CON 3990 Exam Latest Update 2026 | Exam Prep | High-
Yield Review Guide
1. Describe the significance of trade shows in the context of market research for
government contracting.
Trade shows provide opportunities for direct interaction with
vendors and insights into market trends.
Trade shows are primarily used for financial audits of government
contracts.
Trade shows focus solely on the legal aspects of contract
management.
Trade shows are irrelevant to market research in government
contracting.
2. What is the Micro-purchase threshold amount for supplies as defined in
government contracting?
$10,000
$50,000
$25,000
$5,000
3. Except when authorized otherwise, a Government contract:
Must have oral confirmation
Must be presented as a "hard copy" on paper
Must be in writing
Need not be in writing
,4. If a contractor is found to have committed misconduct, what steps should be
taken following a disclosure?
Investigate the claims and take appropriate corrective actions.
Increase the contractor's payment to maintain relations.
Terminate the contract without further investigation.
Ignore the disclosure if the contract is still valid.
5. If a government agency has completed a contract but has not yet closed the
file, what potential issues could arise?
There will be no issues as long as the contract was completed.
The agency will automatically receive additional funding.
The agency may lose the ability to modify the contract.
There could be confusion regarding the status of the contract and
potential compliance issues during audits.
6. What is the term used to describe the agreement between parties in contract
law?
Mutual assent
Capacity
Consideration
Legality
7. Which of the following apply to the Bona Fide Need Rule?
Funds cannot be used to purchase long lead time items
Funds cannot be obligated/expended in excess of the amount
available through appropriation
, Funds may only be used to obtain goods and services for which a
need arises during the period of the appropriation availability for
obligation
Funds may only be expended for the purposes for which they were
appropriated
8. What is one of the key steps involved in closing out a contract file?
Drafting a new contract
Final payment processing
Conducting a needs assessment
Initiating market research
9. Describe the significance of market research during the pre-award phase of
government contracting.
Market research is irrelevant during the pre-award phase.
Market research is used to finalize contract terms and conditions.
Market research helps identify potential suppliers and assess the
availability of goods and services.
Market research is only conducted after the contract is awarded.
10. Describe the significance of a contract file in the context of government
contracting.
A contract file is significant as it provides a comprehensive record
that supports compliance, accountability, and transparency
throughout the contracting process.
A contract file serves as a temporary storage for contracts until they
are finalized.
, A contract file is primarily used for marketing purposes.
A contract file is only important for financial audits.
11. In a scenario where a contracting officer needs to make an urgent decision
regarding a contract modification without explicit written authority, which
type of authority would they rely on?
Express authority
Implied actual authority
Delegated authority
Limited authority
12. What is the primary requirement of the Bona Fide Needs Rule concerning
the use of government funds?
Funds can be used for any future needs.
Funds must be used only for the needs of the current fiscal year.
Funds can be pooled for multiple fiscal years.
Funds must be used for needs identified in the previous fiscal year.
13. What is the primary purpose of the pre-award phase in government
contracting?
To finalize the payment terms of the contract.
To execute the contract and manage its performance.
To prepare and evaluate proposals before awarding a contract.
To conduct market research for future contracts.
Yield Review Guide
1. Describe the significance of trade shows in the context of market research for
government contracting.
Trade shows provide opportunities for direct interaction with
vendors and insights into market trends.
Trade shows are primarily used for financial audits of government
contracts.
Trade shows focus solely on the legal aspects of contract
management.
Trade shows are irrelevant to market research in government
contracting.
2. What is the Micro-purchase threshold amount for supplies as defined in
government contracting?
$10,000
$50,000
$25,000
$5,000
3. Except when authorized otherwise, a Government contract:
Must have oral confirmation
Must be presented as a "hard copy" on paper
Must be in writing
Need not be in writing
,4. If a contractor is found to have committed misconduct, what steps should be
taken following a disclosure?
Investigate the claims and take appropriate corrective actions.
Increase the contractor's payment to maintain relations.
Terminate the contract without further investigation.
Ignore the disclosure if the contract is still valid.
5. If a government agency has completed a contract but has not yet closed the
file, what potential issues could arise?
There will be no issues as long as the contract was completed.
The agency will automatically receive additional funding.
The agency may lose the ability to modify the contract.
There could be confusion regarding the status of the contract and
potential compliance issues during audits.
6. What is the term used to describe the agreement between parties in contract
law?
Mutual assent
Capacity
Consideration
Legality
7. Which of the following apply to the Bona Fide Need Rule?
Funds cannot be used to purchase long lead time items
Funds cannot be obligated/expended in excess of the amount
available through appropriation
, Funds may only be used to obtain goods and services for which a
need arises during the period of the appropriation availability for
obligation
Funds may only be expended for the purposes for which they were
appropriated
8. What is one of the key steps involved in closing out a contract file?
Drafting a new contract
Final payment processing
Conducting a needs assessment
Initiating market research
9. Describe the significance of market research during the pre-award phase of
government contracting.
Market research is irrelevant during the pre-award phase.
Market research is used to finalize contract terms and conditions.
Market research helps identify potential suppliers and assess the
availability of goods and services.
Market research is only conducted after the contract is awarded.
10. Describe the significance of a contract file in the context of government
contracting.
A contract file is significant as it provides a comprehensive record
that supports compliance, accountability, and transparency
throughout the contracting process.
A contract file serves as a temporary storage for contracts until they
are finalized.
, A contract file is primarily used for marketing purposes.
A contract file is only important for financial audits.
11. In a scenario where a contracting officer needs to make an urgent decision
regarding a contract modification without explicit written authority, which
type of authority would they rely on?
Express authority
Implied actual authority
Delegated authority
Limited authority
12. What is the primary requirement of the Bona Fide Needs Rule concerning
the use of government funds?
Funds can be used for any future needs.
Funds must be used only for the needs of the current fiscal year.
Funds can be pooled for multiple fiscal years.
Funds must be used for needs identified in the previous fiscal year.
13. What is the primary purpose of the pre-award phase in government
contracting?
To finalize the payment terms of the contract.
To execute the contract and manage its performance.
To prepare and evaluate proposals before awarding a contract.
To conduct market research for future contracts.
