work in terms of required results, rather than either "how" the work is to be accomplished or the number of hours to be provided Identifying the essential processes and outputs or results required None of the above - Answer: Conducting a systematic review of your requirement given the guidance captured from stakeholders during the planning phase Describing the work in terms of required results, rather than either "how" the work is to be accomplished or the number of hours to be provided Identifying the essential processes and outputs or results required The Government is ordinarily required to furnish all property necessary to perform Government contracts. True False - Answer: False Market research means collecting and analyzing information about capabilities within the market to satisfy agency needs True False - Answer: True What are the two different types of market research? Tactical Operational Strategic None of the above - Answer: Tactical Strategic Market research is a one-time step in the acquisition process. True False - Answer: False What are some effective methods of industry engagement? (Select all that apply) "Sources Sought" solicitation Request for Information (RFI) distribution Pre-Solicitation Conference or Industry Day One-on-one interactions Solicitation of feedback on Draft RFP - Answer: "Sources Sought" solicitation Request for Information (RFI) distribution Pre-Solicitation Conference or Industry Day One-on-one interactions Solicitation of feedback on Draft RFP Commercial product means: (select all that apply) Any product, other than real property, that is of a type customarily used by the general public or by non-governmental entities for purposes other than governmental purposes. Any product that has been sold, leased, or licensed to the general public. Any product that has been offered for sale, lease, or license to the general public. None of the above. - Answer: Any product, other than real property, that is of a type customarily used by the general public or by non-governmental entities for purposes other than governmental purposes. Any product that has been sold, leased, or licensed to the general public. Any product that has been offered for sale, lease, or license to the general public. FAR part 12 does not apply to the acquisition of commercial items: (select all that apply) At or below the micro-purchase threshold. Using the Standard Form 44 . Using the imprest fund. Using the Government-wide commercial purchase card as a method of purchase rather than only as a method of payment. Directly from another Federal agency - Answer: At or below the micro-purchase threshold. Using the Standard Form 44 . Using the imprest fund. Using the Government-wide commercial purchase card as a method of purchase rather than only as a method of payment. Directly from another Federal agency FAR part 13 prescribes Simplified Acquisition Procedures in order to - (select all that apply). Reduce administrative costs. Improve opportunities for small, small disadvantaged, women-owned, veteran-owned, HUBZone, and service-disabled veteran-owned small business concerns to obtain a fair proportion of Government contracts. Promote efficiency and economy in contracting. Avoid unnecessary burdens for agencies and contractors. - Answer: Reduce administrative costs. Improve opportunities for small, small disadvantaged, women-owned, veteran-owned, HUBZone, and service-disabled veteran-owned small business concerns to obtain a fair proportion of Government contracts. Promote efficiency and economy in contracting. Avoid unnecessary burdens for agencies and contractors. Agencies shall use Simplified Acquisition Procedures to the maximum extent practicable for all purchases of supplies or services not exceeding the Simplified Acquisition Threshold (including purchases at or below the Micro-purchase Threshold). True False - Answer: True Contracting officers shall solicit sealed bids if - (select all that apply). Time permits the solicitation, submission, and evaluation of sealed bids. The award will be made on the basis of price and other price-related factors. It is not necessary to conduct discussions with the responding offerors about their bids. There is a reasonable expectation of receiving more than one sealed bid. - Answer: Time permits the solicitation, submission, and evaluation of sealed bids. The award will be made on the basis of price and other price-related factors. It is not necessary to conduct discussions with the responding offerors about their bids. There is a reasonable expectation of receiving more than one sealed bid. IAW FAR part 15, after evaluation of offers the contracting officer may hold negotiations with offerors in the competitive range, advising each of the deficiencies in its proposal, and request final proposal revisions. True False - Answer: True Contract types vary according to the degree and timing of the responsibility assumed by the contractor for the costs of performance and the amount and nature of the profit incentive offered to the contractor for achieving or exceeding goals. True False - Answer: True What are the two broad categories of contract types? Fixed Price Time and Materials Cost Reimbursement Labor Hour - Answer: Fixed Price Cost Reimbursement A cost reimbursement type contract places upon the contractor maximum risk and responsibility for all costs and resulting profit or loss. True False - Answer: False Cost-reimbursement types of contracts require the contractor to put forth a best effort to perform, and provide for payment of the contractor's allowable, allocable, and reasonable incurred costs. True False - Answer: True A cost-plus-a-percentage-of-cost system of contracting is prohibited. True False - Answer: True What are the elements of a Fixed-Price Incentive Firm Contract? (select all that apply) Target Cost Target Profit Ceiling Price Profit Adjustment Formula - Answer: Target Cost Target Profit Ceiling Price Profit Adjustment Formula A Cost Plus Incentive Fee contract specifies a target cost, a target fee, minimum and maximum fees, and a fee adjustment formula. True False - Answer: True What are two forms of Cost Plus Fixed Fee contracts? Term Incentive Completion None of the above - Answer: Term Completion A Procurement Instrument Identifier (PIID) is a unique number identifying each solicitation, contract, agreement, or order and related procurement instrument. True False - Answer: True Supplementary PIIDs are used to identify amendments to solicitations and modifications