$5M WARRANT BOARD STUDY GUIDE QUESTIONS AND CORRECT
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What is a CO FAR part 2 - (ANSWER)FAR 2.101 A person with the authority to enter into, administer,
and/or terminate contracts and make related determinations and findings. The term includes certain
authorized representatives of the contracting officer acting within the limits of their authority as
delegated by the contracting officer. A single contracting officer may be responsible for duties in any or
all of these areas (ACO or TCO).
What is the authority given to a CO. What is the limit of the CO? FAR 1.6 - (ANSWER)FAR 1.602-1
Contracting officers have authority to enter into, administer, or terminate contracts and make related
determinations and findings. Contracting officers may bind the Government only to the extent of the
authority delegated to them.
No contract shall be entered into unless the contracting officer ensures that all requirements of law,
executive orders, regulations, and all other applicable procedures, including clearances and approvals,
have been met.
What are the responsibilities of a CO? FAR 1.6 - (ANSWER)Contracting officers are responsible for
ensuring performance of all necessary actions for effective contracting, ensuring compliance with the
terms of the contract, and safeguarding the interests of the United States in its contractual relationships.
In order to perform these responsibilities, contracting officers should be allowed wide latitude to
exercise business judgment. Contracting officers shall --
(a) Ensure that the requirements of 1.602-1(b) have been met, and that sufficient funds are available for
obligation
(b) Ensure that contractors receive impartial, fair, and equitable treatment
(c) Request and consider the advice of specialists in audit, law, engineering, information security,
transportation, and other fields, as appropriate
(d) Designate and authorize, in writing and in accordance with agency procedures, a contracting officer's
representative (COR) on all contracts and orders other than those that are firm-fixed price, and for firm-
fixed-price contracts and orders as appropriate, unless the contracting officer retains and executes the
COR duties.
- For effective contracting, ensuring compliance with contract terms
- Provides concurrence in all acquisition planning
- Creates and publicizes the solicitation
- Issues programmatic, technical, and other contractual requirements to the contractor
,$5M WARRANT BOARD STUDY GUIDE QUESTIONS AND CORRECT
ANSWERS 100% VERIFIED!!!! LATEST UPDATE ALREADY GRADED
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- Determines whether certified cost or pricing data must be submitted
- Selects the source IAW applicable regulations
- Negotiates and executes the contract
- Has the authority to use considerations in negotiations
- Negotiations and executes contract mods
- Has authority to direct the contractor to begin or stop work
Apparent vs. Actual Authority - (ANSWER)Actual authority is specifically set forth orally or in writing
(e.g., warrant, FAR). Implied authority is authority reasonable necessary to carry out the express grant of
authority. It may be inferred from custom, conduct, writings such as rules/regulations. Implied authority
exists in an individual by virtue of duties. QA inspector authorized to reject work has implied authority to
change work through improper rejection. An example of apparent authority is a PCO that lacks actual
authority, but the PCO's conduct allows a third party to believe they have authority.
Elements of a contract - (ANSWER)means a mutually binding legal relationship obligating the seller to
furnish the supplies or services (including construction) and the buyer to pay for them. Legal capacity,
offer, acceptance, Consideration, Clear terms (unambiguous) and must not include performance of acts
that are illegal.
Contract type FAR 16 - (ANSWER)The four most common contract types are: CPFF, CPIF, FPIF, and FFP.
The riskiest to the government is CPFF followed by CPIF, FPIP and FFP.
Contract order of precedence FAR 52.215-8 - (ANSWER)Uniform Contract Format.
Any inconsistency in this solicitation or contract shall be resolved by giving precedence in the following
order:
(a) The Schedule (excluding the specifications).
(b) Representations and other instructions.
(c) Contract clauses.
(d) Other documents, exhibits, and attachments.
, $5M WARRANT BOARD STUDY GUIDE QUESTIONS AND CORRECT
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(e) The specifications.
