CLC 056 test questions. 100% CORRECT EXAM Q AND A.

Analyzing Contract Costs Exam Here is your test result.The dots represent the choices you have made. The highlighted questions are the questions you have missed. Remediation Accessed shows whether you accessed those links.'N' represents links not visited and 'Y' represents visited links. Back to Status page contains 21 Questions 1) Which of these statements below is correct regarding the criteria for classifying a special test equipment cost as an "other direct cost”? [Determine if the other direct costs are properly proposed] Engineered, designed, fabricated, or modified to meet specific contract needs and cannot be used for other contracts An item (e.g., fixture, pattern, or gauge) that is necessary in aiding the development of a unique product Engineered, designed, fabricated, or modified to meet not only the requirements of the current contract but also the requirements of all other contracts Developed and engineered by a subcontractor who is not currently working on another contract 2) Which of the following is a phase in the allocation cycle? [Identify the cost allocation cycle] Final Allocation Phase Interim Processing Phase Adjustment on Rates Phase Continuous Rate Application Phase 3) When using simple linear regression to analyze the estimated price for a used car, which of the following independent variables would most likely result in the most accurate estimating equation? [Identify contract pricing situations where simple regression analysis should be considered] Mileage of all similar cars Interior color of all similar cars Body style of all similar cars Exterior color of all similar cars DAU Page 1 of 6 4) After completing the five-step Least-Best-Squares-Fit (LBSF) process in developing a regression equation, you must evaluate which two aspects of the equation? [Identify the steps for using simple regression analysis] "Goodness" of the fit and statistical significance Coefficient of determination and the median Prediction interval and significance level Standard error of the estimate and the mean 5) How is the Treasury Rate applied in calculating Facilities Capital Cost of Money (FCCOM)? [Recognize elements affecting facilities capital cost of money] Divided into the FCCOM total amount Treasury rate is not used in calculating FCCOM Multiplied by the FCCOM total amount Divided by the Weighted Guidelines profit objective 6) Which of the following is a factor that affects profit/fee calculations? [Identify the factors affecting profit/fee analysis] Contract type Distribution of equipment percentage Magnitude of the contract in dollars Profit/fee percentage historically paid to contractor 7) What is the “base” that used in the calculation of the performance risk, contract type risk, and cost efficiency factor when using the weighted guidelines to determine a profit/fee objective? [– Develop a pre-negotiation position for profit or fee that is fair and reasonable.] Total costs Subtotal of costs Total price Direct and Indirect costs 8) Each Price Negotiation Memorandum must contain which of the following? [Identify the key characteristics of a price negotiation memorandum] DAU Page 2 of 6 Statement that the price is fair and reasonable Statement that the FAR was consistently followed Signature of the Contract Specialist Signature of the Legal Counsel 9) Which of the following situations are considered exempt from the submission of Certified Cost or Pricing Data? [Determine if an exception to the Truth-in-Negotiations Act applies] Prices are set by law or regulation Sole source acquisition of $3.5M FFP effort; price determined using cost analysis Price may be determined fair and reasonable based on price analysis proposal techniques Non-commercial modification of a commercial item. Modification funded by DoD and constitutes 5% of value of modification 10) Who has the authority to waive CAS applicability for a particular contract? [Identify the exemptions to Cost Accounting Standards (CAS) coverage] The Agency Head A level above the contracting officer The Contracting Officer's Representative The Cognizant Federal Agency Official 11) When a contract is subject to CAS, the Contracting Officer: [Determine the level of CAS coverage that applies] [Remediation Accessed :N] May not award a contract until a written adequacy determination has been made by the Cognizant Federal Agency Official May not award a contract until the cognizant Program Office official has conducted a review of the disclosure statement for adequacy and compliance May not award a contract until a written adequacy determination has been made by the Cognizant Federal Agency Official unless approved as mission critical at least one level above the contracting officer Is responsible only for ensuring the appropriate provisions are included in the solicitation. All other responsibilities for CAS are conducted by the ACO 12) The cost accounting systems that are used by a contractor manufacturing a number of identical units for multiple customers are: [Identify the two commonly used systems for cost