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BACK TO BASICS CONTRACTING EXAM/ACTUAL
QUESTIONS & ANSWERS RATED 100%
CORRECT/NEWEST UPDATE
(1) Delivering on a timely basis is the best-value products
and services to the customer and (2) maintaining the public's
trust and fulfill public policy objectives is what? - . . ANSWER
✓✓ The vision of the Federal Acquisition System
A "personal conflict of interest" is a situation where an
individual is employed by a defense contractor company and is in
a position to materially influence DOD's recommendations and/or
decisions and, because of his/her personal activities,
relationships, or financial interests, may lack or appear to lack
objectivity or appear to be unduly influenced by personal
financial interest. True or False? - . . ANSWER ✓✓ True
A change to the solicitation is called a what? - . . ANSWER
✓✓ Amendment
A communication plan must include what 6 things? - . .
ANSWER ✓✓ (1) Who the target audience is., (2) What needs to be
communicated, (3) What the communications should contain, (4)
Who is responsible for generating the communication, (5) What
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format or forum should be used, and (6) What frequency is
needed to keep the target audience up to speed.
A contract awarded using other than sealed bidding
procedures is a what? - . . ANSWER ✓✓ FAR Part 15 Negotiated
Contract
A contract is defined as a mutually binding legal
relationship obligating the seller to furnish the supplies or
services (including construction) and the buyer to pay for them.
True or False? - . . ANSWER ✓✓ True
A contract is unenforceable if any term of the agreement is
contrary to public policy. What element is this? - . . ANSWER ✓✓
Lawful Purpose
A contract qualifies for the automated closeout process if
the contract meets what 3 requirements? - . . ANSWER ✓✓ (1) is
a firm-fized priced contract, (2) does not exceed a total contract
value of $500,000, and (3) does not contain a certain provision
requiring administrative action at closeout
A contracting officer shall not knowingly award a contract
to WHO or to a business concern or other organization owned or
substantially owned by this person (FAR 3.601). - . . ANSWER ✓✓
a Government employee
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A contractor assumes the greatest cost risk in a which type
of contract? - . . ANSWER ✓✓ Firm-Fixed Price Contracts
A Contractor assumes the least cost risk in which type of
contract? - . . ANSWER ✓✓ Cost Plus Fixed Fee Contracts
A cost is allowable only when the cost is what? - . .
ANSWER ✓✓ (1) Reasonable, (2) Allocable, and (3) Determined to
be allowable.
A cost is what if it is assignable or chargeable to one or
more cost objectives on the basis of relative benefits received or
other equitable relationship. - . . ANSWER ✓✓ Allocable
A cost reimbursement type contract places upon the
contractor maximum risk and responsibility for all costs and
resulting profit or loss. True or False? - . . ANSWER ✓✓ False
A Cost-Plus Incentive Fee contract specifies a target cost, a
target fee, minimum and maximum fees, and a fee adjustment
formula. True or False? - . . ANSWER ✓✓ True
A cost-plus-a-percentage-of-cost system of contracting is
prohibited. True or False? - . . ANSWER ✓✓ True
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A cure notice is issued when? - . . ANSWER ✓✓ (1)
Contractor fails to make progress and performance is
endangered, (2) Performance problems do not involve terms for
delivery, and (3) At least 10 days remain for contract
performance and correction of the problem can be reasonably
expected in the time remaining.
A good understanding of the "as is state" or "baseline" -
including current, past, and forecasted requirements, processes,
performance, and spending - can help the Acquisition Team more
effectively develop plans and actions that will improve
performance of the new requirement and implementation
strategy. True or False? - . . ANSWER ✓✓ True
A plant clearance officer should provide the contractor
disposition instructions for property identified on an acceptable
inventory disposal schedule within how many days? - . .
ANSWER ✓✓ 120 days
A PNM shall only include the purpose of the negotiation.
True or False? - . . ANSWER ✓✓ False
A price is based on adequate price competition when... - . .
