Acquisition & Contracting Exam 1 Questions
And Answers
Acquisition - - -
correct answer ✅acquiring by contract with appropriated funds of
supplies or services by and for the use of the Federal Government
through purchase or lease, whether the supplies or services are
already in existence or must be created, developed, demonstrated
and evaluated
Procurement - - -
correct answer ✅acquiring goods, services, works from an external
source
Contracting - - -
correct answer ✅purchasing, renting, leasing or otherwise
obtaining supplies or services from nonfederal sources. includes
description of supplies and services, selection and solicitation of
sources, preparation and award of contracts and all phases of
contract administration
subcontracting - - -
correct answer ✅when some of the effort is contracted to another
party
, Acquisition & Contracting Exam 1 Questions
And Answers
Contract management as a competitive advantage - - -
correct answer ✅Important part of the value chain that can create
significant value over and above the cost of operations. Enables
other parts of the organization to achieve greater value when
contracting is able to keep prices low and delivery on time.
Provides insight and value to the 'links' in the value chain. Make or
buy outsourcing decisions can create cost or differentiation
advantages.
Contract Elements - - -
correct answer ✅Offer, Acceptance, Exchange of consideration,
Competent parties, Legality of purpose
Law of Agency - - -
correct answer ✅relationship based on the delegation of authority
by the principal to the agent to act on the principal's behalf.
Privity of Contract - - -
correct answer ✅the legal connection or relationship that exists
between the contracting parties allowing either party to enforce
contractual rights and seek restitution. Buyer has privity of contract
with the prime vendor/contractor and the prime contractor to
And Answers
Acquisition - - -
correct answer ✅acquiring by contract with appropriated funds of
supplies or services by and for the use of the Federal Government
through purchase or lease, whether the supplies or services are
already in existence or must be created, developed, demonstrated
and evaluated
Procurement - - -
correct answer ✅acquiring goods, services, works from an external
source
Contracting - - -
correct answer ✅purchasing, renting, leasing or otherwise
obtaining supplies or services from nonfederal sources. includes
description of supplies and services, selection and solicitation of
sources, preparation and award of contracts and all phases of
contract administration
subcontracting - - -
correct answer ✅when some of the effort is contracted to another
party
, Acquisition & Contracting Exam 1 Questions
And Answers
Contract management as a competitive advantage - - -
correct answer ✅Important part of the value chain that can create
significant value over and above the cost of operations. Enables
other parts of the organization to achieve greater value when
contracting is able to keep prices low and delivery on time.
Provides insight and value to the 'links' in the value chain. Make or
buy outsourcing decisions can create cost or differentiation
advantages.
Contract Elements - - -
correct answer ✅Offer, Acceptance, Exchange of consideration,
Competent parties, Legality of purpose
Law of Agency - - -
correct answer ✅relationship based on the delegation of authority
by the principal to the agent to act on the principal's behalf.
Privity of Contract - - -
correct answer ✅the legal connection or relationship that exists
between the contracting parties allowing either party to enforce
contractual rights and seek restitution. Buyer has privity of contract
with the prime vendor/contractor and the prime contractor to
