CPCM Practice Test Questions with Correct Answers

CPCM Practice Test Questions with Correct Answers Competitive negotiation - Answer-A method of contracting involving a RFP that states: -The buyer's requirements and criteria for evaluation -Submission of timely proposals by a maximum number of offerors -discussion with those offerors found to be within the competitive range -award of a contract to the one offeror whose offer, price and other consideration factors are most advantageous to the buyer R&D Contract - Answer-A contract for basic research applied research, or development SBIR - Answer-Small Business Innovation Research Program-Agencies over $100M required to set aside a fixed percent of their budget for small business Basic Research - Answer-primary aim to gain a fuller understanding of subject rather than application of that knowledge Applied Research - Answer-1. Follows basic research 2. Attempts to find improvements in technology, materials processes, methods, devices, or techniques Development - Answer-The use of scientific and technical knowledge in the design, dev, testing or evaluation of a potential new product or service - or improvement. INCLUDES: Design engineering prototyping Engineering testing Technical sourcing Cooperative Development - Answer-Any method by which GOVERNMENTS together make use of their collective R&D resources to include: Technical information Harmonizing of requirements Co-development Interdependent R&D Agreement on Standards Government R&D - Answer-Purpose: To achieve agency and national goals Commercial R&D - Answer-Future -oriented, long-term activities for profit Uniform Commercial Code (UCC) - Answer-Primary source of commercial contract Law -adopted as law by each state -Adopted by all but Louisiana -Governs the sale of any kind of goods -General Principles of contract law Statutory Law - Answer--Laws passed by legislation -Common Law-judge decision -May require some contracts to be in writing and executed using specific procedures Private Law - Answer-Includes the terms of the agreement between parties who have exchanged promises for consideration General principles of Contract Law (article 2 of the UCC) - Answer--Contract Formation -Seller/Buyer contractual obligations -contract performance Remedies for breach of contract Written contract - Answer-3 requirements -provide evidence of a contract for the sale of goods -signed by the party to be charged -specify a quantity -Contract for the sale of goods over$500 must be in writing to be enforceable Sarbanes-Oxley Act - Answer--Requirements to prevent companies from accounting for profits not realized in effort to portray value where none exists -Signed into law on July 30, 2002 Government Contract Law - Answer--Authority from the U.S. Constitution -Govt has the implied power to use contracts to fulfill its responsibiities Commercial Contract Law - Answer--States are primary source of law on commercial transactions -Statutory Law -Private Law Article 2 of the UCC - Answer-Current law governing contracts for the sale of goods between corporations