ANSWER ✓✓ (1) In receipt of offers from two or more
responsible offerors and (2) In receipt of offers from two or
more offerors competing independently
BACK TO BASICS CONTRACTING EXAM/ACTUAL
QUESTIONS & ANSWERS RATED 100%
CORRECT/NEWEST UPDATE
(1) Delivering on a timely basis is the best-value products
and services to the customer and (2) maintaining the public's
trust and fulfill public policy objectives is what? - . . ANSWER
✓✓ The vision of the Federal Acquisition System
A "personal conflict of interest" is a situation where an
individual is employed by a defense contractor company and is in
a position to materially influence DOD's recommendations and/or
decisions and, because of his/her personal activities,
relationships, or financial interests, may lack or appear to lack
objectivity or appear to be unduly influenced by personal
financial interest. True or False? - . . ANSWER ✓✓ True
A change to the solicitation is called a what? - . . ANSWER
✓✓ Amendment
A communication plan must include what 6 things? - . .
ANSWER ✓✓ (1) Who the target audience is., (2) What needs to be
communicated, (3) What the communications should contain, (4)
Who is responsible for generating the communication, (5) What
,2|Page
format or forum should be used, and (6) What frequency is
needed to keep the target audience up to speed.
A contract awarded using other than sealed bidding
procedures is a what? - . . ANSWER ✓✓ FAR Part 15 Negotiated
Contract
A contract is defined as a mutually binding legal
relationship obligating the seller to furnish the supplies or
services (including construction) and the buyer to pay for them.
True or False? - . . ANSWER ✓✓ True
A contract is unenforceable if any term of the agreement is
contrary to public policy. What element is this? - . . ANSWER ✓✓
Lawful Purpose
A contract qualifies for the automated closeout process if
the contract meets what 3 requirements? - . . ANSWER ✓✓ (1) is
a firm-fized priced contract, (2) does not exceed a total contract
value of $500,000, and (3) does not contain a certain provision
requiring administrative action at closeout
A contracting officer shall not knowingly award a contract
to WHO or to a business concern or other organization owned or
substantially owned by this person (FAR 3.601). - . . ANSWER ✓✓
a Government employee
,3|Page
A contractor assumes the greatest cost risk in a which type
of contract? - . . ANSWER ✓✓ Firm-Fixed Price Contracts
A Contractor assumes the least cost risk in which type of
contract? - . . ANSWER ✓✓ Cost Plus Fixed Fee Contracts
A cost is allowable only when the cost is what? - . .
ANSWER ✓✓ (1) Reasonable, (2) Allocable, and (3) Determined to
be allowable.
A cost is what if it is assignable or chargeable to one or
more cost objectives on the basis of relative benefits received or
other equitable relationship. - . . ANSWER ✓✓ Allocable
A cost reimbursement type contract places upon the
contractor maximum risk and responsibility for all costs and
resulting profit or loss. True or False? - . . ANSWER ✓✓ False
A Cost-Plus Incentive Fee contract specifies a target cost, a
target fee, minimum and maximum fees, and a fee adjustment
formula. True or False? - . . ANSWER ✓✓ True
A cost-plus-a-percentage-of-cost system of contracting is
prohibited. True or False? - . . ANSWER ✓✓ True
, 4|Page
A cure notice is issued when? - . . ANSWER ✓✓ (1)
Contractor fails to make progress and performance is
endangered, (2) Performance problems do not involve terms for
delivery, and (3) At least 10 days remain for contract
performance and correction of the problem can be reasonably
expected in the time remaining.
A good understanding of the "as is state" or "baseline" -
including current, past, and forecasted requirements, processes,
performance, and spending - can help the Acquisition Team more
effectively develop plans and actions that will improve
performance of the new requirement and implementation
strategy. True or False? - . . ANSWER ✓✓ True
A plant clearance officer should provide the contractor
disposition instructions for property identified on an acceptable
inventory disposal schedule within how many days? - . .
ANSWER ✓✓ 120 days
A PNM shall only include the purpose of the negotiation.
True or False? - . . ANSWER ✓✓ False
A price is based on adequate price competition when... - . .
ANSWER ✓✓ (1) In receipt of offers from two or more
responsible offerors and (2) In receipt of offers from two or
more offerors competing independently
