CON 1400 Exam Review (Latest 2024/ 2025 Update) Questions and Verified Answers-100% Correct- Grade A

CON 1400 Exam Review (Latest 2024/ 2025 Update) Questions and Verified Answers-100% Correct- Grade A Q: Parts and accessories; aircraft and aircraft parts, accessories, and equip- ment; machine tools are examples of what type of Deliverables? (1401 - Contract Administration) Answer: Supply Contract Deliverables Q: Identifiable performed tasks that require time and effort of a contractor are an example of what type of deliverable? (1401 - Contract Administration) Answer: Service Contract Deliverable Q: Contract payment terms result from the agreement made between the and the . (1402 - Contract Payment & Financing) Answer: 1.Buyer (Government) 2.Seller (Contractor) Q: True or False. As a general concept of contract payment, in some form or fashion contract payment is a constant and is the only administrative requirements associated with contracting/acquisition. (1402 - Contract Payment & Financing) Answer: False, is one of the minimum administra- tive requirements. Q: True or False. Payment can only be made when goods and services are accepted by the Government. (1402 - Contract Payment & Financing) Answer: True Q: Government has days from receipt to notify the contractor if invoice is improper. This is also the same number of days that the government has to inspect and accept items. (1402 - Contract Payment & Financing) Answer: 7 Q: What are some types of contract payments? (1402 - Contract Payment & Financing) Answer: 1.Advance Payments (Least preferred) 2.Performance-based Payments (PBP) (Most Preferred) 3.Commercial Advance and Interim Payments (commercial items only) 4.Progress Payments (PP) 5.Cost Reimbursement Interim Payments Q: Unless agency regulations otherwise permit, contract financing be provided for purchases made under the authority of FAR part 13. (1402 - Contract Payment & Financing) Answer: shall not Q: A contractor should not be from contract financing solely because the contractor failed to indicate a need for contract financing before the contract was awarded. (1402 - Contract Payment & Financing) Answer: disqualified Q: Contractors are entitled to payment upon Government acceptance of delivered supplies and services. (1402 - Contract Payment & Financing) Answer: timely Q: What type of contract payment (financing method) is least preferred? (1402 - Contract Payment & Financing) Answer: Advance Payments Q: What type of contract payment (financing method) is most preferred? (1402 - Contract Payment & Financing) Answer: Performance-based Payments (PBP) Q: Contract payments (financing method) relating to commercial items can are referred to as: (1402 - Contract Payment & Financing) Answer: Commercial Advance and Interim Pay- ments Q: GameStop Corp. (GME) shares hit their peak price of on 28JAN21. During the previous two years GME regularly only traded between about 70 Cents and $2.00. Answer: $483.00 Q: Performance-based payments shall not be used for payments under line items. (1402 - Contract Payment & Financing) Answer: cost-reimbursement Q: Payment due is based on receipt of a and satisfactory performance. (1402 - Contract Payment & Financing) Answer: proper invoice Q: Generally, payment is due from the government within days of invoice date or government acceptance. Construction contracts days. This is supported by the prompt payment clause that is required in contracts. (1402 - Contract Payment & Financing) Answer: 1.30 2.14