CFCM FINAL EXAM QUESTIONS; COMPLETE
ACCURATE QUIZZES WITH VERIFIED ANSWERS
A cash fund of fixed amount established by an advance of funds, for
disbursement in cash for relatively small amounts is called what? -
correct answer- Imprest fund
A contract for demolition of a public building, without any further
construction work, is subject to which of the following? - correct
answer- Only the Service Contract Labor Standards statute
A contract that is awarded using other than sealed bidding procedures is
what? - correct 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? - correct answer- A contract may require the
contractor to assign to the Government title to any subject invention
w]hen the contractor is not located in the United States or does not have
a place of business located in the United States or is subject to the
control of a foreign government"
A contractor infringes on a copyright with the authorization of the
Government. What remedy is available to the copyright holder? -
,correct 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? - correct
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? - correct
answer- Assignment of claims
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? - correct 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? - correct answer-
Such arrangements may lead to attempted or actual exercise of
improper influence
A failure in estimating, accumulating, or reporting costs to comply with
applicable cost accounting standards is called what? - correct answer-
Noncompliance
, A legal instrument in which a contractor guarantees performance of the
contract, the obligations under the contract are assumed by a successor
in interest, and the government recognizes the transfer of the contract
and related assets is called what? - correct answer- Novation
agreement
A mineral required for production in performance of a contract is not
mined in the United States, but can be acquired from another country.
How does the Buy American statute apply in this case? - correct
answer- The mineral may be acquired from a foreign source if it is in
the best interest of the Government
Application of size standards includes specifying the size standard in the
- correct answer- solicitation
At the lowest level, who is directly responsible for reviewing an agency's
contracting operations and identifying and reporting opportunities and
actions taken to acquire commercial items to meet its needs? - correct
answer- Agency advocate for competition
Debarment is not permanent - correct answer-
Drawings submitted by a contractor to show the construction of a
particular structure as actually completed under the contract are called
what? - correct answer- Record drawings
ACCURATE QUIZZES WITH VERIFIED ANSWERS
A cash fund of fixed amount established by an advance of funds, for
disbursement in cash for relatively small amounts is called what? -
correct answer- Imprest fund
A contract for demolition of a public building, without any further
construction work, is subject to which of the following? - correct
answer- Only the Service Contract Labor Standards statute
A contract that is awarded using other than sealed bidding procedures is
what? - correct 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? - correct answer- A contract may require the
contractor to assign to the Government title to any subject invention
w]hen the contractor is not located in the United States or does not have
a place of business located in the United States or is subject to the
control of a foreign government"
A contractor infringes on a copyright with the authorization of the
Government. What remedy is available to the copyright holder? -
,correct 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? - correct
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? - correct
answer- Assignment of claims
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? - correct 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? - correct answer-
Such arrangements may lead to attempted or actual exercise of
improper influence
A failure in estimating, accumulating, or reporting costs to comply with
applicable cost accounting standards is called what? - correct answer-
Noncompliance
, A legal instrument in which a contractor guarantees performance of the
contract, the obligations under the contract are assumed by a successor
in interest, and the government recognizes the transfer of the contract
and related assets is called what? - correct answer- Novation
agreement
A mineral required for production in performance of a contract is not
mined in the United States, but can be acquired from another country.
How does the Buy American statute apply in this case? - correct
answer- The mineral may be acquired from a foreign source if it is in
the best interest of the Government
Application of size standards includes specifying the size standard in the
- correct answer- solicitation
At the lowest level, who is directly responsible for reviewing an agency's
contracting operations and identifying and reporting opportunities and
actions taken to acquire commercial items to meet its needs? - correct
answer- Agency advocate for competition
Debarment is not permanent - correct answer-
Drawings submitted by a contractor to show the construction of a
particular structure as actually completed under the contract are called
what? - correct answer- Record drawings
