CFCM EXAM Prep. || With Questions
& Answers (Graded A+)
Conceptial Research
, CFCM EXAM Prep. || With Questions &
Answers (Graded A+)
A pre-bid conference may be used for the following purposes except? - ANSWER - The
correct answer is: as a substitute for amending a defective or ambiguous invitation.
________________ provides for upward or downward revision of the state contract
price upon occurrence of specified contingencies - ANSWER - Fixed-Price with
economic price adjustment
What method of special contracting is used to acquire known requirements in quantities
and total cost not over planned requirements for up to five years unless otherwise
authorized by statute, even though the total funds ultimately to be obligated may not be
available at the time of contract award? - ANSWER - FAR 17.104
The correct answer is: Multi-Year Contracting
ich of the following is the Government's preferred method to purchase and pay for micro
purchases? - ANSWER - FAR 13.305
The correct answer is: $500
Two-Step bidding can use which of the following types of contracts? - ANSWER - FAR
14.502
The correct answer is: Firm-Fixed-Price
Imprest Funds are used for cash purchases below what level? - ANSWER - FAR 13.305
The correct answer is: $500
The Government prefers to issue multiple awards for which of the following? - ANSWER
- FAR 16.5
The correct answer is: Indefinite Delivery Indefinite Quantity Contracts
Which of the following contract types puts the most risk on the buyer? - ANSWER - FAR
16.101
The correct answer is: Cost Plus Fixed Fee
Which of the following contract types is prohibited by the FAR? - ANSWER - FAR
16.102
, The correct answer is: Cost Plus Percentage of Cost
The objective when negotiating contract type and price is to negotiate one that will result
in: - ANSWER - The correct answer is: Reasonable contractor risk and greatest
incentive for efficient and economical performance
What occurs when the final cost exceeds the price ceiling in a fixed-price incentive fee
type contract? - ANSWER - FAR 16.403
The correct answer is: Contractor absorbs the difference as a loss
A letter contract may be used when the schedule will provide definitization of a contract
no greater than _____ days after the date of the letter contract. - ANSWER - FAR
16.603
The correct answer is: 180
________________ Contracts place maximum risk and full responsibility for all costs
and resulting profit and loss upon the Contractor. - ANSWER - FAR 16.202
The correct answer is: Firm-Fixed-Price
What type of contract is a written preliminary contractual instrument that authorizes the
contractor to begin immediately manufacturing supplies or performing service? -
ANSWER - FAR 16.603
The correct answer is: Letter Contract
____________ are written instruments of understanding that contain terms and
conditions that apply to future orders, a description of supplies and services to be
provided, and methods for pricing, issuing, and delivering future orders. - ANSWER -
FAR 16.703
The correct answer is: Basic Ordering Agreements
acquisition of supplies or services that has an anticipated dollar value exceeding $3,000
and not exceeding $150,000: - ANSWER - FAR 13.003
The correct answer is: Is reserved exclusively for small business concerns and shall be
set aside
Public Law _____________ authorizes extraordinary contractual actions to facilitate the
national defense. - ANSWER - FAR 18.127
The correct answer is: 85-804
& Answers (Graded A+)
Conceptial Research
, CFCM EXAM Prep. || With Questions &
Answers (Graded A+)
A pre-bid conference may be used for the following purposes except? - ANSWER - The
correct answer is: as a substitute for amending a defective or ambiguous invitation.
________________ provides for upward or downward revision of the state contract
price upon occurrence of specified contingencies - ANSWER - Fixed-Price with
economic price adjustment
What method of special contracting is used to acquire known requirements in quantities
and total cost not over planned requirements for up to five years unless otherwise
authorized by statute, even though the total funds ultimately to be obligated may not be
available at the time of contract award? - ANSWER - FAR 17.104
The correct answer is: Multi-Year Contracting
ich of the following is the Government's preferred method to purchase and pay for micro
purchases? - ANSWER - FAR 13.305
The correct answer is: $500
Two-Step bidding can use which of the following types of contracts? - ANSWER - FAR
14.502
The correct answer is: Firm-Fixed-Price
Imprest Funds are used for cash purchases below what level? - ANSWER - FAR 13.305
The correct answer is: $500
The Government prefers to issue multiple awards for which of the following? - ANSWER
- FAR 16.5
The correct answer is: Indefinite Delivery Indefinite Quantity Contracts
Which of the following contract types puts the most risk on the buyer? - ANSWER - FAR
16.101
The correct answer is: Cost Plus Fixed Fee
Which of the following contract types is prohibited by the FAR? - ANSWER - FAR
16.102
, The correct answer is: Cost Plus Percentage of Cost
The objective when negotiating contract type and price is to negotiate one that will result
in: - ANSWER - The correct answer is: Reasonable contractor risk and greatest
incentive for efficient and economical performance
What occurs when the final cost exceeds the price ceiling in a fixed-price incentive fee
type contract? - ANSWER - FAR 16.403
The correct answer is: Contractor absorbs the difference as a loss
A letter contract may be used when the schedule will provide definitization of a contract
no greater than _____ days after the date of the letter contract. - ANSWER - FAR
16.603
The correct answer is: 180
________________ Contracts place maximum risk and full responsibility for all costs
and resulting profit and loss upon the Contractor. - ANSWER - FAR 16.202
The correct answer is: Firm-Fixed-Price
What type of contract is a written preliminary contractual instrument that authorizes the
contractor to begin immediately manufacturing supplies or performing service? -
ANSWER - FAR 16.603
The correct answer is: Letter Contract
____________ are written instruments of understanding that contain terms and
conditions that apply to future orders, a description of supplies and services to be
provided, and methods for pricing, issuing, and delivering future orders. - ANSWER -
FAR 16.703
The correct answer is: Basic Ordering Agreements
acquisition of supplies or services that has an anticipated dollar value exceeding $3,000
and not exceeding $150,000: - ANSWER - FAR 13.003
The correct answer is: Is reserved exclusively for small business concerns and shall be
set aside
Public Law _____________ authorizes extraordinary contractual actions to facilitate the
national defense. - ANSWER - FAR 18.127
The correct answer is: 85-804
