CPCM Guiding Principles Practice Exam Questions and Answers 2024

CPCM Guiding Principles Practice Exam Questions and Answers 2024 Acquisition statutes are __________ in the Federal Acquisition Regulation -Answer- Implemented A hurricane destroying a manufacturing plant is an example of: -Answer-Force majeure Guileless Imports purchased , metal wheels from Annular Supply Co. under a sale on approval contract. Annular Supply delivered the wheels to Fraught Freight for shipping to the destination, but the shipping container sank and all the wheels were lost. Which party bears liability for the loss? -Answer-The seller is fully liable Which of the following is not a requirement of a written contract for the sale of goods? -Answer- a-A specified quantity b-Sufficient detail to indicate that a contract for sale has been made c-The signature of the buying party D-THE PLACE OF DELIVERY The CMBOK suggests that: -Answer-Certification is an indicator of professional strength An Organizational Conflict of Interest exists when: -Answer-The nature of the work to be performed under a contract may result in an unfair competitive advantage to the contractor Which of the following would be considered a characteristic of a successful knowledge management framework? -Answer-A-GROUPS OF SUBJECT MATTER EXPERTS CONNECTED THROUGH TECHNOLOGY. b-An information repository that is exclusively available to top level executives. c-Incorporating training in contract budgets d-Waiting until the end of a project to record lessons learned and apply them to the next project. Which of the following is not a competency of Guiding Principles? -Answer-a-Contract Principles b-Team Dynamics c-Regulatory Assessment D-COLLABORATION Which of the following describes perfect competition? -Answer-Many independent buyers; many independent sellers; easy entry to market; balanced pricing between buyers and sellers. Fenway Company verbally agreed to purchase 5 fans from Top Fans Inc., at the total price of $476.20. Top Fans Inc. delivered two of the fans but has not delivered the other 3 fans. Fenway paid for the 2 fans delivered. Which of the following is true? -Answer-Although Top Fans already delivered, and Fenway accepted, the 2 fans, Top Fans can still provide a written notice of its objection to the contract to preclude it from being enforced. Complete the equation: All the information + all the ________ = Knowledge -Answer- Experience There are four types of knowledge required by contracts managers. The communication skills needed for a successful negotiation would fall in to which of the following categories? -Answer- a-Strategic Knowledge b-Explicit Knowledge C- TACIT KNOWLEDGE d-Procedural Knowledge In contract interpretation, the practices or methods of dealing that are regularly observed and justify an expectation that they will apply to a specific transaction are called what? -Answer- Course of dealing Which skill below is needed to be a successful contract manager? -Answer-a-Sociability b-Tenaciousness C=CREATIVITY d-Persistence During contract performance which party is most likely to bear the risk of loss? -Answer-The party who had control of the goods when the loss occurred. Knowledge Management is best described by which of the following? -Answer-A-AN ORGANIZATION'S CAPABILITY TO CAPTURE AND REUSE CRITICAL AND RELEVANT INFORMATION. b-An organization's emphasis on professional development. c-The capability of an organization's training program to effectively train staff in relevant job skills. d-An organization's awareness of how information an