CON 3990V Exam (Latest Update 2026/2027)
Questions & Correct Answers | Graded A+
(100% Guaranteed Pass)
What requires funds to be used only for needs or services in the year of the appropriations
obligation period?
Bona Fide Needs Rule
What contract types can be used for commercial item purchases?
FFP or FPEPA
What is the Simplified Acquisition Threshold for commercial products and services? What is it
for non-commercial?
$7.5M - commercial $250k for non-commercial
True or False: The Gov shall use electronic commerce whenever practicable or cost-effective
True
What is the purpose of a contract file? (4)
Provide background/basis for decisions
,Supporting actions taken
Provide information for reviews and investigations
Furnishing essential facts in the event of a litigation
What is the Micro-purhcase threshold for supplies?
$10k
All incentive contracts (schedule or performance) must also include what? Cost
incentive or constraint
Can contract files be combined if appropriate?
Yes
At what level are contract files maintained and why?
Maintained at the organizational level to ensure
effective documentation of contract actions
accessibility by principal users minimal
establishment of duplicate and working files
safeguarding classified docs conformance with
agency regs
,When is a SAP contract file closed out?
When the KO receives evidence of receipt of property or final payment
When should all other (not SAP, FFP, or indirect cost rate) contract files be closed?
Within 20 months of the month the KO receives evidence of physical completion
When is a contract considered physically complete? the KTR has completed required
deliveries and Gov has inspected and accepted the supplies The contractor has performed
all services and the Gov has accepted the services and all option provisions, if any, have
expired or the Gov gives the KTR notice of termination
What are the steps to close out a contract file?
1) Contract admin office is responsible for initiating, reviewing contract fund status, and
deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to admin office
How long are contract documents retained after closeout?
, 6 years after final payment
What does a KO need prior to commencement of negotiations for a sole source contract,
commencement of negotiations for a contract resulting from an unsolicited proposal, or award
without providing for full and open competition?
Justification and Approval which justifies the actions in writing, certifies the accuracy and
completeness of the justifications and obtains the approval required
When is a FFP (not SAP) contract file closed out?
Should be closed out within 6 months after date KO receives evidence of physical completion
When should contract files required settlement of indirect cost rates be closed out?
Within 36 months of the month the KO receives evidence of physical completion
The KO shall not award a sole-source contract for an amount exceeding $25M unless they
have a signed Justification and Approval
A J&A should include
Description of action being approved
Description of supplies or services required + estimated value
statutory authority permitting other than full and open comp
Questions & Correct Answers | Graded A+
(100% Guaranteed Pass)
What requires funds to be used only for needs or services in the year of the appropriations
obligation period?
Bona Fide Needs Rule
What contract types can be used for commercial item purchases?
FFP or FPEPA
What is the Simplified Acquisition Threshold for commercial products and services? What is it
for non-commercial?
$7.5M - commercial $250k for non-commercial
True or False: The Gov shall use electronic commerce whenever practicable or cost-effective
True
What is the purpose of a contract file? (4)
Provide background/basis for decisions
,Supporting actions taken
Provide information for reviews and investigations
Furnishing essential facts in the event of a litigation
What is the Micro-purhcase threshold for supplies?
$10k
All incentive contracts (schedule or performance) must also include what? Cost
incentive or constraint
Can contract files be combined if appropriate?
Yes
At what level are contract files maintained and why?
Maintained at the organizational level to ensure
effective documentation of contract actions
accessibility by principal users minimal
establishment of duplicate and working files
safeguarding classified docs conformance with
agency regs
,When is a SAP contract file closed out?
When the KO receives evidence of receipt of property or final payment
When should all other (not SAP, FFP, or indirect cost rate) contract files be closed?
Within 20 months of the month the KO receives evidence of physical completion
When is a contract considered physically complete? the KTR has completed required
deliveries and Gov has inspected and accepted the supplies The contractor has performed
all services and the Gov has accepted the services and all option provisions, if any, have
expired or the Gov gives the KTR notice of termination
What are the steps to close out a contract file?
1) Contract admin office is responsible for initiating, reviewing contract fund status, and
deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to admin office
How long are contract documents retained after closeout?
, 6 years after final payment
What does a KO need prior to commencement of negotiations for a sole source contract,
commencement of negotiations for a contract resulting from an unsolicited proposal, or award
without providing for full and open competition?
Justification and Approval which justifies the actions in writing, certifies the accuracy and
completeness of the justifications and obtains the approval required
When is a FFP (not SAP) contract file closed out?
Should be closed out within 6 months after date KO receives evidence of physical completion
When should contract files required settlement of indirect cost rates be closed out?
Within 36 months of the month the KO receives evidence of physical completion
The KO shall not award a sole-source contract for an amount exceeding $25M unless they
have a signed Justification and Approval
A J&A should include
Description of action being approved
Description of supplies or services required + estimated value
statutory authority permitting other than full and open comp
