CFCM PRACTICE TEST QUESTIONS
WITH 100% CORRECT ANSWERS
__ may be used for emergency acquisitions when contract performance
must begin immediately - correct answer- letter contracts
____ is any money, fee, commission, credit, gift, gratuity, thing of value,
or compensation of any kind which is provided directly or indirectly, to
any prime contractor, prime contractor employee, subcontractor, or
subcontractor employee for the purpose of improperly obtaining or
rewarding favorable treatment in connection with a prime contractor in
connection with a subcontract relating to a prime contract - correct
answer- Kickback
"Effective Date" means - correct answer- For a solicitation
amendment, change order, or administrate change, it is the issue date
A cash fund of a fixed amount established by an advance of funds,
without charge to an appropriate, from an agency finance or disbursing
officer to a duly appointed cashier for disbursement as needed from
time to time in making a payment in case for relatively small purchases is
an - correct answer- impreset fund
,A certificate of current cost or pricing data - correct answer- does
not constitute a representation as to the accuracy of the contractor's
judgement on the estimate of future costs or projections
A CO's decision not to set aside an acquisition for a HUBZONE small
business or SDVOSB concerns when it is at or below the simplified
acquisition threshold - correct answer- is not subject to review
under FAR 19.4
A contract should not normally be terminated for convince but would be
permitted to run a completion when the price of the undelivered
balance of the contract is less than - correct answer- $5,000
A contract that provides for upward and downward revision of the
stated contract price upon the occurrence of specified contingencies is
referred to as - correct answer- fixed price contract with economic
price adjustment
A contract with a corporation shall be signed by - correct answer- in
the corporate name, followed by the word "by" and the signature and
title of the person authorized to sign
A contractor auditor is responsible for - correct answer- submitting
info and advice to the requesting activity on contractors accounting
records and financial and cost control system
, A contractor is awarded 4 separate contracts on the same day.
- One contract is rated "DO" and has a final delivery date (FDD) in 60
days
- One is rated "DX" and has an FDD in 40 days
- One is "DO" and has FDD in 10 days
- One is unrated and has an FDD in 15 days.
What is the order of priority - correct answer- 1. DX
2. Both DO's have same priority
3. Unrated
A contractor's arrangements to pay contingent fees for soliciting
government contracts have long been considered contrary to public
policy because - correct answer- they may lead to exercise of
improper influence
A cost is reasonable if, in its nature and amount, it does not exceed that
which would be - correct answer- incurred by a purdent person in
the conduct of competitive business
A cost-reimbursement contract that provides for an initially negotiated
fee to be adjusted later by a formula based on the relationship of total
allowable costs to total target costs is known as a - correct answer-
cost-plus incentive fee contract
WITH 100% CORRECT ANSWERS
__ may be used for emergency acquisitions when contract performance
must begin immediately - correct answer- letter contracts
____ is any money, fee, commission, credit, gift, gratuity, thing of value,
or compensation of any kind which is provided directly or indirectly, to
any prime contractor, prime contractor employee, subcontractor, or
subcontractor employee for the purpose of improperly obtaining or
rewarding favorable treatment in connection with a prime contractor in
connection with a subcontract relating to a prime contract - correct
answer- Kickback
"Effective Date" means - correct answer- For a solicitation
amendment, change order, or administrate change, it is the issue date
A cash fund of a fixed amount established by an advance of funds,
without charge to an appropriate, from an agency finance or disbursing
officer to a duly appointed cashier for disbursement as needed from
time to time in making a payment in case for relatively small purchases is
an - correct answer- impreset fund
,A certificate of current cost or pricing data - correct answer- does
not constitute a representation as to the accuracy of the contractor's
judgement on the estimate of future costs or projections
A CO's decision not to set aside an acquisition for a HUBZONE small
business or SDVOSB concerns when it is at or below the simplified
acquisition threshold - correct answer- is not subject to review
under FAR 19.4
A contract should not normally be terminated for convince but would be
permitted to run a completion when the price of the undelivered
balance of the contract is less than - correct answer- $5,000
A contract that provides for upward and downward revision of the
stated contract price upon the occurrence of specified contingencies is
referred to as - correct answer- fixed price contract with economic
price adjustment
A contract with a corporation shall be signed by - correct answer- in
the corporate name, followed by the word "by" and the signature and
title of the person authorized to sign
A contractor auditor is responsible for - correct answer- submitting
info and advice to the requesting activity on contractors accounting
records and financial and cost control system
, A contractor is awarded 4 separate contracts on the same day.
- One contract is rated "DO" and has a final delivery date (FDD) in 60
days
- One is rated "DX" and has an FDD in 40 days
- One is "DO" and has FDD in 10 days
- One is unrated and has an FDD in 15 days.
What is the order of priority - correct answer- 1. DX
2. Both DO's have same priority
3. Unrated
A contractor's arrangements to pay contingent fees for soliciting
government contracts have long been considered contrary to public
policy because - correct answer- they may lead to exercise of
improper influence
A cost is reasonable if, in its nature and amount, it does not exceed that
which would be - correct answer- incurred by a purdent person in
the conduct of competitive business
A cost-reimbursement contract that provides for an initially negotiated
fee to be adjusted later by a formula based on the relationship of total
allowable costs to total target costs is known as a - correct answer-
cost-plus incentive fee contract
