FCCM CORE EXAMS TEST 2026 QUESTIONS AND
SOLUTIONS GRADED A+
✔✔Deliverables - ✔✔Tasks directly related to the scope of work
✔✔Statutory requirements of deliverables - ✔✔Quantifiable, measurable, and verifiable
units of deliverables that must be received and accepted in writing by the contract
manager before payment
✔✔Deliverables should - ✔✔-Be related to the SoW
-Identify the required performance criteria that must be performed in order to receive
payment
- Identify the amount of compensation
-Provide a timeline for the completion and submission of deliverables
✔✔The best way to avoid a settlement agreement is to - ✔✔assign a monetary value to
each task so you can pay the provider for the work that was actually performed
✔✔Financial consequences - ✔✔A requirement for all agreements. These give direction
for payment when work is not completed as the agreement requires. Having financial
consequences helps to avoid a settlement agreement
✔✔The contract management process begins when the agency - ✔✔posts its Intent to
Award and has an executed contract or grant in hand.
✔✔A contract administrator and a contract manager may be assigned to - ✔✔the same
or different employees
✔✔Grant managers are responsible for - ✔✔Cost reconciliation and preparing a final
reconciliation report
✔✔Cost administrators are responsible for - ✔✔-creating and maintaining a contract file
-maintaining financial information on all contracts
-serving as a liaison between the contract manager and the dpt.
✔✔For a contract in excess of $500K annually, the contract administrator (may/may
not) serve as both the contract administrator and the contract manager - ✔✔may not
✔✔For a contract of $500K or less annually, the contract administrator (may/may not)
serve as the contract manager - ✔✔may
✔✔The contract administrator is a resource you can rely on for ___________ while
performing your contract manager duties - ✔✔advice and guidance
, ✔✔Contract managers are responsible for - ✔✔-enforcing performance of the contract
terms and conditions
-serving as a liaison between the provider and the agency
-participating in the solicitation development and review of contract documents
-managing the receipt of commodities/contractual services
-providing written certification that services were performed and completed
-monitoring provider performance and end-user satisfaction
-exercising applicable remedies when a contractor's performance is deficient
-conducting cost reconciliation (grants)
-managing and documenting any changes to the contract through amendments
-monitoring the contract budget to ensure sufficient funds are available
-maintaining a contract management file
✔✔Managers of contracts in excess of $10 mil annually must possess at least ___
years experience managing contracts in excess of $5 mil annually - ✔✔5
✔✔For contracts of $5 mil or greater, each agency needs an oversight team of ____
people, including the contract manager - ✔✔4
✔✔For contracts of $10 mil or greater, at least ____ person serving on the oversight
team must have at least 5 years of experience managing contracts of a similar size -
✔✔1
✔✔For contracts of $20 mil or greater, the team must consist of ____ people and at
least _____ person/people should be from a different agency - ✔✔5; 1
✔✔How often do oversight teams for contracts worth $5 mil or more meet? - ✔✔At least
quarterly
✔✔How often do oversight teams for contracts worth $10 mil or more meet? - ✔✔At
least monthly
✔✔What do oversight teams do? - ✔✔-have an initial meeting with the contractor within
the first 30 days of their formation
-discuss contract requirements
-continue to meet throughout the duration of the contract
-submit questions to contractors based on meeting discussions
✔✔During oversight team meetings, the contract administrator must be present with... -
✔✔the contract file and all applicable financial information
✔✔Contractors must respond to the oversight team's questions within ____ business
days of receiving the written questions. - ✔✔10
SOLUTIONS GRADED A+
✔✔Deliverables - ✔✔Tasks directly related to the scope of work
✔✔Statutory requirements of deliverables - ✔✔Quantifiable, measurable, and verifiable
units of deliverables that must be received and accepted in writing by the contract
manager before payment
✔✔Deliverables should - ✔✔-Be related to the SoW
-Identify the required performance criteria that must be performed in order to receive
payment
- Identify the amount of compensation
-Provide a timeline for the completion and submission of deliverables
✔✔The best way to avoid a settlement agreement is to - ✔✔assign a monetary value to
each task so you can pay the provider for the work that was actually performed
✔✔Financial consequences - ✔✔A requirement for all agreements. These give direction
for payment when work is not completed as the agreement requires. Having financial
consequences helps to avoid a settlement agreement
✔✔The contract management process begins when the agency - ✔✔posts its Intent to
Award and has an executed contract or grant in hand.
✔✔A contract administrator and a contract manager may be assigned to - ✔✔the same
or different employees
✔✔Grant managers are responsible for - ✔✔Cost reconciliation and preparing a final
reconciliation report
✔✔Cost administrators are responsible for - ✔✔-creating and maintaining a contract file
-maintaining financial information on all contracts
-serving as a liaison between the contract manager and the dpt.
✔✔For a contract in excess of $500K annually, the contract administrator (may/may
not) serve as both the contract administrator and the contract manager - ✔✔may not
✔✔For a contract of $500K or less annually, the contract administrator (may/may not)
serve as the contract manager - ✔✔may
✔✔The contract administrator is a resource you can rely on for ___________ while
performing your contract manager duties - ✔✔advice and guidance
, ✔✔Contract managers are responsible for - ✔✔-enforcing performance of the contract
terms and conditions
-serving as a liaison between the provider and the agency
-participating in the solicitation development and review of contract documents
-managing the receipt of commodities/contractual services
-providing written certification that services were performed and completed
-monitoring provider performance and end-user satisfaction
-exercising applicable remedies when a contractor's performance is deficient
-conducting cost reconciliation (grants)
-managing and documenting any changes to the contract through amendments
-monitoring the contract budget to ensure sufficient funds are available
-maintaining a contract management file
✔✔Managers of contracts in excess of $10 mil annually must possess at least ___
years experience managing contracts in excess of $5 mil annually - ✔✔5
✔✔For contracts of $5 mil or greater, each agency needs an oversight team of ____
people, including the contract manager - ✔✔4
✔✔For contracts of $10 mil or greater, at least ____ person serving on the oversight
team must have at least 5 years of experience managing contracts of a similar size -
✔✔1
✔✔For contracts of $20 mil or greater, the team must consist of ____ people and at
least _____ person/people should be from a different agency - ✔✔5; 1
✔✔How often do oversight teams for contracts worth $5 mil or more meet? - ✔✔At least
quarterly
✔✔How often do oversight teams for contracts worth $10 mil or more meet? - ✔✔At
least monthly
✔✔What do oversight teams do? - ✔✔-have an initial meeting with the contractor within
the first 30 days of their formation
-discuss contract requirements
-continue to meet throughout the duration of the contract
-submit questions to contractors based on meeting discussions
✔✔During oversight team meetings, the contract administrator must be present with... -
✔✔the contract file and all applicable financial information
✔✔Contractors must respond to the oversight team's questions within ____ business
days of receiving the written questions. - ✔✔10
