CFCM Full Test Study
2025
Guide || With Questions
& Answers (100%
Accurate)
Conceptial Research |
, CFCM Full Test Study Guide || With
Questions & Answers (100% Accurate)
A cost is reasonable if, in its nature and amount, it does not exceed that which would be
a. incurred by a prudent person in the conduct of competitive business.
b. accrued by a prudent person in the conduct of competitive business.
c. determined to be allowable by the CO.
d. determined to be allocable by the CO. - ANSWER - a. incurred by a prudent person
in the conduct of competitive business.
FAR 31.201-3
What definition best describes alternative dispute resolution?
a. Procedures used to resolve issues in controversy.
b. Procedures voluntarily used to resolve issues in controversy.
c. Procedures used for asserting and resolving claims.
d. Procedures voluntarily used for asserting and resolving claims. - ANSWER - b.
Procedures voluntarily used to resolve issues in controversy.
FAR 33.214
The government's policy is to try to resolve all contractual issues in controversy by
a. mutual agreement at the CO's level.
b. bilateral agreement at the CO's level.
c. mutual agreement at a level above the CO.
d. unilateral agreement at the CO's level. - ANSWER - a. mutual agreement at the CO's
level.
FAR 33.204
After receiving the GAO's written notice that a protest has been filed, an agency must
give notice
a. of the protest to the contractor or all parties who appear to have a reasonable
prospect of receiving an award.
b. of the protest only to the prime contractor performing the work.
c. of the protest to all parties who appear to have a reasonable prospect of receiving
award and begin compiling the information necessary to report to the GAO.
d. through a government-wide point of entry (GPE). - ANSWER - a. of the protest to the
contractor or all parties who appear to have a reasonable prospect of receiving an
award.
,FAR 33.104
Does a $75,000 claim resulting from a reduction of $350,000 and an increase of
$275,000 require certification?
a. No, because the claimed amount is less than $100,000.
b. Yes, because the aggregate value of the claim exceeds $100,000.
c. No, because the claimed amount is less than $500,000.
d. Yes, because the aggregate value of the claim exceeds $500,000. - ANSWER - b.
Yes, because the aggregate value of the claim exceeds $100,000.
FAR 33.207(d)
Protests may be filed with
a. either the agency or the GAO.
b. the agency, the GAO, or the U.S. Court of Claims.
c. either the contracting officer or the U.S. Court of Federal Claims.
d. Small Claims Court for awards under the SAT. - ANSWER - b. the agency, the GAO,
or the U.S. Court of Claims.
FAR 33.102
Who can authorize continued performance in the face of a protest after award?
a. the chief of the contracting office
b. the CO, provided his findings are documented in the file.
c. the head of the contracting activity.
d. the commanding officers. - ANSWER - c. the head of the contracting activity.
FAR 33.104(c)(2)
The CO shall consider all protests and seek legal advice
a. only if protests are received after award and filed directly with the agency.
b. only if the protest is received after award and filed directly with the GAO.
c. whether protests are submitted before or after award.
d. whether protests are submitted before or after award and whether filed directly with
the GAO, the U.S Court of Claims, or the agency. - ANSWER - d. whether protests are
submitted before or after award and whether filed directly with the GAO, the U.S Court
of Claims, or the agency.
FAR 33.102
Which of the following statements is NOT true?
, a. The government encourages the maximum practicable commercial use of inventions
made under government contracts.
b. The government recognizes rights in data developed at private expense, and limits its
demands for delivery of that data.
c. The government requires that contractors obtain permission from copyright owners
before including copyrighted works, owned by others, in data to be delivered to the
government.
d. Generally, the government will refuse to award a contract on the grounds that the
prospective contractor may infringe a patent. - ANSWER - d. Generally, the government
will refuse to award a contract on the grounds that the prospective contractor may
infringe a patent.
FAR 27.102
Performance and payment bonds are required or may be required for
a. construction contracts and services and supply contracts exceeding $2,000.
b. construction contracts exceeding $150,000.
c. any contract for services,
d. construction contracts exceeding $150,000 and services and supply contracts
exceeding the SAT when necessary to protect the governments interests. - ANSWER -
d. construction contracts exceeding $150,000 and services and supply contracts
exceeding the SAT when necessary to protect the governments interests.
FAR 28.102-1(a), 28.103-1(a), 28.103-2(a)
Cost Accounting Standards Board rules and regulations apply to
a. negotiated contracts and subcontracts.
b. sealed bid contracts.
c. contracts with small business concerns.
d. bridge contracts. - ANSWER - a. negotiated contracts and subcontracts.
FAR 30.000
The head of the agency may waive the applicability of Cost Accounting Standards
(CAS) for a particular contract or subcontract when one of these conditions exists:
a. The contract or subcontract is less than $50 million, primarily engaged in the sale of
commercial items, and has no contracts/subcontracts subject to CAS.
b. The contract or subcontract is less than $15 million, primarily engaged in the sale of
commercial items, and has no contracts/subcontracts subject to CAS.
c. The contract or subcontract is less than $7.5 million, primarily engaged in the sale of
commercial items.
