FCR 110 Module 1 Preaward
PHASE EXAM Questions and Answers
Verified Solutions Latest Update
Question:
True or False. If a contract is physically complete, the period of performance has
expired, and there are no pending transactions expected, the FM identifies these as
dormant commitments and unliquidated obligations. They are therefore eligible for
close out by the paying office..
Answer:
True-False
Question:
Tactical Market Research.
Answer:
Focuses on a specific acquisition and helps Acquisition Teams work out the details of an
individual acquisition.
Question:
The distribution of funds by the OSD Comptroller to the Services and Defense Agencies
is known as a(n):.
Answer:
Allotment-Allocation-Appropriation-Sub-allocation
Question:
True or False. There are only two hard and fast criteria that the business activity must
meet in order to be included in a Working Capital Fund. They are 1) produce
identifiable outputs, and 2) these outputs can only serve DoD agency requirements..
Answer:
True-False
,Question:
Components of QASP.
Answer:
Include what you will monitor, who will do the monitoring, performance assessment
methods, objective and measurable acceptance criteria, and remedies for
unacceptable performance.
Question:
True or False. Financial managers resolve unmatched disbursements (UMDs) by
conducting research and implementing corrective actions..
Answer:
True-False
Question:
True or False. Labor expenses incurred as part of the production of a weapon system
are categorized as investment costs..
Answer:
True-False
Question:
True or False. Unliquidated balances in expired accounts that are not supported by
documentary evidence, must be deobligated after closure/cancellation..
Answer:
True-False
Question:
Why do organizations perform a Mid-Year review of their programs` obligations and
expenditures?.
Answer:
to reconcile program invoices-to reconcile program contract discrepancies-to
determine if they are on track to obligate and/or expend funds-to close-out
unliquidated obligations on the program
,Question:
Deliverable Schedule.
Answer:
The deliverable schedule is a component described in RFQs.
Question:
Contracting Method.
Answer:
The contracting method determines the type of solicitation used.
Question:
The Department of Defense moved funds from the Overseas Contingency Transfer
Fund to the Army`s Military Personnel appropriation to cover extra costs associated
with deploying troops unexpectedly to Afghanistan. This action required:.
Answer:
Below-threshold reprogramming-(WRONG) Congressional notification
reprogramming-Congressional prior approval reprogramming-Internal reprogramming
Question:
Financial managers performing contract reconciliation will compare databases,
research differences, and ________..
Answer:
manage the daily operations of contract reconciliations-identify root causes-make
system and process adjustments to resolve issues-ensure those involved in errors are
dismissed
Question:
Which appropriation category should be used to fund the purchase of 100 heavy-lift
transport aircraft?.
Answer:
Research, Development, Test, and Evaluation-Military Construction-Military
Personnel-Procurement
, Question:
True or False. Because product improvements involve existing systems, versus the
development of new systems, only the RDT&E appropriation may be used to finance
the development and testing of the product improvement..
Answer:
True-False
Question:
Which of the following is true concerning below-threshold reprogrammings in Military
Construction appropriations?.
Answer:
The amount added to an existing Line Item must be less than $20 million-The amount
added to an existing Project must be less than $2 million or 25% of the projects original
value, whichever is lower-The amount taken from an existing Line Item must be less
than $20 million or 20% of the Line Item`s original value, whichever is less-The amount
added to an existing Program element must be less than $10 million or 25% of the PE`s
original value, whichever is lower
Question:
Details of Acquisition.
Answer:
Worked out through tactical market research.
Question:
Federal Acquisition Streamlining Act of 1994 (FASA).
Answer:
An act that established the preference for purchasing supplies and services from the
commercial marketplace.
Question:
Justifiably Urgent Need.
Answer:
A situation where a shorter delivery schedule is warranted due to pressing
requirements.
PHASE EXAM Questions and Answers
Verified Solutions Latest Update
Question:
True or False. If a contract is physically complete, the period of performance has
expired, and there are no pending transactions expected, the FM identifies these as
dormant commitments and unliquidated obligations. They are therefore eligible for
close out by the paying office..
Answer:
True-False
Question:
Tactical Market Research.
Answer:
Focuses on a specific acquisition and helps Acquisition Teams work out the details of an
individual acquisition.
Question:
The distribution of funds by the OSD Comptroller to the Services and Defense Agencies
is known as a(n):.
Answer:
Allotment-Allocation-Appropriation-Sub-allocation
Question:
True or False. There are only two hard and fast criteria that the business activity must
meet in order to be included in a Working Capital Fund. They are 1) produce
identifiable outputs, and 2) these outputs can only serve DoD agency requirements..
Answer:
True-False
,Question:
Components of QASP.
Answer:
Include what you will monitor, who will do the monitoring, performance assessment
methods, objective and measurable acceptance criteria, and remedies for
unacceptable performance.
Question:
True or False. Financial managers resolve unmatched disbursements (UMDs) by
conducting research and implementing corrective actions..
Answer:
True-False
Question:
True or False. Labor expenses incurred as part of the production of a weapon system
are categorized as investment costs..
Answer:
True-False
Question:
True or False. Unliquidated balances in expired accounts that are not supported by
documentary evidence, must be deobligated after closure/cancellation..
Answer:
True-False
Question:
Why do organizations perform a Mid-Year review of their programs` obligations and
expenditures?.
Answer:
to reconcile program invoices-to reconcile program contract discrepancies-to
determine if they are on track to obligate and/or expend funds-to close-out
unliquidated obligations on the program
,Question:
Deliverable Schedule.
Answer:
The deliverable schedule is a component described in RFQs.
Question:
Contracting Method.
Answer:
The contracting method determines the type of solicitation used.
Question:
The Department of Defense moved funds from the Overseas Contingency Transfer
Fund to the Army`s Military Personnel appropriation to cover extra costs associated
with deploying troops unexpectedly to Afghanistan. This action required:.
Answer:
Below-threshold reprogramming-(WRONG) Congressional notification
reprogramming-Congressional prior approval reprogramming-Internal reprogramming
Question:
Financial managers performing contract reconciliation will compare databases,
research differences, and ________..
Answer:
manage the daily operations of contract reconciliations-identify root causes-make
system and process adjustments to resolve issues-ensure those involved in errors are
dismissed
Question:
Which appropriation category should be used to fund the purchase of 100 heavy-lift
transport aircraft?.
Answer:
Research, Development, Test, and Evaluation-Military Construction-Military
Personnel-Procurement
, Question:
True or False. Because product improvements involve existing systems, versus the
development of new systems, only the RDT&E appropriation may be used to finance
the development and testing of the product improvement..
Answer:
True-False
Question:
Which of the following is true concerning below-threshold reprogrammings in Military
Construction appropriations?.
Answer:
The amount added to an existing Line Item must be less than $20 million-The amount
added to an existing Project must be less than $2 million or 25% of the projects original
value, whichever is lower-The amount taken from an existing Line Item must be less
than $20 million or 20% of the Line Item`s original value, whichever is less-The amount
added to an existing Program element must be less than $10 million or 25% of the PE`s
original value, whichever is lower
Question:
Details of Acquisition.
Answer:
Worked out through tactical market research.
Question:
Federal Acquisition Streamlining Act of 1994 (FASA).
Answer:
An act that established the preference for purchasing supplies and services from the
commercial marketplace.
Question:
Justifiably Urgent Need.
Answer:
A situation where a shorter delivery schedule is warranted due to pressing
requirements.
