CPFO Exam – Procurement UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Procurement - CORRECT ANSWER - is the process through which government acquires
goods and services for its own use
The stages procurement - CORRECT ANSWER - planning/scheduling, source selection/
purchasing, contract administration
Fundamental objective of procurement - CORRECT ANSWER - to 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 - CORRECT ANSWER - the vendor is prohibited from receiving government
contracts temporarily pending an investigation of activities likely to result in debarment.
Debarment - CORRECT ANSWER - the vendor is not eligible to receive any government
contracts for a specified period of time.
Source selection - CORRECT ANSWER - the process through which government
suppliers are chosen. There are three primary methods of competitive source selection.
competitive sealed bids - CORRECT ANSWER - invitation to/for bids (ITB/IFB). Flat
price or fixed unit costs. The award is made to the vendor submitting the lowest bid.
Competitive sealed proposals (CSP) - CORRECT ANSWER - used for goods and services
above the small purchase threshold, through the issuance of RFPs.
Request for Quotation (RFQ) - CORRECT ANSWER - a quote is less formal than a bid
and may be verbal.
ACTUAL Exam Questions and CORRECT
Answers
Procurement - CORRECT ANSWER - is the process through which government acquires
goods and services for its own use
The stages procurement - CORRECT ANSWER - planning/scheduling, source selection/
purchasing, contract administration
Fundamental objective of procurement - CORRECT ANSWER - to 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 - CORRECT ANSWER - the vendor is prohibited from receiving government
contracts temporarily pending an investigation of activities likely to result in debarment.
Debarment - CORRECT ANSWER - the vendor is not eligible to receive any government
contracts for a specified period of time.
Source selection - CORRECT ANSWER - the process through which government
suppliers are chosen. There are three primary methods of competitive source selection.
competitive sealed bids - CORRECT ANSWER - invitation to/for bids (ITB/IFB). Flat
price or fixed unit costs. The award is made to the vendor submitting the lowest bid.
Competitive sealed proposals (CSP) - CORRECT ANSWER - used for goods and services
above the small purchase threshold, through the issuance of RFPs.
Request for Quotation (RFQ) - CORRECT ANSWER - a quote is less formal than a bid
and may be verbal.
