CPPS Study Guide exam with verified answers
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- |Maximize |return |of |Investment
- |Facilitate |Compliance
- |Maximize |reutilization
- |Depreciation |expense |- |correct |answer |Benefits |of |an |Effective |Property |Function
Other |names |of |Property |Accounting |- |correct |answer |- |Fixed |asset |accounting
- |Inventory |Control
- |Material/Property |Control
Three |key |concepts |of |Property |Management |- |correct |answer |- |Ownership
- |Accountability
- |Responsibility
Records |- |correct |answer |- |Crucial |element |of |Property |Control |Management
Begin |during |acqusition |process, |continues |through |every |related |transaction |to |include |
protection, |preservation, |utilization, |maintenance |and |disposition |- |correct |answer |Records
Cornerstone |of |effective |Property |Control |- |correct |answer |Communication, |to |include |routine |
or |special |purpose |reports, |and |Training
Benefits |gained |by |efficient |property |management |- |correct |answer |- |Return |of |Investment |
(ROI)
-Reutilization |of |excess |property
-Compliance |of |internal |and |external |procedures
-Value |of |organization
,What |is |Process? |- |correct |answer |The |series |of |steps |taken |to |produce |a |desired |result
What |is |Procedure? |- |correct |answer |Steps |that |must |be |followed |to |produce |results
Having |legal/rightful |title |to |property |either |by |organization |or |sponsor |under |certain |terms |- |
correct |answer |Ownership
Means |to |possess |and |have |use |of |company |property |with |delegated |duties |and |
responsibilties |- |correct |answer |Accountability
Key |elements |of |Property |Accountabilty |- |correct |answer |- |Provider
- |Recipient
- |Specific |duties |and |responsibilities
- |Specific |penalties |in |case |of |default
Transfer |of |accountability |- |correct |answer |When |accountability |shifts |from |one |entity |to |
another.... |may |or |may |not |include |physical |relocation |of |assets
Transfer |approval |must |be |coordinated |when, |how, |and |why? |- |correct |answer |When? |In |
advance
How? |in |writing
Why? |To |be |made |of |historical |file |and |audit |trail |of |assets
Transfer |document |must |include |three |things? |- |correct |answer |1. |Effective |date |of |transfer
2. |Purpose |of |transfer
3. |Description |of |property |to |be |transferred
Bottom |line... |transfers |occur |when |property |and |accountability |shift |from |what? |- |correct |
answer |From |the |using |organization |to |another
,An |organization |with |multiple |sites |with |multiple |subunits, |change |in |location |is |a |
______________ |and |not |an |_____________________________ |- |correct |answer |Change |in |
location |is |a |movement |not |an |interdepartmental |transfer
What |is |responsibility? |- |correct |answer |to |be |answerable |for |a |trust |or |obligation
Property |Professional |Key |distinction |Standpoint |- |correct |answer |One |is |accountable |to |
someone |for |the |property |while |being |responsible |for |certain |actions |ie |maintenance/storage |
related |to |the |property |or |asset
Interdepartmental |transfers |of |property |occurs |when? |- |correct |answer |When |property |and |
accountability |shift |from |the |using |organization |to |another
What |does |FAR |52.245-1-Government |Property |(FAC |2005-56, |April |2012) |(Ref, |(b) |(2) |Property
|Management |pertain |to? |- |correct |answer |The |Contractor's |responsibility |extending |from |the |
initial |acquisition |and |receipt |of |property, |through |stewardship, |custody, |and |until |use |formally
|relieved |of |responsibility |by |means, |including |delivery, |consumption, |expanding, |sale |(as |
surplus |property), |or |other |disposition, |or |via |completed |investigation, |evaluation, |and |final |
determination |for |loss |property.
