CGMS Study Set Questions and
Verified Answers
Order of Legal Precedence - CORRECT RESPONSE -Constitution, Federal Statutes, Federal Regs,
State/Local/Tribal Laws & Regs, Executive Orders, OMB Policies, Agency/Other Guidance,
Federal Award Docs
Federal Grant & Contract Agreement Act (FGCAA) - CORRECT RESPONSE -Defines funding
instruments (contracts, grants, cooperative agreements) to guide federal agencies in correct
use of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act - CORRECT RESPONSE -Requires
that federal awarding agencies establish strategic plans that incorporate performance
measures
Federal Awardee Performance and Integrity Information System (FAPIIS) - CORRECT RESPONSE -
Web-based tool that is used to improve government's ability to evaluate business ethics &
performance quality of prospective grant recipients and contractors (agencies must use for
grants > $250,000)
Interest earned must be returned if... - CORRECT RESPONSE -more than $500 of interest is
collected per year on federal cash balances
Federal Funding Accountability & Transparency Act (FFATA) - CORRECT RESPONSE -Requires full
disclosure to the public of all entities or organizations receiving federal funds beginning in fiscal
year 2007
3 systems for grants management (FP3) - CORRECT RESPONSE -(1) financial & performance
(2) procurement
(3) property management
Office of Management & Budget (OMB) - CORRECT RESPONSE -oversees the performance of
federal agencies and administers the federal budget
Federal Financial Assistance Management Improvement Act (FFAMIA) - CORRECT RESPONSE -
required Office of Management and Budget (OMB) to streamline the federal grant reporting
process
Financial & performance reports must be submitted how often? - CORRECT RESPONSE -annually
or quarterly
, Annual report must be submitted... - CORRECT RESPONSE -no later than 90 calendar days after
the required reporting period
Quarterly or semi-annual reports must be submitted... - CORRECT RESPONSE -no later then 30
calendar days after the reporting period
Final reports must be submitted... - CORRECT RESPONSE -no later than 120 calendar days after
the performance period end date
No-cost extension - CORRECT RESPONSE -one-time extension of the period of performance by
up to 12 months -- requires prior written approval from awarding agency
3 procurement categories and $ thresholds - CORRECT RESPONSE -1. informal (at or below
$250k)
2. formal (above $250k)
3. noncompetitive
5 methods of procurement - CORRECT RESPONSE -1. Micro-purchases (informal)
2. Small purchases (informal)
3. Sealed bids (formal)
4. Proposals (formal)
5. Noncompetitive
Micro-purchase - CORRECT RESPONSE -An acquisition of supplies or services, the aggregate
amount of which does not exceed the micro-purchase threshold ($10k unless lower threshold
set by recipient)
Small purchase - CORRECT RESPONSE -Above $10k but not to exceed $250k. Requires
appropriate number of price/rate quotes as determined by non-federal entity.
Sealed bids - CORRECT RESPONSE -Exceeds $250k or lower threshold set by recipient. Need
multiple bids. Invitation for bids must be publicly advertised. Firm fixed price contract awarded
principally based on price.
Proposals - CORRECT RESPONSE -Exceeds $250k or lower threshold set by recipient. Solicited
from an adequate number of qualified offerors. Awards contract to offeror most advantageous
to recipient
Noncompetitive procurement (5) - CORRECT RESPONSE -Can only be awarded if one or more of
the following circumstances apply:
* micro-purchase
Verified Answers
Order of Legal Precedence - CORRECT RESPONSE -Constitution, Federal Statutes, Federal Regs,
State/Local/Tribal Laws & Regs, Executive Orders, OMB Policies, Agency/Other Guidance,
Federal Award Docs
Federal Grant & Contract Agreement Act (FGCAA) - CORRECT RESPONSE -Defines funding
instruments (contracts, grants, cooperative agreements) to guide federal agencies in correct
use of funding instruments
Grant Performance & Results Act (GPRA) Modernization Act - CORRECT RESPONSE -Requires
that federal awarding agencies establish strategic plans that incorporate performance
measures
Federal Awardee Performance and Integrity Information System (FAPIIS) - CORRECT RESPONSE -
Web-based tool that is used to improve government's ability to evaluate business ethics &
performance quality of prospective grant recipients and contractors (agencies must use for
grants > $250,000)
Interest earned must be returned if... - CORRECT RESPONSE -more than $500 of interest is
collected per year on federal cash balances
Federal Funding Accountability & Transparency Act (FFATA) - CORRECT RESPONSE -Requires full
disclosure to the public of all entities or organizations receiving federal funds beginning in fiscal
year 2007
3 systems for grants management (FP3) - CORRECT RESPONSE -(1) financial & performance
(2) procurement
(3) property management
Office of Management & Budget (OMB) - CORRECT RESPONSE -oversees the performance of
federal agencies and administers the federal budget
Federal Financial Assistance Management Improvement Act (FFAMIA) - CORRECT RESPONSE -
required Office of Management and Budget (OMB) to streamline the federal grant reporting
process
Financial & performance reports must be submitted how often? - CORRECT RESPONSE -annually
or quarterly
, Annual report must be submitted... - CORRECT RESPONSE -no later than 90 calendar days after
the required reporting period
Quarterly or semi-annual reports must be submitted... - CORRECT RESPONSE -no later then 30
calendar days after the reporting period
Final reports must be submitted... - CORRECT RESPONSE -no later than 120 calendar days after
the performance period end date
No-cost extension - CORRECT RESPONSE -one-time extension of the period of performance by
up to 12 months -- requires prior written approval from awarding agency
3 procurement categories and $ thresholds - CORRECT RESPONSE -1. informal (at or below
$250k)
2. formal (above $250k)
3. noncompetitive
5 methods of procurement - CORRECT RESPONSE -1. Micro-purchases (informal)
2. Small purchases (informal)
3. Sealed bids (formal)
4. Proposals (formal)
5. Noncompetitive
Micro-purchase - CORRECT RESPONSE -An acquisition of supplies or services, the aggregate
amount of which does not exceed the micro-purchase threshold ($10k unless lower threshold
set by recipient)
Small purchase - CORRECT RESPONSE -Above $10k but not to exceed $250k. Requires
appropriate number of price/rate quotes as determined by non-federal entity.
Sealed bids - CORRECT RESPONSE -Exceeds $250k or lower threshold set by recipient. Need
multiple bids. Invitation for bids must be publicly advertised. Firm fixed price contract awarded
principally based on price.
Proposals - CORRECT RESPONSE -Exceeds $250k or lower threshold set by recipient. Solicited
from an adequate number of qualified offerors. Awards contract to offeror most advantageous
to recipient
Noncompetitive procurement (5) - CORRECT RESPONSE -Can only be awarded if one or more of
the following circumstances apply:
* micro-purchase
