CFCM Prep Questions and Answers Latest Updated 2024/2025 (100%Solved).

CFCM Prep Questions and Answers Latest Updated 2024/2025 (100%Solved). How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation? (a) Annually (b) Bi-annually (c) Every five years (d) Only as required - Correct Answer-(c) Every five years (FAR 1.109) A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actions is defined as: (a) A ratification (b) Determination and Findings (c) The Contracting Officer's Final Decision (d) A waiver - Correct Answer-(b) Determination and Findings (FAR 1.701) Contracting officers below the level of _______________ shall be selected and appointed. (a) Cabinet secretary (b) Director of contracting (c) A flag officer or member of the Senior Executive Service (d) A head of contracting activity - Correct Answer-(d) A head of contracting activity (FAR 1.601) The simplified acquisition threshold for any contract in support of contingency operations to be awarded an performed, or purchase to be made, outside the U.S. is: (a) $150,000 (b) $300,000 (c) $1 million (d) $1.5 million - Correct Answer-(c) $1 million (FAR 2.101) Which of the following is a commercial item? (a) A nondevelopmental item, if the procuring agency determines the item was developed exclusively at private expense and sold in substantial quantities, on a competitive basis, to multiple state and local governments CFCM Prep Questions and Answers Latest Updated 2024/2025 (100%Solved) (b) An item that evolved from an item that has not been sold to the general public (c) A commercial item that has received modfications not available in the commercial marketplace (d) A nondevelopment item used exclusively for governmental purposes - Correct Answer-(a) A nondevelopmental item, if the procuring agency determines the item was developed exclusively at private expense and sold in substantial quantities, on a competitive basis, to multiple state and local governments (FAR 2.101) Consolidating two or more requirements for supplies or services, previously provided or performed under separate smaller contracts, into a solicitation for a single contract is defined as: (a) Combining (b) Consolidating (c) Bundling (d) Mixing - Correct Answer-(c) Bundling (FAR 2.101) Which of the following are included in the definition of "contracts?" (a) Awards and notices of awards and grants (b) Letter contracts and cooperative agreements (c) Letter contracts and job orders issued under basic ordering agreements (d) Blanket purchase agreements and imprest funds - Correct Answer-(c) Letter contracts and job orders issued under basic ordering agreements (FAR 2.101) The government can minimize the opportunity for buying in by using any of the following techniques: (a) Simplified acquisition procedures (b) Priced options, amortization of nonrecurring costs, and simplified acquisition procedures (c) Simplified acquisition procedures, costs, and multiyear contracting (d) Multiyear contracting, priced options, and amortization of nonrecurring costs - Correct Answer-(d) Multiyear contracting, priced options, and amortization of nonrecurring costs (FAR 3.501-2) Contractor's arrangements to pay contingent fees for soliciting government contracts have long been considered contrary to public policy because: (a) They discourage competition (b) Such arrangements may lead to attempted or actual exercise of improper influence (c) They result in excessive overhead costs (d) Accountability of costs is difficult to track - Correct Answer-(b) Such arrangements may lead to attempted or actual exercise of improper influence (FAR 3.402) A contract with a corporation shall be signed: (a) By the chief financial officer (b) By the head of the contracts department (c) In the corporate name, followed by the word "by" and the signature and title of the person authorized to sign (d) By the chief executive officer - Correct Answer-(c) In the corporate name, followed by the word "by" and the signature and title of the person authorized to sign (FAR 4.102) What is the dollar threshold for public announcement of contract awards? (a) $500,000 (b) $4,000,000 (c) $5,000,000 (d) $10,000,000 - Correct Answer-(b) $4,000,000 (FAR 5.303) Acceptable methods for disseminating information on proposed contract actions include: (a) Assisting local trade associations in disseminating information to their members, announcements in magazines at no cost, and phone calls (b) Synopsis in the governmentwide point of entry, phone calls, and paid advertisements (c) Assisting local trade associations in disseminating information to their members, announcements in magazines at no cost, and synopsis in the governmentwide point of entry (d) Paid advertisements in newspapers published and printed in the District of Columbia when supplies and services will not be supplied/furnished in or around the District of Columbia - Correct Answer-(c) Assisting local trade associations in disseminating information to their members, announcements in magazines at no cost, and synopsis in the governmentwide point of entry (FAR 5.101(a) & (b)) .