CPCM Exam Questions and Answer 2024

CPCM Exam Questions and Answer 2024 Accountability -Answer-An obligation or willingness to accept responsibility for one's actions Character -Answer-A leadership competency that says that contract leaders must be able to perform contract management with the highest standards of ethical behavior and with integrity, decisiveness and optimism Collaboration -Answer-Working jointly with others or together, especially in an intellectual endeavor Competence -Answer-A leadership competency that says that a contract leader must be technically proficient in contract management with a broad understanding of the practices, policies, and procedures inherent to contract management Consensus -Answer-General agreement; group solidarity in sentiment and belief Decisiveness -Answer-The capacity to make decisions even when the decision may not be popular or may pose risk Ethics -Answer-The principles of conduct governing n individual or a group Feedback -Answer-Information about reactions to a person's performance of a task, used as a basis for Improvement Integrative thinking -Answer-The ability to face constructively the tension of opposing ideas and, instead of choosing one at the expense of the other, to create a resolution in the form of a new, superior idea that contains elements of each of the ideas Integrity -Answer-Having the courage to do what you say you will do; following through on promises in a manner that promotes trustworthiness Intuition -Answer-The ability to assess a situation and know instinctively what to do, by blending fact with instinct and other intangible factors Letter of the Law -Answer-The literal interpretation of a rule or standard, but not necessarily the intent of those who wrote it Mentoring -Answer-The development by leaders of other leaders Optimism -Answer-The ability to give hope and instill confidence in others; giving followers something to look forward to and helping them see the way through chaos and complexity Spirit of the Law -Answer-The intended interpretation of a rule or standard, but. Or necessarily what is conveyed in the literal wording Succession planning -Answer-Empowering others and helping them develop, so they become capable of taking over the leader's job Values -Answer-Individual or personal standards of what is valuable or important Vision -Answer-Being able to see the possibilities for a better future and guiding others on getting there Accounting -Answer-The way an organization collects, organizes, and records financial information for making management decisions; the way to report a company's transactions and to maintain accountability for its assets and liabilities. Accounting System -Answer-A formal communications network that supplies relevant information for planning, control, decision-making, and evaluation. Acid test ratio -Answer-The ratio determining how well the company's current liabilities can be satisfied by its current assets less inventory. Activity-based costing system -Answer-An accounting system focused on production cycle and based on the principles that an output needs activities to produce it and that those activities use certain resources; assigns costs through cost drivers that the activities use to create the outputs. Administrative lead time -Answer-A measurement used by some organizations of howling it takes to award a contract,starting when a procurement request is received and ending when the contract is awarded. Asset -Answer-Something a company owns that has value and that can be sold or used by the company to make products or provide services that can be sold Balance sheet -Answer-Provides detailed information about a company's assets, liabilities, and shareholder equity Bottom line -Answer-A company's total earnings or losses over a specific time period, after accounting for costs and expenses; also called net income. Burn rate -Answer-An average of the estimated costs per month, often based on staffing estimates, used for estimating funding requirements. Cash flow statement -Answer-A statement reporting a company's inflow and outflow of cash; generally includes operating activities, investing activities, and financing activities. Competition -Answer-The effort or action of two or more commercial companies to obtain the same business from a third party Contingency planning -Answer-Involves "what if?" Analysis to look at various situations if certain environmental or economic conditions change Current -Answer-Current assets are assets which can be converted into cash within one year; current liabilities are obligations that a business must pay within one year. Current ratio -Answer-The ratio of current assets to current liabilities Debt-to-Equity Ratio -Answer-The ratio measuring the relationship of debt and shareholder equity used to finance the company's operations Demand -Answer-Describes how buyers shave in the marketplace; the quantity a buyer demands is what a buyer is willing to buy at a particular price Directing -Answer-The management of people and processes to accomplish objectives Economics -Answer-The science concerned with making decisions with scarce resources such as labor, capital goods, and natural resources Electronic government (e-government) -Answer-The use by the government.m of the Internet and other information technologies, together with the processes and people needed to implement them, to enhance the delivery of information and services to the public and others to make improvements in government operations Equity -Answer-The amount of money that would be left if a company sold all of its assets and paid off all of its liabilities; this amount, also called capital or net worth, belongs to the owner(s) of the company FedBizOpps -Answer-A we -based portal () that allows vendors to review federal business opportunities, and buyers to create opportunity notices and awards, using secured accounts. Financial analysis -Answer-An assessment of the viability, stability, and profitability of a business Generally Accepted Accounting Principles (GAAP) -Answer-A set of uniform accounting rules for assigning and measuring contract data to accurately represent an organization's financial condition; no regulatory guidance developed and used by certified public accountants Gross Profit -Answer-The subtotal of total revenue made during an accounting period, minus any returns or discounts and the costs of goods sold, befor