2023 CLC 056 /CLC 056 Analyzing Contract Costs Exam
QUESTIONS AND ANSWERS GRADED A
When is it most appropriate to document or model a contractor's
proposal? - ✔✔ANSWER✔✔>>- When the value, importance, and
complexity warrant the modeling.
The first step when conducting stratified sampling is to identify the
population of items to be sampled. - ✔✔ANSWER✔✔>>- True
You are preparing to negotiate a service task for routine
maintenance of Government equipment. A sample of 25 records for
similar maintenance tasks indicates that the average time required
to perform similar maintenance tasks has been six hours and 40
minutes. How can you use this - ✔✔ANSWER✔✔>>- Developing a
price negotiation objective for labor costs
What is the single most important decision the Contracting Officer
must make to mitigate cost risk? - ✔✔ANSWER✔✔>>- Selection of
contract type
Identify the formula for calculating indirect cost rates. -
✔✔ANSWER✔✔>>- Expense Pool divided by Allocation Base
Identify when cost analysis would be required - ✔✔ANSWER✔✔>>-
When certified cost or pricing data are required
Which sampling technique is used to focus on high-value items? -
✔✔ANSWER✔✔>>- Stratified
Which of the following is the preferred method for determining if a
proposed cost is reasonable? - ✔✔ANSWER✔✔>>- Comparing with
other competitive proposals received in response to the solicitation
, The purpose of an audit is to: - ✔✔ANSWER✔✔>>- Determine if the
data is accurate and complete
- Verify transaction legality
- Determine the degree of compliance with established procedures
Identify the ultimate objective of performing proposal analysis. -
✔✔ANSWER✔✔>>- To ensure the final agreed to price is fair and
reasonable
True or False: The national average mortgage rate is used in
calculating Facilities Capital Cost of Money (FCCOM) -
✔✔ANSWER✔✔>>- False
Using a direct comparison with the cost of a similar contract effort is
an acceptable summary estimating technique. - ✔✔ANSWER✔✔>>-
True
Which of the following situations would exempt a contract or
subcontract from CAS coverage? - ✔✔ANSWER✔✔>>- The contract
or subcontract is with a small business.
True or False: Special test equipment that is engineered, designed,
fabricated, or modified to meet specific contract needs and cannot
be used for other contracts can be categorized as "other direct
costs". - ✔✔ANSWER✔✔>>- True
A "questioned cost" is one that has not yet been evaluated. -
✔✔ANSWER✔✔>>- False
Which of the following situations are considered exempt from the
submission of Certified Cost or Pricing Data? - ✔✔ANSWER✔✔>>-
Prices are set by law or regulation.
What is the "base" that used in the calculation of the performance
risk, contract type risk, and cost efficiency factor when using the
weighted guidelines to determine a profit/fee objective? -
✔✔ANSWER✔✔>>- Total Costs
QUESTIONS AND ANSWERS GRADED A
When is it most appropriate to document or model a contractor's
proposal? - ✔✔ANSWER✔✔>>- When the value, importance, and
complexity warrant the modeling.
The first step when conducting stratified sampling is to identify the
population of items to be sampled. - ✔✔ANSWER✔✔>>- True
You are preparing to negotiate a service task for routine
maintenance of Government equipment. A sample of 25 records for
similar maintenance tasks indicates that the average time required
to perform similar maintenance tasks has been six hours and 40
minutes. How can you use this - ✔✔ANSWER✔✔>>- Developing a
price negotiation objective for labor costs
What is the single most important decision the Contracting Officer
must make to mitigate cost risk? - ✔✔ANSWER✔✔>>- Selection of
contract type
Identify the formula for calculating indirect cost rates. -
✔✔ANSWER✔✔>>- Expense Pool divided by Allocation Base
Identify when cost analysis would be required - ✔✔ANSWER✔✔>>-
When certified cost or pricing data are required
Which sampling technique is used to focus on high-value items? -
✔✔ANSWER✔✔>>- Stratified
Which of the following is the preferred method for determining if a
proposed cost is reasonable? - ✔✔ANSWER✔✔>>- Comparing with
other competitive proposals received in response to the solicitation
, The purpose of an audit is to: - ✔✔ANSWER✔✔>>- Determine if the
data is accurate and complete
- Verify transaction legality
- Determine the degree of compliance with established procedures
Identify the ultimate objective of performing proposal analysis. -
✔✔ANSWER✔✔>>- To ensure the final agreed to price is fair and
reasonable
True or False: The national average mortgage rate is used in
calculating Facilities Capital Cost of Money (FCCOM) -
✔✔ANSWER✔✔>>- False
Using a direct comparison with the cost of a similar contract effort is
an acceptable summary estimating technique. - ✔✔ANSWER✔✔>>-
True
Which of the following situations would exempt a contract or
subcontract from CAS coverage? - ✔✔ANSWER✔✔>>- The contract
or subcontract is with a small business.
True or False: Special test equipment that is engineered, designed,
fabricated, or modified to meet specific contract needs and cannot
be used for other contracts can be categorized as "other direct
costs". - ✔✔ANSWER✔✔>>- True
A "questioned cost" is one that has not yet been evaluated. -
✔✔ANSWER✔✔>>- False
Which of the following situations are considered exempt from the
submission of Certified Cost or Pricing Data? - ✔✔ANSWER✔✔>>-
Prices are set by law or regulation.
What is the "base" that used in the calculation of the performance
risk, contract type risk, and cost efficiency factor when using the
weighted guidelines to determine a profit/fee objective? -
✔✔ANSWER✔✔>>- Total Costs
