CON 3990V Exam Questions & correct Answers |
Latest Update 2026/ 2027) Verified | Graded A+
(100% Guarantee Pass)
What is the Micro-purhcase threshold for supplies?
$10k
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
All incentive contracts (schedule or performance) must also include
what? Cost incentive or constraint
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
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
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
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
Latest Update 2026/ 2027) Verified | Graded A+
(100% Guarantee Pass)
What is the Micro-purhcase threshold for supplies?
$10k
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
All incentive contracts (schedule or performance) must also include
what? Cost incentive or constraint
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
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
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
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
