CPFO Exam – Procurement Questions &
Answers 100% Accurate!!
Procurement - ANSWERSis the process through which government acquires goods and
services for its own use
The stages procurement - ANSWERSplanning/scheduling, source selection/
purchasing, contract administration
Fundamental objective of procurement - ANSWERSto provide goods and services in
the right quality and quantity on a timely basis as efficiently as possible and at the
lowest overall cost
Suspension - ANSWERSthe vendor is prohibited from receiving government contracts
temporarily pending an investigation of activities likely to result in debarment.
Goods - ANSWERStangible items that fall into two categories
commodities - ANSWERSarticles or trade,
non-commodities - ANSWERScomplex, novel, or customized goods.
Services - ANSWERSintangible
five categories of services - ANSWERSpersonal services, professional services, client
services, construction services, technology services.
Service contracting - ANSWERSa government contract with a private entity in which the
government retains the ultimate control and accountability for the services.
Privatization - ANSWERSterm used to describe the process of transferring to a non-
government entity the responsibility for delivering services previously delivered by the
government.
Divestiture - ANSWERSthe government divests itself of both management
responsibilities and the assets previously used for providing services.
Request for Quotation (RFQ) - ANSWERSa quote is less formal than a bid and may be
verbal.
Responsive bidder - ANSWERSis one who responds to all of the significant
requirements outlined in the solicitation
Answers 100% Accurate!!
Procurement - ANSWERSis the process through which government acquires goods and
services for its own use
The stages procurement - ANSWERSplanning/scheduling, source selection/
purchasing, contract administration
Fundamental objective of procurement - ANSWERSto provide goods and services in
the right quality and quantity on a timely basis as efficiently as possible and at the
lowest overall cost
Suspension - ANSWERSthe vendor is prohibited from receiving government contracts
temporarily pending an investigation of activities likely to result in debarment.
Goods - ANSWERStangible items that fall into two categories
commodities - ANSWERSarticles or trade,
non-commodities - ANSWERScomplex, novel, or customized goods.
Services - ANSWERSintangible
five categories of services - ANSWERSpersonal services, professional services, client
services, construction services, technology services.
Service contracting - ANSWERSa government contract with a private entity in which the
government retains the ultimate control and accountability for the services.
Privatization - ANSWERSterm used to describe the process of transferring to a non-
government entity the responsibility for delivering services previously delivered by the
government.
Divestiture - ANSWERSthe government divests itself of both management
responsibilities and the assets previously used for providing services.
Request for Quotation (RFQ) - ANSWERSa quote is less formal than a bid and may be
verbal.
Responsive bidder - ANSWERSis one who responds to all of the significant
requirements outlined in the solicitation