What is consideration? - (ANSWER)Consideration is the inducement to a contract: the cause, motive,
price, or impelling influence that leads a party to enter a contract. A binding contract requires an offer,
acceptance of the offer, and consideration. Consideration generally requires two elements: (1)
something must be given that the law regards as of sufficient legal value for the purpose - either a
benefit to the seller or a detriment to the buyer, and (2) the something (benefit or detriment of legal
value) must be dealt with by the parties as the agreed-upon price or exchange for the promise - there
must be a "bargained-for exchange." The requirement for consideration does not require that what is
relied upon for consideration be equivalent in value to the promise the consideration need only have
"some value."
Which administration functions are usually NOT handled by the contracting officer unless the cognizant
agency has designated the contracting officer to perform these functions? FAR 42 - (ANSWER)- Negotiate
forward pricing rate agreements
- Establish final indirect cost rates and billing rates for those contractors meeting the criteria for
contracting officer determination in Subpart 42.7.
- In connection with Cost Accounting Standards
(i) Determine the adequacy of the contractor's disclosure statements
(ii) Determine whether disclosure statements are in compliance with Cost Accounting Standards and Part
31
(iii) Determine the contractor's compliance with Cost Accounting Standards and disclosure statements, if
applicable
and
(iv) Negotiate price adjustments and execute supplemental agreements under the Cost Accounting
Standards clauses at 52.230-2, 52.230-3, 52.230-4, 52.230-5, and 52.230-6.
- Determine the adequacy of the contractor's accounting system. The contractor's accounting system
should be adequate during the entire period of contract performance.
ACO duties FAR 42.302 - (ANSWER)There are 82 tasks that can be delegated to the ACO as listed in FAR
42.302. When a contract is assigned for administration under Subpart 42.2, the contract administration
office (CAO) shall perform contract administration functions in accordance with 48 CFR Chapter I, the
ANSWERS 100% VERIFIED!!!! LATEST UPDATE ALREADY GRADED
A+
What is a CO FAR part 2 - (ANSWER)FAR 2.101 A person with the authority to enter into, administer,
and/or terminate contracts and make related determinations and findings. The term includes certain
authorized representatives of the contracting officer acting within the limits of their authority as
delegated by the contracting officer. A single contracting officer may be responsible for duties in any or
all of these areas (ACO or TCO).
What is the authority given to a CO. What is the limit of the CO? FAR 1.6 - (ANSWER)FAR 1.602-1
Contracting officers have authority to enter into, administer, or terminate contracts and make related
determinations and findings. Contracting officers may bind the Government only to the extent of the
authority delegated to them.
No contract shall be entered into unless the contracting officer ensures that all requirements of law,
executive orders, regulations, and all other applicable procedures, including clearances and approvals,
have been met.
What are the responsibilities of a CO? FAR 1.6 - (ANSWER)Contracting officers are responsible for
ensuring performance of all necessary actions for effective contracting, ensuring compliance with the
terms of the contract, and safeguarding the interests of the United States in its contractual relationships.
In order to perform these responsibilities, contracting officers should be allowed wide latitude to
exercise business judgment. Contracting officers shall --
(a) Ensure that the requirements of 1.602-1(b) have been met, and that sufficient funds are available for
obligation
(b) Ensure that contractors receive impartial, fair, and equitable treatment
(c) Request and consider the advice of specialists in audit, law, engineering, information security,
transportation, and other fields, as appropriate
(d) Designate and authorize, in writing and in accordance with agency procedures, a contracting officer's
representative (COR) on all contracts and orders other than those that are firm-fixed price, and for firm-
fixed-price contracts and orders as appropriate, unless the contracting officer retains and executes the
COR duties.
