CPCM Exam Questions with Correct Answers

CPCM Exam Questions with Correct Answers Accountability - Answer-An obligation or willingness to accept responsibility for one's actions Character - Answer-A leadership competency that says that contract leaders must be able to perform contract management with the highest standards of ethical behavior and with integrity, decisiveness and optimism Collaboration - Answer-Working jointly with others or together, especially in an intellectual endeavor Competence - Answer-A leadership competency that says that a contract leader must be technically proficient in contract management with a broad understanding of the practices, policies, and procedures inherent to contract management Consensus - Answer-General agreement; group solidarity in sentiment and belief Decisiveness - Answer-The capacity to make decisions even when the decision may not be popular or may pose risk Ethics - Answer-The principles of conduct governing n individual or a group Feedback - Answer-Information about reactions to a person's performance of a task, used as a basis for Improvement Integrative thinking - Answer-The ability to face constructively the tension of opposing ideas and, instead of choosing one at the expense of the other, to create a resolution in the form of a new, superior idea that contains elements of each of the ideas Integrity - Answer-Having the courage to do what you say you will do; following through on promises in a manner that promotes trustworthiness Intuition - Answer-The ability to assess a situation and know instinctively what to do, by blending fact with instinct and other intangible factors Letter of the Law - Answer-The literal interpretation of a rule or standard, but not necessarily the intent of those who wrote it Mentoring - Answer-The development by leaders of other leaders Optimism - Answer-The ability to give hope and instill confidence in others; giving followers something to look forward to and helping them see the way through chaos and complexity Spirit of the Law - Answer-The intended interpretation of a rule or standard, but. Or necessarily what is conveyed in the literal wording Succession planning - Answer-Empowering others and helping them develop, so they become capable of taking over the leader's job Values - Answer-Individual or personal standards of what is valuable or important Vision - Answer-Being able to see the possibilities for a better future and guiding others on getting there Accounting - Answer-The way an organization collects, organizes, and records financial information for making management decisions; the way to report a company's transactions and to maintain accountability for its assets and liabilities. Accounting System - Answer-A formal communications network that supplies relevant information for planning, control, decision-making, and evaluation. Acid test ratio - Answer-The ratio determining how well the company's current liabilities can be satisfied by its current assets less inventory. Activity-based costing system - Answer-An accounting system focused on production cycle and based on the principles that an output needs activities to produce it and that those activities use certain resources; assigns costs through cost drivers that the activities use to create the outputs. Administrative lead time - Answer-A measurement used by some organizations of howling it takes to award a contract,starting when a procurement request is received and ending when the contract is awarded. Asset - Answer-Something a company owns that has value and that can be sold or used by the company to make products or provide services that can be sold Balance sheet - Answer-Provides detailed information about a company's assets, liabilities, and shareholder equity Bottom line - Answer-A company's total earnings or losses over a specific time period, after accounting for costs and expenses; also called net income. Burn rate - Answer-An average of the estimated costs per month, often based on staffing estimates, used for estimating funding requirements. Cash flow statement - Answer-A statement reporting a company's inflow and outflow of cash; generally includes operating activities, investing activities, and financing activities. Competition - Answer-The effort or action of two or more commercial companies to obtain the same business from a third party Contingency planning - Answer-Involves "what if?" Analysis to look at various situations if certain environmental or economic conditions change