CGMS Study Set With Correct Answ
Order cof cLegal cPrecedence c- cCORRECT cANS✔✔Constitution, cFederal cStatutes, cFederal cRegs
cRegs, cExecutive cOrders, cOMB cPolicies, cAgency/Other cGuidance, cFederal cAward cDocs
Federal cGrant c& cContract cAgreement cAct c(FGCAA) c- cCORRECT cANS✔✔Defines cfunding cinst
ccooperative cagreements) cto cguide cfederal cagencies cin ccorrect cuse cof cfunding cinstruments
Grant cPerformance c& cResults cAct c(GPRA) cModernization cAct c- cCORRECT cANS✔✔Requires c
cestablish cstrategic cplans cthat cincorporate cperformance cmeasures
Federal cAwardee cPerformance cand cIntegrity cInformation cSystem c(FAPIIS) c- cCORRECT cANS✔
cto cimprove cgovernment's cability cto cevaluate cbusiness cethics c& cperformance cquality cof cprospe
ccontractors c(agencies cmust cuse cfor cgrants c> c$250,000)
Interest cearned cmust cbe creturned cif... c- cCORRECT cANS✔✔more cthan c$500 cof cinterest cis ccol
ccash cbalances
Federal cFunding cAccountability c& cTransparency cAct c(FFATA) c- cCORRECT cANS✔✔Requires cf
call centities cor corganizations creceiving cfederal cfunds cbeginning cin cfiscal cyear c2007
3 csystems cfor cgrants cmanagement c(FP3) c- cCORRECT cANS✔✔(1) cfinancial c& cperformance
(2) cprocurement
(3) cproperty cmanagement
, 2. cformal c(above c$250k)
3. cnoncompetitive
5 cmethods cof cprocurement c- cCORRECT cANS✔✔1. cMicro-purchases c(informal)
2. cSmall cpurchases c(informal)
3. cSealed cbids c(formal)
4. cProposals c(formal)
5. cNoncompetitive
Micro-purchase c- cCORRECT cANS✔✔An cacquisition cof csupplies cor cservices, cthe caggregate cam
cexceed cthe cmicro-purchase cthreshold c($10k cunless clower cthreshold cset cby crecipient)
Small cpurchase c- cCORRECT cANS✔✔Above c$10k cbut cnot cto cexceed c$250k. cRequires capprop
cquotes cas cdetermined cby cnon-federal centity.
Sealed cbids c- cCORRECT cANS✔✔Exceeds c$250k cor clower cthreshold cset cby crecipient. cNeed cm
cbids cmust cbe cpublicly cadvertised. cFirm cfixed cprice ccontract cawarded cprincipally cbased con cpric
Proposals c- cCORRECT cANS✔✔Exceeds c$250k cor clower cthreshold cset cby crecipient. cSolicited c
cqualified cofferors. cAwards ccontract cto cofferor cmost cadvantageous cto crecipient
Noncompetitive cprocurement c(5) c- cCORRECT cANS✔✔Can conly cbe cawarded cif cone cor cmore co
capply:
* cmicro-purchase
* conly csingle csource cavailable
* cpublic cemergency/exigency cwill cnot cpermit cdelay
* cawarding cagency cauthorizes cin cresponse cto cwritten crequest c
* ccompetition cis cinadequate
Allowability cof ccosts/cost cprinciples c(8) c- cCORRECT cANS✔✔* cnecessary cand creasonable cfor c
* callocable cto cthe cfederal caward
* cconsistent cwith cpolicies c& cprocedures cof crecipient
* cconsistent ctreatment
* cdetermined cin caccordance cwith cGenerally cAccepted cAccounting cPrinciples c(GAAP)
* cnot cused cfor ccost csharing/matching
* cadequately cdocumented
* cincurred cduring cbudget cperiod
Allocable c(3) c- cCORRECT cANS✔✔* ccost cspecific cto cfederal caward
* cbenefits cboth cfederal caward cand cother cwork cof cNFE c& ccan cbe cdistributed cin cproportions ctha
creasonable cmethods
* cnecessary cto coverall cNFE coperations
Program cincome c- cCORRECT cANS✔✔Gross cincome cearned cby crecipient; cdirectly cgenerated c
ca cresult cof cthe caward cduring cthe cperiod cof cperformance
Deduction cmethod cfor cprogram cincome c- cCORRECT cANS✔✔deducted cfrom ctotal callowable cco
cnet callowable ccosts capplicable cto cthe cprogram
Addition cmethod cfor cprogram cincome c- cCORRECT cANS✔✔non-federal centity cadds cprogram cin
Reimbursement cof cindirect ccosts c(3) c- cCORRECT cANS✔✔* capply cindirect crate cto cbase c(e.g.,
cdetermine callocable cindirect ccosts
* cbased con cactual cexpenses c
* crecovered cindirect cis ctreated cas cnon-federal cfunds
