CFCM Exam Practice Test

CFCM Exam Practice Test What is a Certificate of Competency - 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? - $35,000 What can a contractor access online at ? - The government wide point of entry Size Standards - 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? - When the value of the contract is $100,000 How is the publication of a paid advertisement in a newspaper authorized? - 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? - 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? - 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 - Advanced Agreement For a contract exceeding the simplified acquisition threshold, an offeror (other than an individual) that does not agree to provide a drug-free workplace is what? - Not considered a responsible source What law specifies how agencies shall make their records available upon public request, imposes strict time standards for agency responses, and exempts certain records from public disclosure - Freedom of Information Act Who is responsible for printing, publishing, and distributing the Federal Acquisition Regulation? - The FAR Secretariat, as authorized by GSA Which FAR part prescribes policies and procedures unique to the acquisition of commercial items? - FAR Part 12 Which of the following is necessarily rue about a cost that is assignable or chargeable to one of the most cost objectives on the basis of relative benefits received or other equitable relationship? - The cost is allocable A defense subcontractor provides a gift of vehicles to a prime contractor, and in return the prime contractor awards the subcontractor a valuable military subcontract. What will happen next? - The prime contractor and the subcontractor are subject to civil and criminal penalties A mineral required for production in performance of a contract is not mined in the United States, but can be acquired from another country. How does the Buy American statute apply in this case? - The mineral can be acquired from a foreign source if it is in the best interest of the Government. Which contract types allow for disallowing costs during the course of performance, after the costa have been incurred? - Cost reimbursement contracts, the cost-reimbursement portion of fixed-price contracts, letter contracts that provide for reimbursement of costs, and time and material and labor-hour contracts provide for disallowing costs during the course of performance after the costs have been incurred. When it is in the best interest of the Government to consider award to other than the highest technically rated offeror, which of the following should the Government use to select the source? - A tradeoff process The obtaining of opinions, special knowledge, or skills from noted experts would be included in what kind of service? - Advisory and assistance service Who is authorized to execute contract modifications on behalf of the Government - Only a contracting officer acting within the scope of his or her authority Which FAR part prescribes policies and procedures for contracting for supplies and services under the Federal Supply Schedule program - FAR