CFCM FINAL EXAM SCRIPT 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
● Except as specifically permitted by executive agencies, the fast
payment procedure may not be used for individual purchasing
instruments exceeding what amount? Answer: $35,000
● What can a contractor access online at www.fedbizopps.gov? Answer:
The government wide point of entry
● Size Standards Answer: FAR 19.102(b)(3): "(Small business size
standards are applied by) Specifying the size standard in the solicitation
so that offerors can appropriately represent themselves as small or large"
● When may an agency be required to use simplified acquisition
procedures? Answer: When the value of the contract is $100,000
● How is the publication of a paid advertisement in a newspaper
authorized? Answer: FAR 5.502 "Authority to approve the publication
of paid advertisements in the newspaper is vested in the head of each
agency. This approval authority may be delegated" Must be a written
authorization from the head of the agency.
,● The unilateral right in a contract by which the government may elect
to purchase additional supplies or services called for by the contract is
called what? Answer: Option
● If a prospective contractor is qualified and eligible to receive award,
but lacks adequate financial resources to perform the contract, can the
contractor be determined responsible? Answer: If the contractor
presents evidence of the ability to obtain adequate financial resources,
the contractor may be determined responsible.
● This is not a method for simplified acquisition Answer: Advanced
Agreement
● For a contract exceeding the simplified acquisition threshold, an
offeror (other than an individual) that does not agree to provide a drug-
free workplace is what? Answer: Not considered a responsible source
● What law specifies how agencies shall make their records available
upon public request, imposes strict time standards for agency responses,
and exempts certain records from public disclosure Answer: Freedom of
Information Act
● Who is responsible for printing, publishing, and distributing the
Federal Acquisition Regulation? Answer: The FAR Secretariat, as
authorized by GSA
, ● Which FAR part prescribes policies and procedures unique to the
acquisition of commercial items? Answer: FAR Part 12
● Which of the following is necessarily rue about a cost that is
assignable or chargeable to one of the most cost objectives on the basis
of relative benefits received or other equitable relationship? Answer:
The cost is allocable
● A defense subcontractor provides a gift of vehicles to a prime
contractor, and in return the prime contractor awards the subcontractor a
valuable military subcontract. What will happen next? Answer: The
prime contractor and the subcontractor are subject to civil and criminal
penalties
● A mineral required for production in performance of a contract is not
mined in the United States, but can be acquired from another country.
How does the Buy American statute apply in this case? Answer: The
mineral can be acquired from a foreign source if it is in the best interest
of the Government.
● Which contract types allow for disallowing costs during the course of
performance, after the costa have been incurred? Answer: Cost
reimbursement contracts, the cost-reimbursement portion of fixed-price
contracts, letter contracts that provide for reimbursement of costs, and
time and material and labor-hour contracts provide for disallowing costs
during the course of performance after the costs have been incurred.
WITH SOLUTIONS GRADED A+
● Except as specifically permitted by executive agencies, the fast
payment procedure may not be used for individual purchasing
instruments exceeding what amount? Answer: $35,000
● What can a contractor access online at www.fedbizopps.gov? Answer:
The government wide point of entry
● Size Standards Answer: FAR 19.102(b)(3): "(Small business size
standards are applied by) Specifying the size standard in the solicitation
so that offerors can appropriately represent themselves as small or large"
● When may an agency be required to use simplified acquisition
procedures? Answer: When the value of the contract is $100,000
● How is the publication of a paid advertisement in a newspaper
authorized? Answer: FAR 5.502 "Authority to approve the publication
of paid advertisements in the newspaper is vested in the head of each
agency. This approval authority may be delegated" Must be a written
authorization from the head of the agency.
,● The unilateral right in a contract by which the government may elect
to purchase additional supplies or services called for by the contract is
called what? Answer: Option
● If a prospective contractor is qualified and eligible to receive award,
but lacks adequate financial resources to perform the contract, can the
contractor be determined responsible? Answer: If the contractor
presents evidence of the ability to obtain adequate financial resources,
the contractor may be determined responsible.
● This is not a method for simplified acquisition Answer: Advanced
Agreement
● For a contract exceeding the simplified acquisition threshold, an
offeror (other than an individual) that does not agree to provide a drug-
free workplace is what? Answer: Not considered a responsible source
● What law specifies how agencies shall make their records available
upon public request, imposes strict time standards for agency responses,
and exempts certain records from public disclosure Answer: Freedom of
Information Act
● Who is responsible for printing, publishing, and distributing the
Federal Acquisition Regulation? Answer: The FAR Secretariat, as
authorized by GSA
, ● Which FAR part prescribes policies and procedures unique to the
acquisition of commercial items? Answer: FAR Part 12
● Which of the following is necessarily rue about a cost that is
assignable or chargeable to one of the most cost objectives on the basis
of relative benefits received or other equitable relationship? Answer:
The cost is allocable
● A defense subcontractor provides a gift of vehicles to a prime
contractor, and in return the prime contractor awards the subcontractor a
valuable military subcontract. What will happen next? Answer: The
prime contractor and the subcontractor are subject to civil and criminal
penalties
● A mineral required for production in performance of a contract is not
mined in the United States, but can be acquired from another country.
How does the Buy American statute apply in this case? Answer: The
mineral can be acquired from a foreign source if it is in the best interest
of the Government.
● Which contract types allow for disallowing costs during the course of
performance, after the costa have been incurred? Answer: Cost
reimbursement contracts, the cost-reimbursement portion of fixed-price
contracts, letter contracts that provide for reimbursement of costs, and
time and material and labor-hour contracts provide for disallowing costs
during the course of performance after the costs have been incurred.
