CON 3990 Exam Questions and Answers Already Passed

CON 3990 Exam Questions and Answers Already Passed What is the Micro-purhcase threshold for supplies? $10k All incentive contracts (schedule or performance) must also include what? Cost incentive or constraint What requires funds to be used only for needs or services in the year of the appropriations obligation period? Bona Fide Needs Rule What contract types can be used for commercial item purchases? FFP or FPEPA What is the Simplified Acquisition Threshold for commercial products and services? What is it for non-commercial? $7.5M - commercial $250k for non-commercial True or False: The Gov shall use electronic commerce whenever practicable or cost-effective True What is the purpose of a contract file? (4) Provide background/basis for decisions Supporting actions taken Provide information for reviews and investigations Furnishing essential facts in the event of a litigation Can contract files be combined if appropriate? Yes At what level are contract files maintained and why? Maintained at the organizational level to ensure effective documentation of contract actions accessibility by principal users minimal establishment of duplicate and working files safeguarding classified docs conformance with agency regs When is a SAP contract file closed out? When the KO receives evidence of receipt of property or final payment When is a FFP (not SAP) contract file closed out? Should be closed out within 6 months after date KO receives evidence of physical completion When should contract files required settlement of indirect cost rates be closed out? Within 36 months of the month the KO receives evidence of physical completion When should all other (not SAP, FFP, or indirect cost rate) contract files be closed? Within 20 months of the month the KO receives evidence of physical completion When is a contract considered physically complete? the KTR has completed required deliveries and Gov has inspected and accepted the supplies The contractor has performed all services and the Gov has accepted the services and all option provisions, if any, have expired or the Gov gives the KTR notice of termination What are the steps to close out a contract file? 1) Contract admin office is responsible for initiating, reviewing contract fund status, and deobligating excess funds 2)KO issues a contract completions statement 3) KO files completed statement and signed