- For effective contracting, ensuring compliance with contract terms
- Provides concurrence in all acquisition planning
- Creates and publicizes the solicitation
- Issues programmatic, technical, and other contractual requirements to the contractor
,$5M WARRANT BOARD STUDY GUIDE QUESTIONS AND CORRECT
ANSWERS 100% VERIFIED!!!! LATEST UPDATE ALREADY GRADED
A+
- Determines whether certified cost or pricing data must be submitted
- Selects the source IAW applicable regulations
- Negotiates and executes the contract
- Has the authority to use considerations in negotiations
- Negotiations and executes contract mods
- Has authority to direct the contractor to begin or stop work
Apparent vs. Actual Authority - (ANSWER)Actual authority is specifically set forth orally or in writing
(e.g., warrant, FAR). Implied authority is authority reasonable necessary to carry out the express grant of
authority. It may be inferred from custom, conduct, writings such as rules/regulations. Implied authority
exists in an individual by virtue of duties. QA inspector authorized to reject work has implied authority to
change work through improper rejection. An example of apparent authority is a PCO that lacks actual
authority, but the PCO's conduct allows a third party to believe they have authority.
Elements of a contract - (ANSWER)means a mutually binding legal relationship obligating the seller to
furnish the supplies or services (including construction) and the buyer to pay for them. Legal capacity,
offer, acceptance, Consideration, Clear terms (unambiguous) and must not include performance of acts
that are illegal.
Contract type FAR 16 - (ANSWER)The four most common contract types are: CPFF, CPIF, FPIF, and FFP.
The riskiest to the government is CPFF followed by CPIF, FPIP and FFP.
Contract order of precedence FAR 52.215-8 - (ANSWER)Uniform Contract Format.
Any inconsistency in this solicitation or contract shall be resolved by giving precedence in the following
order:
(a) The Schedule (excluding the specifications).
(b) Representations and other instructions.
(c) Contract clauses.
(d) Other documents, exhibits, and attachments.
, $5M WARRANT BOARD STUDY GUIDE QUESTIONS AND CORRECT
ANSWERS 100% VERIFIED!!!! LATEST UPDATE ALREADY GRADED
A+
(e) The specifications.
What is consideration? - (ANSWER)Consideration is the inducement to a contract: the cause, motive,
price, or impelling influence that leads a party to enter a contract. A binding contract requires an offer,
acceptance of the offer, and consideration. Consideration generally requires two elements: (1)
something must be given that the law regards as of sufficient legal value for the purpose - either a
benefit to the seller or a detriment to the buyer, and (2) the something (benefit or detriment of legal
value) must be dealt with by the parties as the agreed-upon price or exchange for the promise - there
must be a "bargained-for exchange." The requirement for consideration does not require that what is
relied upon for consideration be equivalent in value to the promise the consideration need only have
"some value."
Which administration functions are usually NOT handled by the contracting officer unless the cognizant
agency has designated the contracting officer to perform these functions? FAR 42 - (ANSWER)- Negotiate
forward pricing rate agreements
- Establish final indirect cost rates and billing rates for those contractors meeting the criteria for
contracting officer determination in Subpart 42.7.
- In connection with Cost Accounting Standards
(i) Determine the adequacy of the contractor's disclosure statements
(ii) Determine whether disclosure statements are in compliance with Cost Accounting Standards and Part
31
(iii) Determine the contractor's compliance with Cost Accounting Standards and disclosure statements, if
applicable
and
(iv) Negotiate price adjustments and execute supplemental agreements under the Cost Accounting
Standards clauses at 52.230-2, 52.230-3, 52.230-4, 52.230-5, and 52.230-6.
- Determine the adequacy of the contractor's accounting system. The contractor's accounting system
should be adequate during the entire period of contract performance.
ACO duties FAR 42.302 - (ANSWER)There are 82 tasks that can be delegated to the ACO as listed in FAR
42.302. When a contract is assigned for administration under Subpart 42.2, the contract administration
office (CAO) shall perform contract administration functions in accordance with 48 CFR Chapter I, the
