CFCM Final Exam Questions With Complete Solutions
A cash fund of fixed amount established by an advance of funds,
for disbursement in cash for relatively small amounts is called
what? correct answers Imprest fund
A contract for demolition of a public building, without any
further construction work, is subject to which of the following?
correct answers Only the Service Contract Labor Standards
statute
A contract that is awarded using other than sealed bidding
procedures is what? correct answers A negotiated contract
A contractor has made an invention under a Federal research and
development contract. In which of the following cases may the
contractor be required to assign title to the invention to the
Government? correct answers A contract may require the
contractor to assign to the Government title to any subject
invention w]hen the contractor is not located in the United States
or does not have a place of business located in the United States
or is subject to the control of a foreign government"
A contractor infringes on a copyright with the authorization of
the Government. What remedy is available to the copyright
holder? correct answers A suit for monetary damages against
the Government in the Court of Federal Claims
A contractor receives a refund relating to an allowable cost.
What shall the contractor do with the applicable portion of the
,refund? correct answers The contractor may credit it to the
Government either as a cost reduction or a cash refund
A contractor transfers its right to be paid by the Government for
contract performance to a trust company. What is this called?
correct answers Assignment of claims
A contractor under a construction contract provides the
Government with a quantity of unit-priced items other than the
quantity called for. Can the Government or the contractor
demand an adjustment in the contract price? correct answers
Yes, if the variation exceeds plus or minus 15 percent of the
expected quantity
A contractor's arrangement to pay contingent fees for soliciting
or obtaining Government contracts is considered contrary to
public policy. Which of the following statements explains why?
correct answers Such arrangements may lead to attempted or
actual exercise of improper influence
A failure in estimating, accumulating, or reporting costs to
comply with applicable cost accounting standards is called
what? correct answers Noncompliance
A legal instrument in which a contractor guarantees performance
of the contract, the obligations under the contract are assumed
by a successor in interest, and the government recognizes the
transfer of the contract and related assets is called what? correct
answers Novation agreement
, A mineral required for production in performance of a contract
is not mined in the United States, but can be acquired from
another country. How does the Buy American statute apply in
this case? correct answers The mineral may be acquired from a
foreign source if it is in the best interest of the Government
Application of size standards includes specifying the size
standard in the correct answers solicitation
At the lowest level, who is directly responsible for reviewing an
agency's contracting operations and identifying and reporting
opportunities and actions taken to acquire commercial items to
meet its needs? correct answers Agency advocate for
competition
Debarment is not permanent correct answers
Drawings submitted by a contractor to show the construction of
a particular structure as actually completed under the contract
are called what? correct answers Record drawings
Except as authorized by law, what is the maximum term of
contracts for services that are funded by annual appropriations?
correct answers Until the end of the fiscal year of the
appropriation
Except as specifically permitted by executive agencies, the fast
payment procedure may not be used for individual purchasing
instruments exceeding what amount? correct answers $35,000
A cash fund of fixed amount established by an advance of funds,
for disbursement in cash for relatively small amounts is called
what? correct answers Imprest fund
A contract for demolition of a public building, without any
further construction work, is subject to which of the following?
correct answers Only the Service Contract Labor Standards
statute
A contract that is awarded using other than sealed bidding
procedures is what? correct answers A negotiated contract
A contractor has made an invention under a Federal research and
development contract. In which of the following cases may the
contractor be required to assign title to the invention to the
Government? correct answers A contract may require the
contractor to assign to the Government title to any subject
invention w]hen the contractor is not located in the United States
or does not have a place of business located in the United States
or is subject to the control of a foreign government"
A contractor infringes on a copyright with the authorization of
the Government. What remedy is available to the copyright
holder? correct answers A suit for monetary damages against
the Government in the Court of Federal Claims
A contractor receives a refund relating to an allowable cost.
What shall the contractor do with the applicable portion of the
,refund? correct answers The contractor may credit it to the
Government either as a cost reduction or a cash refund
A contractor transfers its right to be paid by the Government for
contract performance to a trust company. What is this called?
correct answers Assignment of claims
A contractor under a construction contract provides the
Government with a quantity of unit-priced items other than the
quantity called for. Can the Government or the contractor
demand an adjustment in the contract price? correct answers
Yes, if the variation exceeds plus or minus 15 percent of the
expected quantity
A contractor's arrangement to pay contingent fees for soliciting
or obtaining Government contracts is considered contrary to
public policy. Which of the following statements explains why?
correct answers Such arrangements may lead to attempted or
actual exercise of improper influence
A failure in estimating, accumulating, or reporting costs to
comply with applicable cost accounting standards is called
what? correct answers Noncompliance
A legal instrument in which a contractor guarantees performance
of the contract, the obligations under the contract are assumed
by a successor in interest, and the government recognizes the
transfer of the contract and related assets is called what? correct
answers Novation agreement
, A mineral required for production in performance of a contract
is not mined in the United States, but can be acquired from
another country. How does the Buy American statute apply in
this case? correct answers The mineral may be acquired from a
foreign source if it is in the best interest of the Government
Application of size standards includes specifying the size
standard in the correct answers solicitation
At the lowest level, who is directly responsible for reviewing an
agency's contracting operations and identifying and reporting
opportunities and actions taken to acquire commercial items to
meet its needs? correct answers Agency advocate for
competition
Debarment is not permanent correct answers
Drawings submitted by a contractor to show the construction of
a particular structure as actually completed under the contract
are called what? correct answers Record drawings
Except as authorized by law, what is the maximum term of
contracts for services that are funded by annual appropriations?
correct answers Until the end of the fiscal year of the
appropriation
Except as specifically permitted by executive agencies, the fast
payment procedure may not be used for individual purchasing
instruments exceeding what amount? correct answers $35,000
