CFCM Exam Questions and Verified Answers Graded A+ 2026/27
-Responsible Source - a seller which has been found capable and has the resources and
skills necessary to satisfy contractual requirements
Who does the FAR apply to? - all executive agencies
agency typically responsible for auditing the contractors that are non-profits and educational
institutions - Office of Management and Budget
Acquisition Team - all participants in government acquisition (including contractors and
customers)
Deviation - issuance of a policy, etc. inconsistent or not authorized by FAR
Who is FAR maintained by? - o GSA
o Secretary of Defense
o NASA Administrator
Who handles FAR revisions? - o DAR council
o CAA council
Who prints, publishes, and distributes the FAR? - FAR secretariat
,how often are dollar thresholds in the FAR for inflation? - once every 5 years
Numbering scheme - Part.SubpartSection-Subsection(paragraph)
Example: 9.106-4(d) is Part 9, Subpart 1, Section 06, Subsection 4, Paragraph D
What Part are the FAR definitions? - Part 2
CO responsibilities - o Only one allowed to enter into contracts on behalf of the
government
o Administer or terminate contract
o Ensure all legal requirements have been met before entering into contract
o Ensuring performance and compliance with contract
o Assign a COR to assist with the monitoring and administration of CO (COR does not have
authority to make major decisions that affect the contract)
Unauthorized Committment - CO makes a commitment on behalf of the government
without the authority
Ratification - approving an unauthorized commitment by an official who has the authority
to do so
,Determination and Findings - a special form of written approval by an authorized official
as a prerequisite to taking certain contract actions, based on fact or rationale that covers FAR
statute/regulations
Acquisition definition - acquiring by contract with appropriated funds of supplies or
services by and for the use of the federal government via purchase
Begins when the agency need is established
Acquisition Plan definition - process by which efforts of all personnel responsible for an
acquisition are coordinated and integrated through a plan for fulfilling the agency need in a
timely manner and at a reasonable cost
Best Value definition - expected outcome of an acquisition that provides the greatest
overall benefit in response to the requirement in the government's estimate
Best Value continuum= ranges from lowest price acceptable to tradeoff analysis
Commercial Item definition - any item other than real property used for non-government
purposes and has been sold, leased, or licenses (or offered to be) to the general public
Nondevelopmental Item definition - any previously developed item of supply used
exclusively for government purposes by a government entity that has a mutual defense
cooperation agreement
, Difference between Commercial and Nondevelopmental Item - commercial item is
available to both government and general public, whereas nondevelopmental Item is only for the
government
Contract definition - a mutually binding legal relationship obligating the seller to furnish
the supplies or services and the buyer to pay for them
Are grants and cooperative agreements contracts? - No
Contracting Officer (CO) definition - a person with the authority to enter into, administer,
and/or terminate contracts and make related determinations and findings
Cost Realism Analysis definition - a process for independently reviewing and evaluating
specific elements of each offeror's proposal cost estimate
Bundling definition - consolidating two or more requirements for supplies or services
previously provided/performed under separate or small contracts for a single contract
May vs Shall vs Should - o May= gives permission
o Shall= gives requirement
o Should= gives expectation
-Responsible Source - a seller which has been found capable and has the resources and
skills necessary to satisfy contractual requirements
Who does the FAR apply to? - all executive agencies
agency typically responsible for auditing the contractors that are non-profits and educational
institutions - Office of Management and Budget
Acquisition Team - all participants in government acquisition (including contractors and
customers)
Deviation - issuance of a policy, etc. inconsistent or not authorized by FAR
Who is FAR maintained by? - o GSA
o Secretary of Defense
o NASA Administrator
Who handles FAR revisions? - o DAR council
o CAA council
Who prints, publishes, and distributes the FAR? - FAR secretariat
,how often are dollar thresholds in the FAR for inflation? - once every 5 years
Numbering scheme - Part.SubpartSection-Subsection(paragraph)
Example: 9.106-4(d) is Part 9, Subpart 1, Section 06, Subsection 4, Paragraph D
What Part are the FAR definitions? - Part 2
CO responsibilities - o Only one allowed to enter into contracts on behalf of the
government
o Administer or terminate contract
o Ensure all legal requirements have been met before entering into contract
o Ensuring performance and compliance with contract
o Assign a COR to assist with the monitoring and administration of CO (COR does not have
authority to make major decisions that affect the contract)
Unauthorized Committment - CO makes a commitment on behalf of the government
without the authority
Ratification - approving an unauthorized commitment by an official who has the authority
to do so
,Determination and Findings - a special form of written approval by an authorized official
as a prerequisite to taking certain contract actions, based on fact or rationale that covers FAR
statute/regulations
Acquisition definition - acquiring by contract with appropriated funds of supplies or
services by and for the use of the federal government via purchase
Begins when the agency need is established
Acquisition Plan definition - process by which efforts of all personnel responsible for an
acquisition are coordinated and integrated through a plan for fulfilling the agency need in a
timely manner and at a reasonable cost
Best Value definition - expected outcome of an acquisition that provides the greatest
overall benefit in response to the requirement in the government's estimate
Best Value continuum= ranges from lowest price acceptable to tradeoff analysis
Commercial Item definition - any item other than real property used for non-government
purposes and has been sold, leased, or licenses (or offered to be) to the general public
Nondevelopmental Item definition - any previously developed item of supply used
exclusively for government purposes by a government entity that has a mutual defense
cooperation agreement
, Difference between Commercial and Nondevelopmental Item - commercial item is
available to both government and general public, whereas nondevelopmental Item is only for the
government
Contract definition - a mutually binding legal relationship obligating the seller to furnish
the supplies or services and the buyer to pay for them
Are grants and cooperative agreements contracts? - No
Contracting Officer (CO) definition - a person with the authority to enter into, administer,
and/or terminate contracts and make related determinations and findings
Cost Realism Analysis definition - a process for independently reviewing and evaluating
specific elements of each offeror's proposal cost estimate
Bundling definition - consolidating two or more requirements for supplies or services
previously provided/performed under separate or small contracts for a single contract
May vs Shall vs Should - o May= gives permission
o Shall= gives requirement
o Should= gives expectation