What |is |the |Property |Control |System |comprised |of? |- |correct |answer |- |Written |policies
- |Procedures
- |Operational |Guidelines
- |Related |Records
- |The |Management |Information |System |(MIS)
What |defines |the |roles |and |responsibilities |of |each |participant |in |Property |Management? |- |
correct |answer |The |Property |Control |System
The |careful |and |responsible |management |of |operations |and |property |within |one's |care |is |
what? |- |correct |answer |Stewardship
, How |many |functional |areas |of |Property |Management |are |they |to |control |property |and |what |
are |they? |- |correct |answer |15
- |Acquisition
- |Receiving
- |Identification
- |Records
- |Reports
- |Storage
- |Movement
- |Audits
- |Physical |Inventory
- |Consumption
- |Utilization
- |Maintenance
- |Subtractor |Control
- |Dispostion
- |Contract |Closeout
What |are |the |foundation |of |the |property |control |base? |- |correct |answer |Property |records
Satisfactory |performance |of |the |steps |defined |in |the |processes |that |support |the |organization's
|mission |and |objectives |is |what? |- |correct |answer |Compliance
What |are |the |seven |factors |that |influence |where |the |property |function |would |most |be |
effectively |reside? |- |correct |answer |1. |The |type |and |size |of |the |organization
2. |The |type, |volume, |and |value |of |property |that |must |be |managed
3. |Compliance |requirements |and |related |risk |to |the |organization
4. |Management |groupings |of |functional |areas |within |an |organization
|| | | | | |
- |Maximize |return |of |Investment
- |Facilitate |Compliance
- |Maximize |reutilization
- |Depreciation |expense |- |correct |answer |Benefits |of |an |Effective |Property |Function
Other |names |of |Property |Accounting |- |correct |answer |- |Fixed |asset |accounting
- |Inventory |Control
- |Material/Property |Control
Three |key |concepts |of |Property |Management |- |correct |answer |- |Ownership
- |Accountability
- |Responsibility
Records |- |correct |answer |- |Crucial |element |of |Property |Control |Management
Begin |during |acqusition |process, |continues |through |every |related |transaction |to |include |
protection, |preservation, |utilization, |maintenance |and |disposition |- |correct |answer |Records
Cornerstone |of |effective |Property |Control |- |correct |answer |Communication, |to |include |routine |
or |special |purpose |reports, |and |Training
Benefits |gained |by |efficient |property |management |- |correct |answer |- |Return |of |Investment |
(ROI)
-Reutilization |of |excess |property
-Compliance |of |internal |and |external |procedures
-Value |of |organization
,What |is |Process? |- |correct |answer |The |series |of |steps |taken |to |produce |a |desired |result
What |is |Procedure? |- |correct |answer |Steps |that |must |be |followed |to |produce |results
Having |legal/rightful |title |to |property |either |by |organization |or |sponsor |under |certain |terms |- |
correct |answer |Ownership
Means |to |possess |and |have |use |of |company |property |with |delegated |duties |and |
responsibilties |- |correct |answer |Accountability
Key |elements |of |Property |Accountabilty |- |correct |answer |- |Provider
- |Recipient
- |Specific |duties |and |responsibilities
- |Specific |penalties |in |case |of |default
Transfer |of |accountability |- |correct |answer |When |accountability |shifts |from |one |entity |to |
another.... |may |or |may |not |include |physical |relocation |of |assets
Transfer |approval |must |be |coordinated |when, |how, |and |why? |- |correct |answer |When? |In |
advance
How? |in |writing
Why? |To |be |made |of |historical |file |and |audit |trail |of |assets
Transfer |document |must |include |three |things? |- |correct |answer |1. |Effective |date |of |transfer
2. |Purpose |of |transfer
3. |Description |of |property |to |be |transferred
Bottom |line... |transfers |occur |when |property |and |accountability |shift |from |what? |- |correct |
answer |From |the |using |organization |to |another
,An |organization |with |multiple |sites |with |multiple |subunits, |change |in |location |is |a |
______________ |and |not |an |_____________________________ |- |correct |answer |Change |in |
location |is |a |movement |not |an |interdepartmental |transfer
What |is |responsibility? |- |correct |answer |to |be |answerable |for |a |trust |or |obligation
Property |Professional |Key |distinction |Standpoint |- |correct |answer |One |is |accountable |to |
someone |for |the |property |while |being |responsible |for |certain |actions |ie |maintenance/storage |
related |to |the |property |or |asset
Interdepartmental |transfers |of |property |occurs |when? |- |correct |answer |When |property |and |
accountability |shift |from |the |using |organization |to |another
What |does |FAR |52.245-1-Government |Property |(FAC |2005-56, |April |2012) |(Ref, |(b) |(2) |Property
|Management |pertain |to? |- |correct |answer |The |Contractor's |responsibility |extending |from |the |
initial |acquisition |and |receipt |of |property, |through |stewardship, |custody, |and |until |use |formally
|relieved |of |responsibility |by |means, |including |delivery, |consumption, |expanding, |sale |(as |
surplus |property), |or |other |disposition, |or |via |completed |investigation, |evaluation, |and |final |
determination |for |loss |property.
What |is |the |Property |Control |System |comprised |of? |- |correct |answer |- |Written |policies
- |Procedures
- |Operational |Guidelines
- |Related |Records
- |The |Management |Information |System |(MIS)
What |defines |the |roles |and |responsibilities |of |each |participant |in |Property |Management? |- |
correct |answer |The |Property |Control |System
The |careful |and |responsible |management |of |operations |and |property |within |one's |care |is |
what? |- |correct |answer |Stewardship
, How |many |functional |areas |of |Property |Management |are |they |to |control |property |and |what |
are |they? |- |correct |answer |15
- |Acquisition
- |Receiving
- |Identification
- |Records
- |Reports
- |Storage
- |Movement
- |Audits
- |Physical |Inventory
- |Consumption
- |Utilization
- |Maintenance
- |Subtractor |Control
- |Dispostion
- |Contract |Closeout
What |are |the |foundation |of |the |property |control |base? |- |correct |answer |Property |records
Satisfactory |performance |of |the |steps |defined |in |the |processes |that |support |the |organization's
|mission |and |objectives |is |what? |- |correct |answer |Compliance
What |are |the |seven |factors |that |influence |where |the |property |function |would |most |be |
effectively |reside? |- |correct |answer |1. |The |type |and |size |of |the |organization
2. |The |type, |volume, |and |value |of |property |that |must |be |managed
3. |Compliance |requirements |and |related |risk |to |the |organization
4. |Management |groupings |of |functional |areas |within |an |organization
