CLC 056 Analyzing Contract Costs Study Guide
2024/2025
According to FAR 15.4, which of the following is one of the two most preferred price
analysis techniques? - ✔️✔️- Comparison of proposed prices received in response to
the solicitation *
How may you request an audit? - ✔️✔️- All of these are correct
A "questioned cost" is one that has not yet been evaluated. - ✔️✔️- False *
True or False: "Direct labor positions" share the same titles and pay levels. - ✔️✔️-
False *
For which of the following procurements would you require certified cost or pricing data?
- ✔️✔️- An offer of $800,000 for an item from the only known source of an electronic
system unique to Government requirements.
How is simple linear regression used? - ✔️✔️- To make predictions about one
dependent variable based on one independent variable *
Which of the following is a phase in the allocation cycle? - ✔️✔️- Final Allocation
Phase
You are preparing to negotiate a service task for routine maintenance of Government
equipment. A sample of 25 records for similar maintenance tasks indicates that the
average time required to perform similar maintenance tasks has been six hours and 40
minutes. How can you use this? - ✔️✔️- Selecting the appropriate contract type
Developing a price negotiation objective for labor costs *
Evaluating the bill of materials
Assigning the risk factors for profit calculations
, The purpose of an audit is to: - ✔️✔️- Verify transaction legality
Determine if the data is accurate and complete
All of these are correct *
Determine the degree of compliance with established procedures
Who has the authority to waive CAS applicability for a particular contract? - ✔️✔️- The
Agency Head *
A cost is allowable if it is: - ✔️✔️- Reasonable, allocable and compliant with
CAS/GAAP *
What is an important driver to a successful negotiation? - ✔️✔️- Listen to understand *
Which regression method assumes a linear relationship between the dependent and
independent variables? - ✔️✔️- Simple linear regression *
What is the single most important decision the Contracting Officer must make to
mitigate cost risk? - ✔️✔️- Selection of contract type *
When a contract is subject to CAS, the Contracting Officer may not award a contract
until a written adequacy determination has been made by the cognizant Federal agency
official. - ✔️✔️- True
Each Price Negotiation Memorandum must contain which one of the following? - ✔️✔️-
Statement that the price is fair and reasonable *
Select the item below that would likely be categorized as a Direct Material Cost. -
✔️✔️- The purchase of 104 motor assemblies needed to manufacture vehicles *
Using a direct comparison with the cost of a similar contract effort is an acceptable
summary estimating technique. - ✔️✔️- True *
2024/2025
According to FAR 15.4, which of the following is one of the two most preferred price
analysis techniques? - ✔️✔️- Comparison of proposed prices received in response to
the solicitation *
How may you request an audit? - ✔️✔️- All of these are correct
A "questioned cost" is one that has not yet been evaluated. - ✔️✔️- False *
True or False: "Direct labor positions" share the same titles and pay levels. - ✔️✔️-
False *
For which of the following procurements would you require certified cost or pricing data?
- ✔️✔️- An offer of $800,000 for an item from the only known source of an electronic
system unique to Government requirements.
How is simple linear regression used? - ✔️✔️- To make predictions about one
dependent variable based on one independent variable *
Which of the following is a phase in the allocation cycle? - ✔️✔️- Final Allocation
Phase
You are preparing to negotiate a service task for routine maintenance of Government
equipment. A sample of 25 records for similar maintenance tasks indicates that the
average time required to perform similar maintenance tasks has been six hours and 40
minutes. How can you use this? - ✔️✔️- Selecting the appropriate contract type
Developing a price negotiation objective for labor costs *
Evaluating the bill of materials
Assigning the risk factors for profit calculations
, The purpose of an audit is to: - ✔️✔️- Verify transaction legality
Determine if the data is accurate and complete
All of these are correct *
Determine the degree of compliance with established procedures
Who has the authority to waive CAS applicability for a particular contract? - ✔️✔️- The
Agency Head *
A cost is allowable if it is: - ✔️✔️- Reasonable, allocable and compliant with
CAS/GAAP *
What is an important driver to a successful negotiation? - ✔️✔️- Listen to understand *
Which regression method assumes a linear relationship between the dependent and
independent variables? - ✔️✔️- Simple linear regression *
What is the single most important decision the Contracting Officer must make to
mitigate cost risk? - ✔️✔️- Selection of contract type *
When a contract is subject to CAS, the Contracting Officer may not award a contract
until a written adequacy determination has been made by the cognizant Federal agency
official. - ✔️✔️- True
Each Price Negotiation Memorandum must contain which one of the following? - ✔️✔️-
Statement that the price is fair and reasonable *
Select the item below that would likely be categorized as a Direct Material Cost. -
✔️✔️- The purchase of 104 motor assemblies needed to manufacture vehicles *
Using a direct comparison with the cost of a similar contract effort is an acceptable
summary estimating technique. - ✔️✔️- True *
