FCCM UPDATED EXAM SCRIPT QUESTIONS AND
SOLUTIONS GRADED A+
✔✔The contract file must contain - ✔✔Procurement documents, original contract, grant,
amendments, renewals, contract, bond, insurance, performance documentation,
correspondence, payment, documentation, monitoring, deliverable, contract file
checklist
✔✔The contract may contain - ✔✔Activity record and correspondence other supporting
documentation related to Grant or contract, activity, payment activity ledgers, state
College or university contracting, monitoring, performance management, oversight,
activities, emergency procurement
✔✔The inspector general shall complete a risk based compliance audit of all contracts
executed by the agency every - ✔✔3 years
✔✔What is involved with reviewing the contract? - ✔✔Terms and conditions,
commodities and services, deliverables, deliverable due dates, financial impacts
✔✔Commodities are - ✔✔Tangible items that can be bought sold or exchange such as
products and materials that are physical and movable
✔✔Services are - ✔✔Actions are work performed for someone else, typically to provide
assistance, solve a problem, or fulfill a need. They cannot be physically touched or
owned
✔✔For contracts of 5 million or greater - ✔✔Each agency shall establish continuing
oversight, teams, consisting of four people, including the contract manager and must
meet at least quarterly. The contract manager must be present at each meeting.
✔✔For contract of 10 million or greater - ✔✔At least one person serving on the
oversight team must have at least five years of experience, managing contracts of
similar scope or size, must meet at least monthly and a representative must meet at
least quarterly
✔✔For contracts of 20 million or greater - ✔✔Must consist of at least five people, one
person must be from an other agency, must meet at least monthly and a representative
must meet at least quarterly.
✔✔if the continuing oversight team has questions - ✔✔The contractor must respond to
the teams questions within 10 business days after receiving a written request
✔✔Deliverable part defined as - ✔✔Quantifiable measurable and verifiable units of work
completion that trigger payments. They should include performance standards you
, expect, timelines and due dates for completion, payment amount in financial
consequences.
✔✔Risk assessments - ✔✔Evaluates each agreement using establish criteria to
determine the level of risk. They should include the total amount of the contract, types of
service or commodity provided, contractors past performance and fiscal requirements of
the contract.
✔✔Monitoring performance helps ensure that contractors are - ✔✔In compliance with
agreement terms, completing deliverables, handling funds appropriately
✔✔Programmatic monitoring determines the contractors compliance with - ✔✔Terms
and conditions and requirements for delivery of services
✔✔Physical monitoring determines - ✔✔If funds have been accounted for and used
appropriately by the service contractor
✔✔Monitoring plans should include - ✔✔Type of monitoring, of monitoring, frequency of
monitoring, activities, sampling procedures, required documentation, and how the
results will be communicated
✔✔On site reviews and observations - ✔✔Allows contract managers to interview staff
look at contractor files and see firsthand the day-to-day operations of the program
✔✔Periodic contract - ✔✔Allows contract managers to build report with a contractor can
be done by phone or email
✔✔Contract/audit reports - ✔✔contractors can be required to create and maintain
reports to show evidence of work completed
✔✔Client surveys - ✔✔Information is directly from those receiving services
✔✔Invoice reviews - ✔✔invoices must be reviewed and checked for compliance once
submitted
✔✔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.
SOLUTIONS GRADED A+
✔✔The contract file must contain - ✔✔Procurement documents, original contract, grant,
amendments, renewals, contract, bond, insurance, performance documentation,
correspondence, payment, documentation, monitoring, deliverable, contract file
checklist
✔✔The contract may contain - ✔✔Activity record and correspondence other supporting
documentation related to Grant or contract, activity, payment activity ledgers, state
College or university contracting, monitoring, performance management, oversight,
activities, emergency procurement
✔✔The inspector general shall complete a risk based compliance audit of all contracts
executed by the agency every - ✔✔3 years
✔✔What is involved with reviewing the contract? - ✔✔Terms and conditions,
commodities and services, deliverables, deliverable due dates, financial impacts
✔✔Commodities are - ✔✔Tangible items that can be bought sold or exchange such as
products and materials that are physical and movable
✔✔Services are - ✔✔Actions are work performed for someone else, typically to provide
assistance, solve a problem, or fulfill a need. They cannot be physically touched or
owned
✔✔For contracts of 5 million or greater - ✔✔Each agency shall establish continuing
oversight, teams, consisting of four people, including the contract manager and must
meet at least quarterly. The contract manager must be present at each meeting.
✔✔For contract of 10 million or greater - ✔✔At least one person serving on the
oversight team must have at least five years of experience, managing contracts of
similar scope or size, must meet at least monthly and a representative must meet at
least quarterly
✔✔For contracts of 20 million or greater - ✔✔Must consist of at least five people, one
person must be from an other agency, must meet at least monthly and a representative
must meet at least quarterly.
✔✔if the continuing oversight team has questions - ✔✔The contractor must respond to
the teams questions within 10 business days after receiving a written request
✔✔Deliverable part defined as - ✔✔Quantifiable measurable and verifiable units of work
completion that trigger payments. They should include performance standards you
, expect, timelines and due dates for completion, payment amount in financial
consequences.
✔✔Risk assessments - ✔✔Evaluates each agreement using establish criteria to
determine the level of risk. They should include the total amount of the contract, types of
service or commodity provided, contractors past performance and fiscal requirements of
the contract.
✔✔Monitoring performance helps ensure that contractors are - ✔✔In compliance with
agreement terms, completing deliverables, handling funds appropriately
✔✔Programmatic monitoring determines the contractors compliance with - ✔✔Terms
and conditions and requirements for delivery of services
✔✔Physical monitoring determines - ✔✔If funds have been accounted for and used
appropriately by the service contractor
✔✔Monitoring plans should include - ✔✔Type of monitoring, of monitoring, frequency of
monitoring, activities, sampling procedures, required documentation, and how the
results will be communicated
✔✔On site reviews and observations - ✔✔Allows contract managers to interview staff
look at contractor files and see firsthand the day-to-day operations of the program
✔✔Periodic contract - ✔✔Allows contract managers to build report with a contractor can
be done by phone or email
✔✔Contract/audit reports - ✔✔contractors can be required to create and maintain
reports to show evidence of work completed
✔✔Client surveys - ✔✔Information is directly from those receiving services
✔✔Invoice reviews - ✔✔invoices must be reviewed and checked for compliance once
submitted
✔✔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.
