CFCM Study Guide: FULL TEST QUESTIONS WITH
COMPLETE SOLUTIONS
_____________ may be used for emergency acquisitions when
contract performance must begin immediately.
a. Simplified acquisition procedures
b. Contract purchasing personnel.
c. Letter contracts
d. Government-wide purchase cards correct answers c. Letter
contracts
FAR 18.112
"Effective date" means the following:
a. It is the date specified by the offeror in its proposal.
b. For a supplemental agreement, it is the date set by the
contracting officer.
c. For a modification issued as a confirming notice of
termination for the convenience of the government, it is the
same as the effective date of the initial award of the contract.
d. For solicitation amendment, change order, or administrative
change, it is the issue date. correct answers d. For solicitation
amendment, change order, or administrative change, it is the
issue date.
FAR 43.101
A cash fund of a fixed amount established by an advance of
funds, without charge to an appropriation, from an agency
,finance or disbursing officer to a duly appointed cashier for
disbursement as needed from time to time in making payment in
cash for relatively small purchase is a/an
a. non-appropriated fund.
b. general fund.
c. imprest fund.
d. administrative commitment document correct answers c.
imprest fund.
FAR 13.001
A certificate of current cost or pricing data
a. does not constitute a representation as to the accuracy of the
contractor's judgement on the estimate of future costs or
projections.
b. is required upon exercise of an option at the price established
at contract award, regardless of dollar value.
c. is required for proposals in support of interim billing price
adjustments valued in excess of $500,000.
d. is no longer required. correct answers a. does not constitute a
representation as to the accuracy of the contractor's judgement
on the estimate of future costs or projections
FAR 15.406-2(b)
A CO's decision not to set aside an acquisition for HUBZone
small business or service-disables veteran-owned small business
concerns when it is at or below the simplified acquisition
threshold
,a. is permitted with the concurrance of the head of the
contracting authority.
b. can be appealed by any small business pursuant to FAR 19.4.
c. is not subject to review under FAR 19.4.
d. must be documented to show that adequate competition exists
correct answers c. is not subject to review under FAR 19.4.
FAR 13.003(b)(3)
A contract auditor is responsible for
a. auditing the policies and procedures between the various
agencies.
b. auditing a specific agency's procedures and reporting any
discrepancies to the requesting activity.
c. submitting information and advice to the requesting activity
on contractor's accounting records and financial cost control
system.
d. auditing whatever the government requests. correct answers
c. submitting information and advice to the requesting activity
on contractor's accounting records and financial cost control
system.
FAR 42.101
A contract should not normally be terminated for convenience
but should be permitted to run to completion when the price of
the undelivered balance of the contract is less than
a. $25,000.
, b. $1,000.
c. $5,000
d. $10,000 correct answers c. $5,000
FAR 49.101(c)
A contract that provides for upward and downward revision of
the stated contract price upon the occurence of specified
contingencies is referred to as a
a. fixed-price contract with economic price adjustment.
b. fixed-price incentive contract.
c. fixed-price with prospective redetermination contract.
d. fixed-ceiling-price contract with retroactive price
determination. correct answers a. fixed-price contract with
economic price adjustment.
FAR 16.203
A contract with a corporation shall be signed
a. by the chief financial officer.
b. by the head of the contracts department.
c. in the corporate name, followed by the word "by" and the
signature and title of the person authorized to sign.
d. by the chief executive officer followed by the word "by" and
the signature and title of the person authorized to bind the
corporation. correct answers c. in the corporate name, followed
by the word "by" and the signature and title of the person
authorized to sign.
COMPLETE SOLUTIONS
_____________ may be used for emergency acquisitions when
contract performance must begin immediately.
a. Simplified acquisition procedures
b. Contract purchasing personnel.
c. Letter contracts
d. Government-wide purchase cards correct answers c. Letter
contracts
FAR 18.112
"Effective date" means the following:
a. It is the date specified by the offeror in its proposal.
b. For a supplemental agreement, it is the date set by the
contracting officer.
c. For a modification issued as a confirming notice of
termination for the convenience of the government, it is the
same as the effective date of the initial award of the contract.
d. For solicitation amendment, change order, or administrative
change, it is the issue date. correct answers d. For solicitation
amendment, change order, or administrative change, it is the
issue date.
FAR 43.101
A cash fund of a fixed amount established by an advance of
funds, without charge to an appropriation, from an agency
,finance or disbursing officer to a duly appointed cashier for
disbursement as needed from time to time in making payment in
cash for relatively small purchase is a/an
a. non-appropriated fund.
b. general fund.
c. imprest fund.
d. administrative commitment document correct answers c.
imprest fund.
FAR 13.001
A certificate of current cost or pricing data
a. does not constitute a representation as to the accuracy of the
contractor's judgement on the estimate of future costs or
projections.
b. is required upon exercise of an option at the price established
at contract award, regardless of dollar value.
c. is required for proposals in support of interim billing price
adjustments valued in excess of $500,000.
d. is no longer required. correct answers a. does not constitute a
representation as to the accuracy of the contractor's judgement
on the estimate of future costs or projections
FAR 15.406-2(b)
A CO's decision not to set aside an acquisition for HUBZone
small business or service-disables veteran-owned small business
concerns when it is at or below the simplified acquisition
threshold
,a. is permitted with the concurrance of the head of the
contracting authority.
b. can be appealed by any small business pursuant to FAR 19.4.
c. is not subject to review under FAR 19.4.
d. must be documented to show that adequate competition exists
correct answers c. is not subject to review under FAR 19.4.
FAR 13.003(b)(3)
A contract auditor is responsible for
a. auditing the policies and procedures between the various
agencies.
b. auditing a specific agency's procedures and reporting any
discrepancies to the requesting activity.
c. submitting information and advice to the requesting activity
on contractor's accounting records and financial cost control
system.
d. auditing whatever the government requests. correct answers
c. submitting information and advice to the requesting activity
on contractor's accounting records and financial cost control
system.
FAR 42.101
A contract should not normally be terminated for convenience
but should be permitted to run to completion when the price of
the undelivered balance of the contract is less than
a. $25,000.
, b. $1,000.
c. $5,000
d. $10,000 correct answers c. $5,000
FAR 49.101(c)
A contract that provides for upward and downward revision of
the stated contract price upon the occurence of specified
contingencies is referred to as a
a. fixed-price contract with economic price adjustment.
b. fixed-price incentive contract.
c. fixed-price with prospective redetermination contract.
d. fixed-ceiling-price contract with retroactive price
determination. correct answers a. fixed-price contract with
economic price adjustment.
FAR 16.203
A contract with a corporation shall be signed
a. by the chief financial officer.
b. by the head of the contracts department.
c. in the corporate name, followed by the word "by" and the
signature and title of the person authorized to sign.
d. by the chief executive officer followed by the word "by" and
the signature and title of the person authorized to bind the
corporation. correct answers c. in the corporate name, followed
by the word "by" and the signature and title of the person
authorized to sign.
