©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- ( WV) : 26506
CON 3990 Exam Practice Questions and
Answers (100% Correct)
What is the Micro-purhcase threshold for supplies? - ✔️✔️$10k
All incentive contracts (schedule or performance) must also include what? - ✔️✔️Cost
incentive or constraint
What requires funds to be used only for needs or services in the year of the
appropriations obligation period? - ✔️✔️Bona Fide Needs Rule
What contract types can be used for commercial item purchases? - ✔️✔️FFP or FPEPA
What is the Simplified Acquisition Threshold for commercial products and services?
What is it for non-commercial? - ✔️✔️$7.5M - commercial $250k for non-commercial
True or False: The Gov shall use electronic commerce whenever practicable or cost-
effective - ✔️✔️True
What is the purpose of a contract file? (4) - ✔️✔️Provide background/basis for decisions
Supporting actions taken
Provide information for reviews and investigations
1
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- ( WV) : 26506
Furnishing essential facts in the event of a litigation
Can contract files be combined if appropriate? - ✔️✔️Yes
At what level are contract files maintained and why? - ✔️✔️Maintained at the
organizational level to ensure
effective documentation of contract actions
accessibility by principal users
minimal establishment of duplicate and working files
safeguarding classified docs
conformance with agency regs
When is a SAP contract file closed out? - ✔️✔️When the KO receives evidence of receipt
of property or final payment
When is a FFP (not SAP) contract file closed out? - ✔️✔️Should be closed out within 6
months after date KO receives evidence of physical completion
When should contract files required settlement of indirect cost rates be closed out? -
✔️✔️Within 36 months of the month the KO receives evidence of physical completion
When should all other (not SAP, FFP, or indirect cost rate) contract files be closed? -
✔️✔️Within 20 months of the month the KO receives evidence of physical completion
2
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- ( WV) : 26506
When is a contract considered physically complete? - ✔️✔️the KTR has completed
required deliveries and Gov has inspected and accepted the supplies
The contractor has performed all services and the Gov has accepted the services and
all option provisions, if any, have expired
or the Gov gives the KTR notice of termination
What are the steps to close out a contract file? - ✔️✔️1) Contract admin office is
responsible for initiating, reviewing contract fund status, and deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to admin office
How long are contract documents retained after closeout? - ✔️✔️6 years after final
payment
What does a KO need prior to commencement of negotiations for a sole source
contract, commencement of negotiations for a contract resulting from an unsolicited
proposal, or award without providing for full and open competition? - ✔️✔️Justification
and Approval which justifies the actions in writing, certifies the accuracy and
completeness of the justifications and obtains the approval required
The KO shall not award a sole-source contract for an amount exceeding $25M unless -
✔️✔️they have a signed Justification and Approval
3
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- ( WV) : 26506
A J&A should include - ✔️✔️Description of action being approved
Description of supplies or services required + estimated value
statutory authority permitting other than full and open comp
demonstrate why specific KTR is required (instead of comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in the future
KO certification
What are the thresholds for J&A approval - ✔️✔️under $750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
What are the basic elements required for a contract to be legally binding (4) - ✔️✔️mutual
assent (valid offer and acceptance)
adequate consideration
4
WEST VIRGINIA UNIVERSIRTY- ( WV) : 26506
CON 3990 Exam Practice Questions and
Answers (100% Correct)
What is the Micro-purhcase threshold for supplies? - ✔️✔️$10k
All incentive contracts (schedule or performance) must also include what? - ✔️✔️Cost
incentive or constraint
What requires funds to be used only for needs or services in the year of the
appropriations obligation period? - ✔️✔️Bona Fide Needs Rule
What contract types can be used for commercial item purchases? - ✔️✔️FFP or FPEPA
What is the Simplified Acquisition Threshold for commercial products and services?
What is it for non-commercial? - ✔️✔️$7.5M - commercial $250k for non-commercial
True or False: The Gov shall use electronic commerce whenever practicable or cost-
effective - ✔️✔️True
What is the purpose of a contract file? (4) - ✔️✔️Provide background/basis for decisions
Supporting actions taken
Provide information for reviews and investigations
1
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- ( WV) : 26506
Furnishing essential facts in the event of a litigation
Can contract files be combined if appropriate? - ✔️✔️Yes
At what level are contract files maintained and why? - ✔️✔️Maintained at the
organizational level to ensure
effective documentation of contract actions
accessibility by principal users
minimal establishment of duplicate and working files
safeguarding classified docs
conformance with agency regs
When is a SAP contract file closed out? - ✔️✔️When the KO receives evidence of receipt
of property or final payment
When is a FFP (not SAP) contract file closed out? - ✔️✔️Should be closed out within 6
months after date KO receives evidence of physical completion
When should contract files required settlement of indirect cost rates be closed out? -
✔️✔️Within 36 months of the month the KO receives evidence of physical completion
When should all other (not SAP, FFP, or indirect cost rate) contract files be closed? -
✔️✔️Within 20 months of the month the KO receives evidence of physical completion
2
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- ( WV) : 26506
When is a contract considered physically complete? - ✔️✔️the KTR has completed
required deliveries and Gov has inspected and accepted the supplies
The contractor has performed all services and the Gov has accepted the services and
all option provisions, if any, have expired
or the Gov gives the KTR notice of termination
What are the steps to close out a contract file? - ✔️✔️1) Contract admin office is
responsible for initiating, reviewing contract fund status, and deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to admin office
How long are contract documents retained after closeout? - ✔️✔️6 years after final
payment
What does a KO need prior to commencement of negotiations for a sole source
contract, commencement of negotiations for a contract resulting from an unsolicited
proposal, or award without providing for full and open competition? - ✔️✔️Justification
and Approval which justifies the actions in writing, certifies the accuracy and
completeness of the justifications and obtains the approval required
The KO shall not award a sole-source contract for an amount exceeding $25M unless -
✔️✔️they have a signed Justification and Approval
3
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- ( WV) : 26506
A J&A should include - ✔️✔️Description of action being approved
Description of supplies or services required + estimated value
statutory authority permitting other than full and open comp
demonstrate why specific KTR is required (instead of comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in the future
KO certification
What are the thresholds for J&A approval - ✔️✔️under $750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
What are the basic elements required for a contract to be legally binding (4) - ✔️✔️mutual
assent (valid offer and acceptance)
adequate consideration
4
