FCCM COMPREHENSIVE EXAM UPDATED QUESTIONS AND
SOLUTIONS GRADED A+
✔✔A contract is - ✔✔Provided goods and services in exchange for payment needed by
the government or organization. It is based on a bidding process where parties submit
proposals or bids. Contracts are typically governed by procurement regulations and
contractual laws to ensure fairness, transparency and accountability.
✔✔Grants - ✔✔award based on specific criteria intended to support activities that
benefit the public or fulfills specific organization goals. They are based on criteria, such
as merit of the proposed project in line with goals and priorities. Subject to specific
regulatory requirements step by the funding entity.
✔✔an amendment is - ✔✔A change in a contractual agreement made by adding
altering or admitting a certain part or term of the original document
✔✔Amendments can include but are not limited to changes to - ✔✔Project budget after
award, deliverables due dates for milestones, contract performance measures,
contractor performance schedule
✔✔Who can request an amendment? - ✔✔Change may be requested by the contract
manager agency staff or the contractor. What a contract is executed the amount of the
contract cannot be increased unless the services are also increased
✔✔Renewals - ✔✔May be up for three years or the term of the original contract
whichever is longer. These contrives are subject to the same terms and conditions that
were specified in the original contract.
✔✔To be eligible for renewal, it must include - ✔✔Original contract contain a renewal
clause, renewal contract pricing must be specified in the initial competitive solicitation,
cannot be a contract from an emergency purchase or single source
✔✔Renewals must - ✔✔Be in writing and agreed on by both parties. It must be in place
before the contract expires. The contract cannot be renewed if the contract lapses.
✔✔Additional documents needed to support a new contract term may include -
✔✔Insurance certificates, performance, bonds, payment bonds, and letters of credit
✔✔What is the difference between a renewal versus an extension? - ✔✔A renewal
must be executed promptly to maintain uninterrupted service or compliance. An
extension allows for additional time such as six months.
✔✔An extension is - ✔✔An increase in the length of contract terms
, ✔✔For contractual service contracts extensions must - ✔✔Not exceed six months, must
be in writing, must be subject to the same terms and conditions set forth in the initial
contract
✔✔How many extensions are allowed? - ✔✔One Unless there is failure to complete the
contract due to events beyond the control, the contractor
✔✔Assignments - ✔✔Contractors shall not sell a sign or transfer any of its rights duties
or obligations under the contract without the prior written consent of the customer
(Florida)
✔✔Negotiation - ✔✔Opportunities for negotiations may include amendment pricing
certain contract conditions, and allowable substitutions
✔✔Termination is - ✔✔When a contract has ended prior to the mending date stated in
the contract PUR 1000
✔✔Termination must - ✔✔Be used when is an either Party's best interest to terminate,
must be in writing, and all payments must stop after termination
✔✔Termination can be caused by - ✔✔Failure to deliver the product within the time
specified, maintain adequate progress, honor any term of the contract and abide to any
requirement
✔✔A programmatic closeout includes - ✔✔Determining whether program goals and
objectives were met
✔✔A fiscal close out includes - ✔✔Verifying that all funds are properly accounted for
✔✔A grant agreement closeout includes - ✔✔Reviewing for disallow cost and recover
unobligated funds
✔✔ Purchasing Categories - ✔✔Category 1 - $20,000
Category 2 - $35,000
Category 3 - $65,000
Category 4 - $195,000
Category 5 - $325,000
✔✔An agency employee may not, within ________ after retirement or termination have
or hold any employment or contractual relationship with any business entity (where the
employee had responsibilities for the contract) - ✔✔2 years
SOLUTIONS GRADED A+
✔✔A contract is - ✔✔Provided goods and services in exchange for payment needed by
the government or organization. It is based on a bidding process where parties submit
proposals or bids. Contracts are typically governed by procurement regulations and
contractual laws to ensure fairness, transparency and accountability.
✔✔Grants - ✔✔award based on specific criteria intended to support activities that
benefit the public or fulfills specific organization goals. They are based on criteria, such
as merit of the proposed project in line with goals and priorities. Subject to specific
regulatory requirements step by the funding entity.
✔✔an amendment is - ✔✔A change in a contractual agreement made by adding
altering or admitting a certain part or term of the original document
✔✔Amendments can include but are not limited to changes to - ✔✔Project budget after
award, deliverables due dates for milestones, contract performance measures,
contractor performance schedule
✔✔Who can request an amendment? - ✔✔Change may be requested by the contract
manager agency staff or the contractor. What a contract is executed the amount of the
contract cannot be increased unless the services are also increased
✔✔Renewals - ✔✔May be up for three years or the term of the original contract
whichever is longer. These contrives are subject to the same terms and conditions that
were specified in the original contract.
✔✔To be eligible for renewal, it must include - ✔✔Original contract contain a renewal
clause, renewal contract pricing must be specified in the initial competitive solicitation,
cannot be a contract from an emergency purchase or single source
✔✔Renewals must - ✔✔Be in writing and agreed on by both parties. It must be in place
before the contract expires. The contract cannot be renewed if the contract lapses.
✔✔Additional documents needed to support a new contract term may include -
✔✔Insurance certificates, performance, bonds, payment bonds, and letters of credit
✔✔What is the difference between a renewal versus an extension? - ✔✔A renewal
must be executed promptly to maintain uninterrupted service or compliance. An
extension allows for additional time such as six months.
✔✔An extension is - ✔✔An increase in the length of contract terms
, ✔✔For contractual service contracts extensions must - ✔✔Not exceed six months, must
be in writing, must be subject to the same terms and conditions set forth in the initial
contract
✔✔How many extensions are allowed? - ✔✔One Unless there is failure to complete the
contract due to events beyond the control, the contractor
✔✔Assignments - ✔✔Contractors shall not sell a sign or transfer any of its rights duties
or obligations under the contract without the prior written consent of the customer
(Florida)
✔✔Negotiation - ✔✔Opportunities for negotiations may include amendment pricing
certain contract conditions, and allowable substitutions
✔✔Termination is - ✔✔When a contract has ended prior to the mending date stated in
the contract PUR 1000
✔✔Termination must - ✔✔Be used when is an either Party's best interest to terminate,
must be in writing, and all payments must stop after termination
✔✔Termination can be caused by - ✔✔Failure to deliver the product within the time
specified, maintain adequate progress, honor any term of the contract and abide to any
requirement
✔✔A programmatic closeout includes - ✔✔Determining whether program goals and
objectives were met
✔✔A fiscal close out includes - ✔✔Verifying that all funds are properly accounted for
✔✔A grant agreement closeout includes - ✔✔Reviewing for disallow cost and recover
unobligated funds
✔✔ Purchasing Categories - ✔✔Category 1 - $20,000
Category 2 - $35,000
Category 3 - $65,000
Category 4 - $195,000
Category 5 - $325,000
✔✔An agency employee may not, within ________ after retirement or termination have
or hold any employment or contractual relationship with any business entity (where the
employee had responsibilities for the contract) - ✔✔2 years
