FAC 023 PRACTICE EXAMINATION
2026 QUESTIONS WITH ANSWERS
GRADED A+
◍ Emergency Banking Relief Act.
Answer: authorized the Treasury Department to close and inspect banks;
restored public confidence in banks
◍ True or False? The procedures for buying open market items, as prescribed
at FAR 8.402(f), are not applicable to itemspurchased under OLM
procedures..
Answer: False.
◍ Glass-Seagall Banking Act of 1933.
Answer: established the Federal Deposit Insurance Corporation (FDIC),
which provided federal insurance for individual bank accounts; reorganized
the banking system
◍ Federal Securities Act.
Answer: required corporations to provide complete information on all stock
offerings and made them liable for any misrepresentations; regulated the
stock market
◍ Select the three correct responses. When putting together the acquisition
plan, ordering activities should also consider howmuch and what types of
Other Direct Costs (ODCs) are going to be needed to meet the requirement.
Which of the following is a type of ODC:.
Answer: Ancillary Supplies and ServicesOpen Market ItemsTravel
Reimbursements
◍ Select the three correct responses. When preparing an RFQ with OLMs, the
RFQ should state that:.
, Answer: OLMs must be in support of the orderQuoter must identify indirect
cost as a fixed amount (if applicable)OLMs shall not exceed 33 33% of the
total cost of the order
◍ True or False? According to FAR subpart 8.4, ordering activities should
place orders on a "best value" basis..
Answer: True.
◍ Select the correct response. Which is not a "best value factor" for
Procurement of Services?.
Answer: Incapable key personnel
◍ National Industrial Recovery Act (NIRA).
Answer: provided money to states to create jobs in the construction of
schools and other community buildings; lowered the unemployment rate
◍ Agricultural Adjustment Act (AAA).
Answer: government paid farmers to leave a certain amount of every acre of
land unsettled; raised crop prices by lowering production (reduced supplies
would boost prices)
◍ True or False? Order administration focuses on obtaining quality services
and supplies on time and within budget..
Answer: True.
◍ Tennessee Valley Authority (TVA).
Answer: renovated five existing dams and constructed 20 new ones, created
thousands of jobs, and provided flood control, hydroelectric power, and
other benefits to an impoverished region; provided rural and employment
assistance
◍ True or False? Utilizing a best value determination eliminates the
consideration of price..
Answer: False.
◍ Civilian Conservation Corps (CCC).
Answer: put young men aged 18 to 25 to work building roads, developing
, parks, planting trees, and helping in soil-erosion and flood-control projects;
provided relief through work projects and helped with reforestation of the
Dust Bowl
◍ Credit towards an agency's socioeconomic goals can be met through the
GSA Multiple Award Schedules Program. Select the correct response..
Answer: True.
◍ Federal Emergency Relief Administration.
Answer: provided direct relief (food, clothing) to the neediest people
(unemployed, old, ill)
◍ Public Works Administration (PWA).
Answer: helped construction workers get jobs doing public projects
(highways, bridges, sewers)
◍ Civil Works Administration (CWA).
Answer: provided work in federal jobs
◍ Home Owners Loan Corporation (HOLC).
Answer: provided government loans to homeowners who faced foreclosure
because they couldn't meet their loan payments
◍ Ordering activities cannot require a MAS Schedule contractor to submit a
re-representation of business size at the orderlevel. Select the correct
response.
Answer: False.
◍ The Multiple Award Schedule (MAS) contract size standard certification is
generally valid for 5 years. Select the correct response..
Answer: True.
◍ Huey Long.
Answer: Louisiana Senator who opposed FDR's New Deal and came up
with a , "Share the Wealth" wants to give $5k to all families ,was later
assassinated
◍ Contracting Officers may, at their discretion, set-aside Schedule orders or
2026 QUESTIONS WITH ANSWERS
GRADED A+
◍ Emergency Banking Relief Act.
Answer: authorized the Treasury Department to close and inspect banks;
restored public confidence in banks
◍ True or False? The procedures for buying open market items, as prescribed
at FAR 8.402(f), are not applicable to itemspurchased under OLM
procedures..
Answer: False.
◍ Glass-Seagall Banking Act of 1933.
Answer: established the Federal Deposit Insurance Corporation (FDIC),
which provided federal insurance for individual bank accounts; reorganized
the banking system
◍ Federal Securities Act.
Answer: required corporations to provide complete information on all stock
offerings and made them liable for any misrepresentations; regulated the
stock market
◍ Select the three correct responses. When putting together the acquisition
plan, ordering activities should also consider howmuch and what types of
Other Direct Costs (ODCs) are going to be needed to meet the requirement.
Which of the following is a type of ODC:.
Answer: Ancillary Supplies and ServicesOpen Market ItemsTravel
Reimbursements
◍ Select the three correct responses. When preparing an RFQ with OLMs, the
RFQ should state that:.
, Answer: OLMs must be in support of the orderQuoter must identify indirect
cost as a fixed amount (if applicable)OLMs shall not exceed 33 33% of the
total cost of the order
◍ True or False? According to FAR subpart 8.4, ordering activities should
place orders on a "best value" basis..
Answer: True.
◍ Select the correct response. Which is not a "best value factor" for
Procurement of Services?.
Answer: Incapable key personnel
◍ National Industrial Recovery Act (NIRA).
Answer: provided money to states to create jobs in the construction of
schools and other community buildings; lowered the unemployment rate
◍ Agricultural Adjustment Act (AAA).
Answer: government paid farmers to leave a certain amount of every acre of
land unsettled; raised crop prices by lowering production (reduced supplies
would boost prices)
◍ True or False? Order administration focuses on obtaining quality services
and supplies on time and within budget..
Answer: True.
◍ Tennessee Valley Authority (TVA).
Answer: renovated five existing dams and constructed 20 new ones, created
thousands of jobs, and provided flood control, hydroelectric power, and
other benefits to an impoverished region; provided rural and employment
assistance
◍ True or False? Utilizing a best value determination eliminates the
consideration of price..
Answer: False.
◍ Civilian Conservation Corps (CCC).
Answer: put young men aged 18 to 25 to work building roads, developing
, parks, planting trees, and helping in soil-erosion and flood-control projects;
provided relief through work projects and helped with reforestation of the
Dust Bowl
◍ Credit towards an agency's socioeconomic goals can be met through the
GSA Multiple Award Schedules Program. Select the correct response..
Answer: True.
◍ Federal Emergency Relief Administration.
Answer: provided direct relief (food, clothing) to the neediest people
(unemployed, old, ill)
◍ Public Works Administration (PWA).
Answer: helped construction workers get jobs doing public projects
(highways, bridges, sewers)
◍ Civil Works Administration (CWA).
Answer: provided work in federal jobs
◍ Home Owners Loan Corporation (HOLC).
Answer: provided government loans to homeowners who faced foreclosure
because they couldn't meet their loan payments
◍ Ordering activities cannot require a MAS Schedule contractor to submit a
re-representation of business size at the orderlevel. Select the correct
response.
Answer: False.
◍ The Multiple Award Schedule (MAS) contract size standard certification is
generally valid for 5 years. Select the correct response..
Answer: True.
◍ Huey Long.
Answer: Louisiana Senator who opposed FDR's New Deal and came up
with a , "Share the Wealth" wants to give $5k to all families ,was later
assassinated
◍ Contracting Officers may, at their discretion, set-aside Schedule orders or
