CONT 1300 Exam Review Questions And
Answers
Offer - - -
correct answer ✅A response to a solicitation that, if accepted,
would bind the offeror to perform the resultant contract.
Two Types of Offers - - -
correct answer ✅1. Bid - An offer to perform the work described in
a contract at a specified cost. Government bids are generally cost-
specific, based on the cost of labor, materials, profit, and overhead
2. Proposal - A government proposal, sometimes called a
government contract proposal, is a response written by a private
company to a public government agency for the purchasing of
goods or services
Quote - - -
correct answer ✅Used to obtain pricing for a specific number of
well-defined items (This is a quotation, not an Offer)
Solicitations - - -
correct answer ✅Used in negotiated acquisitions to communicate
your requirements to prospective contractors and to solicit
proposals
,CONT 1300 Exam Review Questions And
Answers
The Lowest Price Technically Acceptable (LPTA) includes - - -
correct answer ✅1. Evaluation factors and sub factors shall be in
the solicitation
2. Based on Lowest Price and Technically Acceptable Offer
3. Solicitations shall specify that award will be made on basis of
LPTA
Risk - - -
correct answer ✅A measure of future uncertainties in achieving
program goals and objectives within defined cost, schedule, and
performance constraints
Key Risk elements of a Contract - - -
correct answer ✅Cost, Schedule, and Performance
Cost risk - - -
correct answer ✅An escalation of project costs. It is the risk that
the project will cost more than the budget allocated for it. Perhaps
the most common project risk, cost risk is due to poor budget
planning, inaccurate cost estimating, and scope creep
, CONT 1300 Exam Review Questions And
Answers
Schedule risk - - -
correct answer ✅Activities will take longer than expected and is
typically the result of poor planning or unforeseen circumstances.
Performance risk - - -
correct answer ✅The risk that the project will fail to produce
results consistent with project specifications.
Proposal analysis is done by a contracting officer to determine
proposed prices to be ____ and _____ in all contract actions - - -
correct answer ✅Fair and Reasonable
Proposal Analysis Techniques - - -
correct answer ✅1. Price
2. Cost
3. Cost Realism
4. Technical Analysis
5. Unit Pricing and Unbalanced Pricing
Cost Realism Analysis - - -
correct answer ✅The process of independently reviewing and
Answers
Offer - - -
correct answer ✅A response to a solicitation that, if accepted,
would bind the offeror to perform the resultant contract.
Two Types of Offers - - -
correct answer ✅1. Bid - An offer to perform the work described in
a contract at a specified cost. Government bids are generally cost-
specific, based on the cost of labor, materials, profit, and overhead
2. Proposal - A government proposal, sometimes called a
government contract proposal, is a response written by a private
company to a public government agency for the purchasing of
goods or services
Quote - - -
correct answer ✅Used to obtain pricing for a specific number of
well-defined items (This is a quotation, not an Offer)
Solicitations - - -
correct answer ✅Used in negotiated acquisitions to communicate
your requirements to prospective contractors and to solicit
proposals
,CONT 1300 Exam Review Questions And
Answers
The Lowest Price Technically Acceptable (LPTA) includes - - -
correct answer ✅1. Evaluation factors and sub factors shall be in
the solicitation
2. Based on Lowest Price and Technically Acceptable Offer
3. Solicitations shall specify that award will be made on basis of
LPTA
Risk - - -
correct answer ✅A measure of future uncertainties in achieving
program goals and objectives within defined cost, schedule, and
performance constraints
Key Risk elements of a Contract - - -
correct answer ✅Cost, Schedule, and Performance
Cost risk - - -
correct answer ✅An escalation of project costs. It is the risk that
the project will cost more than the budget allocated for it. Perhaps
the most common project risk, cost risk is due to poor budget
planning, inaccurate cost estimating, and scope creep
, CONT 1300 Exam Review Questions And
Answers
Schedule risk - - -
correct answer ✅Activities will take longer than expected and is
typically the result of poor planning or unforeseen circumstances.
Performance risk - - -
correct answer ✅The risk that the project will fail to produce
results consistent with project specifications.
Proposal analysis is done by a contracting officer to determine
proposed prices to be ____ and _____ in all contract actions - - -
correct answer ✅Fair and Reasonable
Proposal Analysis Techniques - - -
correct answer ✅1. Price
2. Cost
3. Cost Realism
4. Technical Analysis
5. Unit Pricing and Unbalanced Pricing
Cost Realism Analysis - - -
correct answer ✅The process of independently reviewing and
