CFCM STUDY GUIDE: FULL TEST QUESTIONS
WITH DETAILED VERIFIED ANSWERS
_____________ may be used for emergency acquisitions when contract
performance must begin immediately.
a. Simplified acquisition procedures
b. Contract purchasing personnel.
c. Letter contracts
d. Government-wide purchase cards - correct answer- c. Letter
contracts
FAR 18.112
"Effective date" means the following:
a. It is 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 solicitation amendment, change order, or administrative change,
it is the issue date. - correct answer- d. For solicitation amendment,
change order, or administrative change, it is the issue date.
FAR 43.101
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
purchase is a/an
a. non-appropriated 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 judgement 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 judgement on the
estimate of future costs or projections
FAR 15.406-2(b)
A CO's decision not to set aside an acquisition for HUBZone small
business or service-disables veteran-owned small business concerns
when it is at or below the simplified acquisition threshold
a. is permitted with the concurrance of the head of the contracting
authority.
b. can be appealed by any small business pursuant to FAR 19.4.
c. is not subject to review under FAR 19.4.
d. must be documented to show that adequate competition exists -
correct answer- c. is not subject to review under FAR 19.4.
FAR 13.003(b)(3)
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 information and advice to the requesting activity on
contractor's accounting records and financial cost control system.
d. auditing whatever the government requests. - correct answer- c.
submitting information and advice to the requesting activity on
contractor's accounting records and financial 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)
WITH DETAILED VERIFIED ANSWERS
_____________ may be used for emergency acquisitions when contract
performance must begin immediately.
a. Simplified acquisition procedures
b. Contract purchasing personnel.
c. Letter contracts
d. Government-wide purchase cards - correct answer- c. Letter
contracts
FAR 18.112
"Effective date" means the following:
a. It is 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 solicitation amendment, change order, or administrative change,
it is the issue date. - correct answer- d. For solicitation amendment,
change order, or administrative change, it is the issue date.
FAR 43.101
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
purchase is a/an
a. non-appropriated 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 judgement 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 judgement on the
estimate of future costs or projections
FAR 15.406-2(b)
A CO's decision not to set aside an acquisition for HUBZone small
business or service-disables veteran-owned small business concerns
when it is at or below the simplified acquisition threshold
a. is permitted with the concurrance of the head of the contracting
authority.
b. can be appealed by any small business pursuant to FAR 19.4.
c. is not subject to review under FAR 19.4.
d. must be documented to show that adequate competition exists -
correct answer- c. is not subject to review under FAR 19.4.
FAR 13.003(b)(3)
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 information and advice to the requesting activity on
contractor's accounting records and financial cost control system.
d. auditing whatever the government requests. - correct answer- c.
submitting information and advice to the requesting activity on
contractor's accounting records and financial 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)
