CFCM FINAL EXAM REVIEW; QUESTIONS
WITH DETAILED VERIFIED ANSWERS;
ALREADY GRADED A; 2025
_______________ contracts are characterized by the employer-
employee relationship it creates between the Government and the
contractor's personnel.
(a) Advisory and Assistance Service
(b) Personal service
(c) Performance Based Service
(d) Non-personal service - correct answer- (b) Personal service
"Effective Date" means the following:
(a) The date specified by the offeror in its proposal
(b) For a supplemental agreement, it is the date set by the contracting
officer
(c) For a modification issued as a confirming notice of termination for the
convenience of the government, it is the same as the effective date of
the initial award of the contract
(d) For a solicitation amendment, change order, or administrative
change, it is the issue date - correct answer- (d) For a solicitation
amendment, change order, or administrative change, it is the issue date
,(FAR 43.101)
A bid guarantee provides:
(a) Protection for the surety in its dealings with the bidder
(b) Protection of the government if a contractor refuses to honor their
bid
(c) Protection for the bidder in case their bid is not accepted
(d) Protection for society against unscrupulous bidders - correct
answer- (b) Protection of the government if a contractor refuses to
honor their bid
A cash fund of a fixed amount established by an advance of funds,
without charge to an appropriation, from an agency finance or
disbursing officer to a duly appointed cashier for disbursement as
needed from time to time in making payment in cash for relatively small
purchases is a/an:
(a) Nonappropriated fund
(b) General fund
(c) Imprest fund
(d) Administrative commitment document - correct answer- (c)
Imprest fund
(FAR 13.001)
,A certificate of current cost or pricing data:
(a) Does not constitute a representation as to the accuracy of the
contractor's judgment on the estimate of future costs or projections
(b) Is required upon exercise of an option at the price established at
contract award, regardless of dollar value
(c) Is required for proposals in support of interim billing price
adjustments valued in excess of $500,000
(d) Is no longer required - correct answer- (a) Does not constitute a
representation as to the accuracy of the contractor's judgment on the
estimate of future costs or projections
(FAR 15.403-2(a), 15.406-2(b))
A contract auditor is responsible for:
(a) Auditing the policies and procedures between the various agencies
(b) Auditing a specific agency's procedures and reporting any
discrepancies to the requesting activity
(c) Submitting info and advice to the requesting activity on contractors'
accounting records and financial and cost control system
(d) Auditing whatever the government requests - correct answer- (c)
Submitting info and advice to the requesting activity on contractors'
accounting records and financial and cost control system
(FAR 42.101)
, A contract should not normally be terminated for convenience but
should be permitted to run to completion when the price of the
undelivered balance of the contract is less than:
(a) $25,000
(b) $1,000
(c) $5,000
(d) $10,000 - correct answer- (c) $5,000
(FAR 49.101(c))
A contract with a corporation shall be signed:
(a) By the chief financial officer
(b) By the head of the contracts department
(c) In the corporate name, followed by the word "by" and the signature
and title of the person authorized to sign
(d) By the chief executive officer - correct answer- (c) In the
corporate name, followed by the word "by" and the signature and title
of the person authorized to sign
(FAR 4.102)
A form of written approval signed by an authorized official that is
required by statute or regulation as a prerequisite to taking certain
contract actions is defined as:
WITH DETAILED VERIFIED ANSWERS;
ALREADY GRADED A; 2025
_______________ contracts are characterized by the employer-
employee relationship it creates between the Government and the
contractor's personnel.
(a) Advisory and Assistance Service
(b) Personal service
(c) Performance Based Service
(d) Non-personal service - correct answer- (b) Personal service
"Effective Date" means the following:
(a) The date specified by the offeror in its proposal
(b) For a supplemental agreement, it is the date set by the contracting
officer
(c) For a modification issued as a confirming notice of termination for the
convenience of the government, it is the same as the effective date of
the initial award of the contract
(d) For a solicitation amendment, change order, or administrative
change, it is the issue date - correct answer- (d) For a solicitation
amendment, change order, or administrative change, it is the issue date
,(FAR 43.101)
A bid guarantee provides:
(a) Protection for the surety in its dealings with the bidder
(b) Protection of the government if a contractor refuses to honor their
bid
(c) Protection for the bidder in case their bid is not accepted
(d) Protection for society against unscrupulous bidders - correct
answer- (b) Protection of the government if a contractor refuses to
honor their bid
A cash fund of a fixed amount established by an advance of funds,
without charge to an appropriation, from an agency finance or
disbursing officer to a duly appointed cashier for disbursement as
needed from time to time in making payment in cash for relatively small
purchases is a/an:
(a) Nonappropriated fund
(b) General fund
(c) Imprest fund
(d) Administrative commitment document - correct answer- (c)
Imprest fund
(FAR 13.001)
,A certificate of current cost or pricing data:
(a) Does not constitute a representation as to the accuracy of the
contractor's judgment on the estimate of future costs or projections
(b) Is required upon exercise of an option at the price established at
contract award, regardless of dollar value
(c) Is required for proposals in support of interim billing price
adjustments valued in excess of $500,000
(d) Is no longer required - correct answer- (a) Does not constitute a
representation as to the accuracy of the contractor's judgment on the
estimate of future costs or projections
(FAR 15.403-2(a), 15.406-2(b))
A contract auditor is responsible for:
(a) Auditing the policies and procedures between the various agencies
(b) Auditing a specific agency's procedures and reporting any
discrepancies to the requesting activity
(c) Submitting info and advice to the requesting activity on contractors'
accounting records and financial and cost control system
(d) Auditing whatever the government requests - correct answer- (c)
Submitting info and advice to the requesting activity on contractors'
accounting records and financial and cost control system
(FAR 42.101)
, A contract should not normally be terminated for convenience but
should be permitted to run to completion when the price of the
undelivered balance of the contract is less than:
(a) $25,000
(b) $1,000
(c) $5,000
(d) $10,000 - correct answer- (c) $5,000
(FAR 49.101(c))
A contract with a corporation shall be signed:
(a) By the chief financial officer
(b) By the head of the contracts department
(c) In the corporate name, followed by the word "by" and the signature
and title of the person authorized to sign
(d) By the chief executive officer - correct answer- (c) In the
corporate name, followed by the word "by" and the signature and title
of the person authorized to sign
(FAR 4.102)
A form of written approval signed by an authorized official that is
required by statute or regulation as a prerequisite to taking certain
contract actions is defined as:
