FCCM FINAL EXAM ACTUAL QUESTIONS AND SOLUTIONS
GRADED A+
✔✔Monitoring tools should identify - ✔✔Detailed information regarding the monitoring,
activity itself, each requirement or criteria being evaluated, documentation examined,
comments, and results
✔✔Financial consequences are - ✔✔Reduction due to non-performance or
noncompliance. It allows the state to pay for the work that was completed. All
agreements must include financial consequences.
✔✔Financial consequences - ✔✔Hold contractor accountable for meeting contract
requirement, reduces number of payment, disputes, and settlement agreements,
ensures the state only pays for services agreed-upon, ensures the state only pays for
services completed.
✔✔Liquidated damages are - ✔✔Predetermined damages to compensate the state for
losses, not required for agreements, enforcement is at the agency discretion
✔✔Settlement agreements are - ✔✔Used with the amount owed to a contractor is in
dispute
✔✔Settlement agreement situations - ✔✔To settle contract, dispute, absence of an
executed agreement, agreement was executed. After services were rendered,
additional services not included in the agreement were provided, services were
rendered after the agreement expired.
✔✔Corrective action plan is - ✔✔Used to gain information for the contractors to resolve
multiple issues. It is the contractors responsibility.
✔✔Corrective action plans should include - ✔✔Clearly, addressing identified
deficiencies, detail contractors plan to correct issues, include a timeframe for resolution
✔✔Excusable delays include - ✔✔Acts of God, such as weather, those that are not
caused by the contractors negligence, any action taken by an agency to enable or
ensure health, safety or welfare of citizens, such as an epidemic
✔✔Remedies for excusable delays can include changes to - ✔✔Deliverable timeline,
delivery/inspection, location, specifications within scope of work. All changes must be
documented by amendment.
✔✔Not excusable delays include - ✔✔Financial problems, lack of equipment,
personnel, issues such as labor, strike, lack of materials, and lack of knowledge, such
as personal turnover
, ✔✔Agencies must approve and file invoices with the CFO within - ✔✔20 calendar days.
The clock resets if an invoice is sent back to the contractor for corrections.
✔✔Processing invoices - ✔✔Gain reasonable assurance that commodities/contractual
services have been satisfactory provided within the terms of a contract
✔✔For processing invoices - ✔✔Review and invoice for accuracy and completeness,
including the description of the item the number of units, the cost per unit, service dates
coincide with the invoice period, minimum level of service has been provided in a
coincides with a contract as well as ensure any required documentation has been
submitted
✔✔Partial, prorated pay payments must be - ✔✔Made based on the deliverables that
can be validated and supported by good documentation
✔✔Technology contracts are - ✔✔A specific type of agreement that pertains to the use,
development, and management of technology
✔✔Technology contracts can include - ✔✔Intellectual property, rights, data, security
privacy, service levels, expectations, and performance metrics, maintenance and
support and end user license and agreements
✔✔Service level expectations (technology contracts) - ✔✔Set standards improve
services manage risk, satisfy claim performance and impact contract renewal. Ensure
clear communication and accountability between parties.
✔✔Contract, service level, expectation operational verification is - ✔✔A process to
ensure that the service level expectations were contract are being met at checks the
services meet performance standards, and fulfill contract requirements
✔✔a Grant is - ✔✔Financial assistance mechanism that provides money property or
other direct support to an eligible entity to carry out an approved project activity aimed
at a public purpose
✔✔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.
GRADED A+
✔✔Monitoring tools should identify - ✔✔Detailed information regarding the monitoring,
activity itself, each requirement or criteria being evaluated, documentation examined,
comments, and results
✔✔Financial consequences are - ✔✔Reduction due to non-performance or
noncompliance. It allows the state to pay for the work that was completed. All
agreements must include financial consequences.
✔✔Financial consequences - ✔✔Hold contractor accountable for meeting contract
requirement, reduces number of payment, disputes, and settlement agreements,
ensures the state only pays for services agreed-upon, ensures the state only pays for
services completed.
✔✔Liquidated damages are - ✔✔Predetermined damages to compensate the state for
losses, not required for agreements, enforcement is at the agency discretion
✔✔Settlement agreements are - ✔✔Used with the amount owed to a contractor is in
dispute
✔✔Settlement agreement situations - ✔✔To settle contract, dispute, absence of an
executed agreement, agreement was executed. After services were rendered,
additional services not included in the agreement were provided, services were
rendered after the agreement expired.
✔✔Corrective action plan is - ✔✔Used to gain information for the contractors to resolve
multiple issues. It is the contractors responsibility.
✔✔Corrective action plans should include - ✔✔Clearly, addressing identified
deficiencies, detail contractors plan to correct issues, include a timeframe for resolution
✔✔Excusable delays include - ✔✔Acts of God, such as weather, those that are not
caused by the contractors negligence, any action taken by an agency to enable or
ensure health, safety or welfare of citizens, such as an epidemic
✔✔Remedies for excusable delays can include changes to - ✔✔Deliverable timeline,
delivery/inspection, location, specifications within scope of work. All changes must be
documented by amendment.
✔✔Not excusable delays include - ✔✔Financial problems, lack of equipment,
personnel, issues such as labor, strike, lack of materials, and lack of knowledge, such
as personal turnover
, ✔✔Agencies must approve and file invoices with the CFO within - ✔✔20 calendar days.
The clock resets if an invoice is sent back to the contractor for corrections.
✔✔Processing invoices - ✔✔Gain reasonable assurance that commodities/contractual
services have been satisfactory provided within the terms of a contract
✔✔For processing invoices - ✔✔Review and invoice for accuracy and completeness,
including the description of the item the number of units, the cost per unit, service dates
coincide with the invoice period, minimum level of service has been provided in a
coincides with a contract as well as ensure any required documentation has been
submitted
✔✔Partial, prorated pay payments must be - ✔✔Made based on the deliverables that
can be validated and supported by good documentation
✔✔Technology contracts are - ✔✔A specific type of agreement that pertains to the use,
development, and management of technology
✔✔Technology contracts can include - ✔✔Intellectual property, rights, data, security
privacy, service levels, expectations, and performance metrics, maintenance and
support and end user license and agreements
✔✔Service level expectations (technology contracts) - ✔✔Set standards improve
services manage risk, satisfy claim performance and impact contract renewal. Ensure
clear communication and accountability between parties.
✔✔Contract, service level, expectation operational verification is - ✔✔A process to
ensure that the service level expectations were contract are being met at checks the
services meet performance standards, and fulfill contract requirements
✔✔a Grant is - ✔✔Financial assistance mechanism that provides money property or
other direct support to an eligible entity to carry out an approved project activity aimed
at a public purpose
✔✔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.
