CFCM PRACTICE TEST QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIONS 100% CORRECT
_______________ contracts are characterized by the employer-
employee relationship it creates between the Government and the
contractor's personnel. - correct answer- Personal
A bid guarantee provides - correct answer- protection of the
government if a contractor refuses to honor their bid.
A mistake detected after award may be corrected as long as it does not
- correct answer- exceed that of the next lowest acceptable bid under
the original invitation for bids.
A payment bond guarantees that: - correct answer- the contractor
will pay its subcontractors.
A special form of written approval by an authorized official that is
required by statute or regulation as a prerequisite to taking certain
contract actions is called - correct answer- Determination and
Findings
A system whereby the contracting officer receives authorization from a
fiscal and accounting officer to obligate funds on purchase documents
against a specified lump sum of funds reserved for the purpose for a
,specified period of time rather than obtaining individual obligation
authority on each purchase document is - correct answer- Bulk
Funding
An indefinite-quantity contract is best used when: - correct answer-
a recurring need is anticipated.
Contractors' arrangements to pay contingent fees for soliciting or
obtaining Government contracts have long been considered contrary to
public policy because: - correct answer- Such arrangements may
lead to attempted or actual exercise of improper influence.
During source selection it is an acceptable practice to - correct answer-
inform an offeror that its price is considered too high.
Each acquisition of supplies or services that has an anticipated dollar
value exceeding $_________ but not over $_________ is automatically
reserved exclusively for small business concerns: - correct answer-
$3,000 and $150,000
Except for the acquisition of commercial items, agencies shall allow at
least days response time for receipt of bids or proposals from the date of
issuance of a solicitation, if the contract action is expected to exceed the
simplified acquisition threshold. - correct answer- 30 days
, Government contracts personnel may use liquidated damages clauses
only when - correct answer- time for delivery or performance is
critical.
If market research indicates commercial or nondevelopmental items
might not be available to satisfy agency needs, agencies shall next: -
correct answer- Determine whether the need can be restated to
permit commercial or nondevelopmental items to satisfy the agency's
needs.
In holding discussions with each offeror within the competitive range,
which of these improvement areas is the contracting officer NOT
required to discuss? - correct answer- Every area in which the
proposal could be improved.
In terms of being a responsible government contractor, any prime
contractor that provides Government property to a subcontractor -
correct answer- is still responsible for the property in accordance with
the terms of the prime contract.
In what FAR Part will you find rules and policy on foreign acquisitions? -
correct answer- FAR Part 25
Liquidated damages are typically assessed: - correct answer- Per
Calendar Day
WITH VERIFIED SOLUTIONS 100% CORRECT
_______________ contracts are characterized by the employer-
employee relationship it creates between the Government and the
contractor's personnel. - correct answer- Personal
A bid guarantee provides - correct answer- protection of the
government if a contractor refuses to honor their bid.
A mistake detected after award may be corrected as long as it does not
- correct answer- exceed that of the next lowest acceptable bid under
the original invitation for bids.
A payment bond guarantees that: - correct answer- the contractor
will pay its subcontractors.
A special form of written approval by an authorized official that is
required by statute or regulation as a prerequisite to taking certain
contract actions is called - correct answer- Determination and
Findings
A system whereby the contracting officer receives authorization from a
fiscal and accounting officer to obligate funds on purchase documents
against a specified lump sum of funds reserved for the purpose for a
,specified period of time rather than obtaining individual obligation
authority on each purchase document is - correct answer- Bulk
Funding
An indefinite-quantity contract is best used when: - correct answer-
a recurring need is anticipated.
Contractors' arrangements to pay contingent fees for soliciting or
obtaining Government contracts have long been considered contrary to
public policy because: - correct answer- Such arrangements may
lead to attempted or actual exercise of improper influence.
During source selection it is an acceptable practice to - correct answer-
inform an offeror that its price is considered too high.
Each acquisition of supplies or services that has an anticipated dollar
value exceeding $_________ but not over $_________ is automatically
reserved exclusively for small business concerns: - correct answer-
$3,000 and $150,000
Except for the acquisition of commercial items, agencies shall allow at
least days response time for receipt of bids or proposals from the date of
issuance of a solicitation, if the contract action is expected to exceed the
simplified acquisition threshold. - correct answer- 30 days
, Government contracts personnel may use liquidated damages clauses
only when - correct answer- time for delivery or performance is
critical.
If market research indicates commercial or nondevelopmental items
might not be available to satisfy agency needs, agencies shall next: -
correct answer- Determine whether the need can be restated to
permit commercial or nondevelopmental items to satisfy the agency's
needs.
In holding discussions with each offeror within the competitive range,
which of these improvement areas is the contracting officer NOT
required to discuss? - correct answer- Every area in which the
proposal could be improved.
In terms of being a responsible government contractor, any prime
contractor that provides Government property to a subcontractor -
correct answer- is still responsible for the property in accordance with
the terms of the prime contract.
In what FAR Part will you find rules and policy on foreign acquisitions? -
correct answer- FAR Part 25
Liquidated damages are typically assessed: - correct answer- Per
Calendar Day