2025
Guide || With Questions
& Answers (100%
Accurate)
Conceptial Research |
, CFCM Full Test Study Guide || With
Questions & Answers (100% Accurate)
A cost is reasonable if, in its nature and amount, it does not exceed that which would be
a. incurred by a prudent person in the conduct of competitive business.
b. accrued by a prudent person in the conduct of competitive business.
c. determined to be allowable by the CO.
d. determined to be allocable by the CO. - ANSWER - a. incurred by a prudent person
in the conduct of competitive business.
FAR 31.201-3
What definition best describes alternative dispute resolution?
a. Procedures used to resolve issues in controversy.
b. Procedures voluntarily used to resolve issues in controversy.
c. Procedures used for asserting and resolving claims.
d. Procedures voluntarily used for asserting and resolving claims. - ANSWER - b.
Procedures voluntarily used to resolve issues in controversy.
FAR 33.214
The government's policy is to try to resolve all contractual issues in controversy by
a. mutual agreement at the CO's level.
b. bilateral agreement at the CO's level.
c. mutual agreement at a level above the CO.
d. unilateral agreement at the CO's level. - ANSWER - a. mutual agreement at the CO's
level.
FAR 33.204
After receiving the GAO's written notice that a protest has been filed, an agency must
give notice
a. of the protest to the contractor or all parties who appear to have a reasonable
prospect of receiving an award.
b. of the protest only to the prime contractor performing the work.
c. of the protest to all parties who appear to have a reasonable prospect of receiving
award and begin compiling the information necessary to report to the GAO.
d. through a government-wide point of entry (GPE). - ANSWER - a. of the protest to the
contractor or all parties who appear to have a reasonable prospect of receiving an
award.
,FAR 33.104
Does a $75,000 claim resulting from a reduction of $350,000 and an increase of
$275,000 require certification?
a. No, because the claimed amount is less than $100,000.
b. Yes, because the aggregate value of the claim exceeds $100,000.
c. No, because the claimed amount is less than $500,000.
d. Yes, because the aggregate value of the claim exceeds $500,000. - ANSWER - b.
Yes, because the aggregate value of the claim exceeds $100,000.
FAR 33.207(d)
Protests may be filed with
a. either the agency or the GAO.
b. the agency, the GAO, or the U.S. Court of Claims.
c. either the contracting officer or the U.S. Court of Federal Claims.
d. Small Claims Court for awards under the SAT. - ANSWER - b. the agency, the GAO,
or the U.S. Court of Claims.
FAR 33.102
Who can authorize continued performance in the face of a protest after award?
a. the chief of the contracting office
b. the CO, provided his findings are documented in the file.
c. the head of the contracting activity.
d. the commanding officers. - ANSWER - c. the head of the contracting activity.
FAR 33.104(c)(2)
The CO shall consider all protests and seek legal advice
a. only if protests are received after award and filed directly with the agency.
b. only if the protest is received after award and filed directly with the GAO.
c. whether protests are submitted before or after award.
d. whether protests are submitted before or after award and whether filed directly with
the GAO, the U.S Court of Claims, or the agency. - ANSWER - d. whether protests are
submitted before or after award and whether filed directly with the GAO, the U.S Court
of Claims, or the agency.
FAR 33.102
Which of the following statements is NOT true?
, a. The government encourages the maximum practicable commercial use of inventions
made under government contracts.
b. The government recognizes rights in data developed at private expense, and limits its
demands for delivery of that data.
c. The government requires that contractors obtain permission from copyright owners
before including copyrighted works, owned by others, in data to be delivered to the
government.
d. Generally, the government will refuse to award a contract on the grounds that the
prospective contractor may infringe a patent. - ANSWER - d. Generally, the government
will refuse to award a contract on the grounds that the prospective contractor may
infringe a patent.
FAR 27.102
Performance and payment bonds are required or may be required for
a. construction contracts and services and supply contracts exceeding $2,000.
b. construction contracts exceeding $150,000.
c. any contract for services,
d. construction contracts exceeding $150,000 and services and supply contracts
exceeding the SAT when necessary to protect the governments interests. - ANSWER -
d. construction contracts exceeding $150,000 and services and supply contracts
exceeding the SAT when necessary to protect the governments interests.
FAR 28.102-1(a), 28.103-1(a), 28.103-2(a)
Cost Accounting Standards Board rules and regulations apply to
a. negotiated contracts and subcontracts.
b. sealed bid contracts.
c. contracts with small business concerns.
d. bridge contracts. - ANSWER - a. negotiated contracts and subcontracts.
FAR 30.000
The head of the agency may waive the applicability of Cost Accounting Standards
(CAS) for a particular contract or subcontract when one of these conditions exists:
a. The contract or subcontract is less than $50 million, primarily engaged in the sale of
commercial items, and has no contracts/subcontracts subject to CAS.
b. The contract or subcontract is less than $15 million, primarily engaged in the sale of
commercial items, and has no contracts/subcontracts subject to CAS.
c. The contract or subcontract is less than $7.5 million, primarily engaged in the sale of
commercial items.
