CON 3990 Exam Newest Exam 2026 |
Actual Exam Questions and Correct
Answers | Just Released
When is a SAP contract file closed out? ---------CORRECT ANSWER-----------------
When the KO receives evidence of receipt of property or final payment
When is a FFP (not SAP) contract file closed out? ---------CORRECT ANSWER----------
-------Should be closed out within 6 months after date KO receives evidence of
physical completion
When should contract files required settlement of indirect cost rates be closed
out? ---------CORRECT ANSWER-----------------Within 36 months of the month the
KO receives evidence of physical completion
When should all other (not SAP, FFP, or indirect cost rate) contract files be
closed? ---------CORRECT ANSWER-----------------Within 20 months of the month the
KO receives evidence of physical completion
When is a contract considered physically complete? ---------CORRECT ANSWER-----
------------the KTR has completed required deliveries and Gov has inspected and
accepted the supplies
,The contractor has performed all services and the Gov has accepted the services
and
all option provisions, if any, have expired
or the Gov gives the KTR notice of termination
What are the steps to close out a contract file? ---------CORRECT ANSWER------------
-----1) Contract admin office is responsible for initiating, reviewing contract fund
status, and deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to admin office
How long are contract documents retained after closeout? ---------CORRECT
ANSWER-----------------6 years after final payment
What does a KO need prior to commencement of negotiations for a sole source
contract, commencement of negotiations for a contract resulting from an
unsolicited proposal, or award without providing for full and open competition? --
-------CORRECT ANSWER-----------------Justification and Approval which justifies the
actions in writing, certifies the accuracy and completeness of the justifications
and obtains the approval required
The KO shall not award a sole-source contract for an amount exceeding $25M
unless ---------CORRECT ANSWER-----------------they have a signed Justification and
Approval
,A J&A should include ---------CORRECT ANSWER-----------------Description of action
being approved
Description of supplies or services required + estimated value
statutory authority permitting other than full and open comp
demonstrate why specific KTR is required (instead of comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in the future
KO certification
What are the thresholds for J&A approval ---------CORRECT ANSWER-----------------
under $750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
What are the basic elements required for a contract to be legally binding (4) -------
--CORRECT ANSWER-----------------mutual assent (valid offer and acceptance)
adequate consideration
capacity
, legality
What is implied actual authority? ---------CORRECT ANSWER-----------------authority
to do what is usual, customary and necessary to accomplish the action
Implied actual authority differs from express actual authority in that no express
agreement is executed
(e.g., when an individual is assigned a task to accomplish but the minor details
are not spelled out either verbally or in writing, this is an example of implied
actual authority).
What is the Micro-purhcase threshold for supplies? ---------CORRECT ANSWER------
-----------$10k
All incentive contracts (schedule or performance) must also include what? ---------
CORRECT ANSWER-----------------Cost incentive or constraint
What requires funds to be used only for needs or services in the year of the
appropriations obligation period? ---------CORRECT ANSWER-----------------Bona
Fide Needs Rule
What contract types can be used for commercial item purchases? ---------CORRECT
ANSWER-----------------FFP or FPEPA
Actual Exam Questions and Correct
Answers | Just Released
When is a SAP contract file closed out? ---------CORRECT ANSWER-----------------
When the KO receives evidence of receipt of property or final payment
When is a FFP (not SAP) contract file closed out? ---------CORRECT ANSWER----------
-------Should be closed out within 6 months after date KO receives evidence of
physical completion
When should contract files required settlement of indirect cost rates be closed
out? ---------CORRECT ANSWER-----------------Within 36 months of the month the
KO receives evidence of physical completion
When should all other (not SAP, FFP, or indirect cost rate) contract files be
closed? ---------CORRECT ANSWER-----------------Within 20 months of the month the
KO receives evidence of physical completion
When is a contract considered physically complete? ---------CORRECT ANSWER-----
------------the KTR has completed required deliveries and Gov has inspected and
accepted the supplies
,The contractor has performed all services and the Gov has accepted the services
and
all option provisions, if any, have expired
or the Gov gives the KTR notice of termination
What are the steps to close out a contract file? ---------CORRECT ANSWER------------
-----1) Contract admin office is responsible for initiating, reviewing contract fund
status, and deobligating excess funds
2)KO issues a contract completions statement
3) KO files completed statement and signed copy send to admin office
How long are contract documents retained after closeout? ---------CORRECT
ANSWER-----------------6 years after final payment
What does a KO need prior to commencement of negotiations for a sole source
contract, commencement of negotiations for a contract resulting from an
unsolicited proposal, or award without providing for full and open competition? --
-------CORRECT ANSWER-----------------Justification and Approval which justifies the
actions in writing, certifies the accuracy and completeness of the justifications
and obtains the approval required
The KO shall not award a sole-source contract for an amount exceeding $25M
unless ---------CORRECT ANSWER-----------------they have a signed Justification and
Approval
,A J&A should include ---------CORRECT ANSWER-----------------Description of action
being approved
Description of supplies or services required + estimated value
statutory authority permitting other than full and open comp
demonstrate why specific KTR is required (instead of comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in the future
KO certification
What are the thresholds for J&A approval ---------CORRECT ANSWER-----------------
under $750 - KO approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
What are the basic elements required for a contract to be legally binding (4) -------
--CORRECT ANSWER-----------------mutual assent (valid offer and acceptance)
adequate consideration
capacity
, legality
What is implied actual authority? ---------CORRECT ANSWER-----------------authority
to do what is usual, customary and necessary to accomplish the action
Implied actual authority differs from express actual authority in that no express
agreement is executed
(e.g., when an individual is assigned a task to accomplish but the minor details
are not spelled out either verbally or in writing, this is an example of implied
actual authority).
What is the Micro-purhcase threshold for supplies? ---------CORRECT ANSWER------
-----------$10k
All incentive contracts (schedule or performance) must also include what? ---------
CORRECT ANSWER-----------------Cost incentive or constraint
What requires funds to be used only for needs or services in the year of the
appropriations obligation period? ---------CORRECT ANSWER-----------------Bona
Fide Needs Rule
What contract types can be used for commercial item purchases? ---------CORRECT
ANSWER-----------------FFP or FPEPA