Order cof cLegal cPrecedence c- cCORRECT cANS✔✔Constitution, cFederal cStatutes, cFederal cRegs
cRegs, cExecutive cOrders, cOMB cPolicies, cAgency/Other cGuidance, cFederal cAward cDocs
Federal cGrant c& cContract cAgreement cAct c(FGCAA) c- cCORRECT cANS✔✔Defines cfunding cinst
ccooperative cagreements) cto cguide cfederal cagencies cin ccorrect cuse cof cfunding cinstruments
Grant cPerformance c& cResults cAct c(GPRA) cModernization cAct c- cCORRECT cANS✔✔Requires c
cestablish cstrategic cplans cthat cincorporate cperformance cmeasures
Federal cAwardee cPerformance cand cIntegrity cInformation cSystem c(FAPIIS) c- cCORRECT cANS✔
cto cimprove cgovernment's cability cto cevaluate cbusiness cethics c& cperformance cquality cof cprospe
ccontractors c(agencies cmust cuse cfor cgrants c> c$250,000)
Interest cearned cmust cbe creturned cif... c- cCORRECT cANS✔✔more cthan c$500 cof cinterest cis ccol
ccash cbalances
Federal cFunding cAccountability c& cTransparency cAct c(FFATA) c- cCORRECT cANS✔✔Requires cf
call centities cor corganizations creceiving cfederal cfunds cbeginning cin cfiscal cyear c2007
3 csystems cfor cgrants cmanagement c(FP3) c- cCORRECT cANS✔✔(1) cfinancial c& cperformance
(2) cprocurement
(3) cproperty cmanagement
, 2. cformal c(above c$250k)
3. cnoncompetitive
5 cmethods cof cprocurement c- cCORRECT cANS✔✔1. cMicro-purchases c(informal)
2. cSmall cpurchases c(informal)
3. cSealed cbids c(formal)
4. cProposals c(formal)
5. cNoncompetitive
Micro-purchase c- cCORRECT cANS✔✔An cacquisition cof csupplies cor cservices, cthe caggregate cam
cexceed cthe cmicro-purchase cthreshold c($10k cunless clower cthreshold cset cby crecipient)
Small cpurchase c- cCORRECT cANS✔✔Above c$10k cbut cnot cto cexceed c$250k. cRequires capprop
cquotes cas cdetermined cby cnon-federal centity.
Sealed cbids c- cCORRECT cANS✔✔Exceeds c$250k cor clower cthreshold cset cby crecipient. cNeed cm
cbids cmust cbe cpublicly cadvertised. cFirm cfixed cprice ccontract cawarded cprincipally cbased con cpric
Proposals c- cCORRECT cANS✔✔Exceeds c$250k cor clower cthreshold cset cby crecipient. cSolicited c
cqualified cofferors. cAwards ccontract cto cofferor cmost cadvantageous cto crecipient
Noncompetitive cprocurement c(5) c- cCORRECT cANS✔✔Can conly cbe cawarded cif cone cor cmore co
capply:
* cmicro-purchase
* conly csingle csource cavailable
* cpublic cemergency/exigency cwill cnot cpermit cdelay
* cawarding cagency cauthorizes cin cresponse cto cwritten crequest c
* ccompetition cis cinadequate
Allowability cof ccosts/cost cprinciples c(8) c- cCORRECT cANS✔✔* cnecessary cand creasonable cfor c
* callocable cto cthe cfederal caward
* cconsistent cwith cpolicies c& cprocedures cof crecipient
* cconsistent ctreatment
* cdetermined cin caccordance cwith cGenerally cAccepted cAccounting cPrinciples c(GAAP)
* cnot cused cfor ccost csharing/matching
* cadequately cdocumented
* cincurred cduring cbudget cperiod
Allocable c(3) c- cCORRECT cANS✔✔* ccost cspecific cto cfederal caward
* cbenefits cboth cfederal caward cand cother cwork cof cNFE c& ccan cbe cdistributed cin cproportions ctha
creasonable cmethods
* cnecessary cto coverall cNFE coperations
Program cincome c- cCORRECT cANS✔✔Gross cincome cearned cby crecipient; cdirectly cgenerated c
ca cresult cof cthe caward cduring cthe cperiod cof cperformance
Deduction cmethod cfor cprogram cincome c- cCORRECT cANS✔✔deducted cfrom ctotal callowable cco
cnet callowable ccosts capplicable cto cthe cprogram
Addition cmethod cfor cprogram cincome c- cCORRECT cANS✔✔non-federal centity cadds cprogram cin
Reimbursement cof cindirect ccosts c(3) c- cCORRECT cANS✔✔* capply cindirect crate cto cbase c(e.g.,
cdetermine callocable cindirect ccosts
* cbased con cactual cexpenses c
* crecovered cindirect cis ctreated cas cnon-federal cfunds