to contracts, orders, and agreements (FAR 4.1603(b)). True False - Answer: True The Uniform Contract Format (UCF) contains which of the following? (select all that apply) Part I - The Schedule Part II - Contract Clauses Part III - List of Documents, Exhibits, and Other Attachments Part IV - Representations and Instructions - Answer: Part I - The Schedule Part II - Contract Clauses Part III - List of Documents, Exhibits, and Other Attachments Part IV - Representations and Instructions Upon award, contracting officers shall not physically include Part IV in the resulting contract, but shall retain it in the contract file. The representations and certifications are incorporated by reference in the contract by using 52.204-19, or for acquisitions of commercial items, see 52.212-4(v). True False - Answer: True One reason the FAR encourages exchanges with industry before receipt of proposals is to? Decrease the likelihood of award protests . Determine the best value source in advance. Publicize the rigidity of the Government's requirements. Improve the Government's understanding of industry capabilities. - Answer: Improve the Government's understanding of industry capabilities. Prior to receipt of proposals, one-on-one meeting with potential offerors are? Prohibited Encouraged Discouraged Mandatory - Answer: Encouraged Defining Department of Defense acquisition requirements so they can be met with commercial items is? Risky Discouraged Preferred Prohibited - Answer: Preferred Industry participation in improving military acquisition requirements is? Encouraged Discouraged Prohibited Unethical - Answer: Encouraged Market research helps contracting officers develop solicitation provisions and contract clauses. Information from market research can? (Choose all that apply) Uncover best commercial practices that business use to acquire similar goods and services. Highlight commercial specifications that may meet military needs. Identify restrictive terms that will reduce competition. Deepen our understanding of the best criteria for selecting a company for contract award. - Answer: Uncover best commercial practices that business use to acquire similar goods and services. Highlight commercial specifications that may meet military needs. Identify restrictive terms that will reduce competition. Deepen our understanding of the best criteria for selecting a company for contract award. A solicitation provision might? Legally bind a contractor to deliver a product that meets a technical specification. Describe all agency requirements in the foreseeable future. Tell a potential offeror how it's proposal will be evaluated and considered for selection for award. Contractually obligate a contractor to submit supporting documentation. - Answer: Tell a potential offeror how it's proposal will be evaluated and considered for selection for award. A contract clause might? Require a contractor to deliver an item by a specific date. Tell an offeror the maximum number of pages that can be included in a proposal Announce the time and place for a pre-proposal conference. Establish the bid opening time and date. - Answer: Require a contractor to deliver an item by a specific date. The text of required contract clauses and solicitation provisions is found? Only in specific contracts. Throughout the FAR. In either FAR part 12, 13, 14, or 15. In FAR part 52 - Answer: In FAR part 52 A change to solicitation is called a(n) ______________________: Modification Amendment Do-over Transformation - Answer: Amendment If a change is so substantial as to exceed what prospective offerors reasonably could have anticipated so that additional sources likely would have submitted offers had the substance of the amendment been known to them- the contracting officer should hold a pre-proposal conference and notify offerors of the change. the contracting officer should cancel the original solicitation and issue a new one, regardless of the stage of the acquisition. the contracting officer should only notify those offerors he/she believes have a substantial chance of winning the award. - Answer: the contracting officer should cancel the original solicitation and issue a new one, regardless of the stage of the acquisition. The Government-wide Point of Entry is where the public can view current business opportunities for requirements valued- Less than $15,000 Greater than $25,000 Between $15,000 and $25,000 - Answer: Greater than $25,000 For commercial acquisitions that exceed the Simplified Acquisition Threshold, the SF 1449- Should be used May not be used Shall be used - Answer: Shall be used Contracting officers ________ prepare solicitations/invitations for bids using the Uniform Contract Format (UCF). - Answer: Shall If you are limiting competition to establish or maintain an alternative source, this is called- Full and open competition Full and open competition after exclusion of sources Other than full and open competition - Answer: Full and open competition after exclusion of sources A responsible contractor is one who (select 4 that apply) Has adequate financial resources or the ability to obtain them Is able to comply with the required or proposed delivery or performance schedule Admits liability even when not at fault Has a satisfactory performance record Has a satisfactory record of integrity and business ethics - Answer: Has adequate financial resources or the ability to obtain them Is able to comply with the required or proposed delivery or performance schedule Has a satisfactory performance record Has a satisfactory record of integrity and business ethics A fixed-price contract with economic price adjustment might be applicable when (select 2 that apply) Market or labor conditions are stable Market or labor conditions are volatile Contingencies that would otherwise be included in the contract price can be identified and covered separately in the contract Contingencies that would otherwise be included in the contract price cannot be identified and covered separately in the contract - Answer: Market or labor conditions are volatile Contingencies that would otherwise be included in the contract price can be identified and covered separately in the contract Costs that are expressly unallowable or mutually agreed to be unallowable shall be identified and excluded from any ________, _________, or __________ applicable to a Government contract. Billing, negotiation, or protest Billing, claim, or proposal Negotiation, claim, or protest - Answer: Billing, claim, or proposal