One of the elements of the government pricing objective is to ensure that
contract prices are fair and reasonable. Which of the following statements are
true about "fairness to seller" that involve concerns? (Select all that apply) -
ANSWER - Sellers need to be concerned about an unrealistic low price
because of the risk
- The market consequences of prices that are too high by the seller
- Major mistakes in estimating costs by the seller
- Recovering buy-in losses by the seller
Which of the following are market conditions that affect a reasonable price? -
ANSWER - Competition
- Supply and Demand
- General Economic Conditions
All of the following statements are true about government contracting as part of
pricing each contract separately EXCEPT: - ANSWER -Buyers and sellers
usually have a good working knowledge of transactions between a contractor
and the government.
Which of the following is the correct definition of a contingency in government
contracting? - ANSWER - Possible future event arising from known or
unknown causes where the outcome cannot be determined
You have been asked to procure seven high definition mobile cameras. You
determine this to be a commercial item. Prices for these items range from
approximately $400,000 to $650,000 each. You identify six vendors but you
receive only one offer from Advanced Technology Solutions (ATS). You
, contact ATS and they are willing to provide quantities, dates of sale, discounts
offered and prices offered to their other customers. What analysis of the ATS's
offer should you use? - ANSWER Price analysis
Acquisition Plan Review Based on your review of the acquisition plan, what
type of proposal analysis do you think the Contracting Officer contemplated
using before soliciting offers? - ANSWER Price analysis
Which of the following estimating methods provides estimates that are based
upon an analysis of the resources and methods needed to perform each discrete
element of work comprising the contract requirements? - ANSWER Detailed
Which of the following are terms defined specifically for TINA? - ANSWER -
Certified Cost or Pricing Data
- Cost or Pricing Data
- Data Other than Certified Cost or Pricing Data
Read Section B of the Acquisition Plan for the original BBOMs contract. Did
the Truth in Negotiation Act flow to this original buy? Yes or No and why? -
ANSWER No. Whereas the estimated value of this award initially exceeded the
TINA threshold of $2 million, based upon market research, the Contracting
Officer determined adequate price competition for this requirement was
expected to be obtained. The exception at FAR 15.403-1(b)(1), therefore,
applied. The offerors were not required to submit certified cost or pricing data.
The BBOMs contract requires a non-commercial modification with a value of
$20.9 million. Will we require Certified Cost or Pricing Data be submitted for
this modification? - ANSWER Yes, because the estimate for this modification
was $20.9M when first estimated that is over the threshold of $2M and requires
the submission of Certified Cost or Pricing Data by the offeror.
contract prices are fair and reasonable. Which of the following statements are
true about "fairness to seller" that involve concerns? (Select all that apply) -
ANSWER - Sellers need to be concerned about an unrealistic low price
because of the risk
- The market consequences of prices that are too high by the seller
- Major mistakes in estimating costs by the seller
- Recovering buy-in losses by the seller
Which of the following are market conditions that affect a reasonable price? -
ANSWER - Competition
- Supply and Demand
- General Economic Conditions
All of the following statements are true about government contracting as part of
pricing each contract separately EXCEPT: - ANSWER -Buyers and sellers
usually have a good working knowledge of transactions between a contractor
and the government.
Which of the following is the correct definition of a contingency in government
contracting? - ANSWER - Possible future event arising from known or
unknown causes where the outcome cannot be determined
You have been asked to procure seven high definition mobile cameras. You
determine this to be a commercial item. Prices for these items range from
approximately $400,000 to $650,000 each. You identify six vendors but you
receive only one offer from Advanced Technology Solutions (ATS). You
, contact ATS and they are willing to provide quantities, dates of sale, discounts
offered and prices offered to their other customers. What analysis of the ATS's
offer should you use? - ANSWER Price analysis
Acquisition Plan Review Based on your review of the acquisition plan, what
type of proposal analysis do you think the Contracting Officer contemplated
using before soliciting offers? - ANSWER Price analysis
Which of the following estimating methods provides estimates that are based
upon an analysis of the resources and methods needed to perform each discrete
element of work comprising the contract requirements? - ANSWER Detailed
Which of the following are terms defined specifically for TINA? - ANSWER -
Certified Cost or Pricing Data
- Cost or Pricing Data
- Data Other than Certified Cost or Pricing Data
Read Section B of the Acquisition Plan for the original BBOMs contract. Did
the Truth in Negotiation Act flow to this original buy? Yes or No and why? -
ANSWER No. Whereas the estimated value of this award initially exceeded the
TINA threshold of $2 million, based upon market research, the Contracting
Officer determined adequate price competition for this requirement was
expected to be obtained. The exception at FAR 15.403-1(b)(1), therefore,
applied. The offerors were not required to submit certified cost or pricing data.
The BBOMs contract requires a non-commercial modification with a value of
$20.9 million. Will we require Certified Cost or Pricing Data be submitted for
this modification? - ANSWER Yes, because the estimate for this modification
was $20.9M when first estimated that is over the threshold of $2M and requires
the submission of Certified Cost or Pricing Data by the offeror.
