CFCM Exam Practice Test Questions and Answers 100% Accurate(RATED A+)

What is a Certificate of Competency - ANSWER-A certificate issued by the SBA stating that the holder is responsible for the purpose of receiving and performing a specific Government contract Except as specifically permitted by executive agencies, the fast payment procedure may not be used for individual purchasing instruments exceeding what amount? - ANSWER-$35,000 What can a contractor access online at ? - ANSWER-The government wide point of entry Size Standards - ANSWER-FAR 19.102(b)(3): "(Small business size standards are applied by) Specifying the size standard in the solicitation so that offerors can appropriately represent themselves as small or large" When may an agency be required to use simplified acquisition procedures? - ANSWER-When the value of the contract is $100,000 How is the publication of a paid advertisement in a newspaper authorized? - ANSWER-FAR 5.502 "Authority to approve the publication of paid advertisements in the newspaper is vested in the head of each agency. This approval authority may be delegated" Must be a written authorization from the head of the agency. The unilateral right in a contract by which the government may elect to purchase additional supplies or services called for by the contract is called what? - ANSWER-Option If a prospective contractor is qualified and eligible to receive award, but lacks adequate financial resources to perform the contract, can the contractor be determined responsible? - ANSWER-If the contractor presents evidence of the ability to obtain adequate financial resources, the contractor may be determined responsible. This is not a method for simplified acquisition - ANSWER-Advanced Agreement For a contract exceeding the simplified acquisition threshold, an offeror (other than an in