CONT 1300 EXAM REVIEW QUESTIONS
WITH CORRECT ANSWERS 2025
Offer - CORRECT ANSWER -
A response to a solicitation that, if accepted, would bind the offeror to perform the resultant contract.
Two Types of Offers - CORRECT ANSWER -1. Bid -
An offer to perform the work described in a contract at a specified cost. Government bids are generally
cost-specific, based on the cost of labor, materials, profit, and overhead
2. Proposal -
A government proposal, sometimes called a government contract proposal, is a response written by a
private company to a public government agency for the purchasing of goods or services
Quote - CORRECT ANSWER -Used to obtain pricing for a specific number of well-
defined items (This is a quotation, not an Offer)
Solicitations - CORRECT ANSWER -
Used in negotiated acquisitions to communicate your requirements to prospective contractors and to so
licit proposals
The Lowest Price Technically Acceptable (LPTA) includes - CORRECT ANSWER -
1. Evaluation factors and sub factors shall be in the solicitation
2. Based on Lowest Price and Technically Acceptable Offer
3. Solicitations shall specify that award will be made on basis of LPTA
Risk - CORRECT ANSWER -
A measure of future uncertainties in achieving program goals and objectives within defined cost, sched
ule, and performance constraints
Key Risk elements of a Contract - CORRECT ANSWER -Cost, Schedule, and Performance
Cost risk - CORRECT ANSWER -
An escalation of project costs. It is the risk that the project will cost more than the budget allocated for
, it. Perhaps the most common project risk, cost risk is due to poor budget planning, inaccurate cost esti
mating, and scope creep
Schedule risk - CORRECT ANSWER -
Activities will take longer than expected and is typically the result of poor planning or unforeseen circu
mstances.
Performance risk - CORRECT ANSWER -
The riskVthat the project will fail to produce results consistent with project specifications.
Proposal analysis is done by a contracting officer to determine proposed prices to be and in
all contract actions - CORRECT ANSWER -Fair and Reasonable
Proposal Analysis Techniques - CORRECT ANSWER -1. Price
2. Cost
3. Cost Realism
4. Technical Analysis
5. Unit Pricing and Unbalanced Pricing
Cost Realism Analysis - CORRECT ANSWER -
The process of independently reviewing and evaluating specific elements of each offeror's proposed cos
t estimate to determine whether the estimated proposed cost elements
Direct Cost - CORRECT ANSWER -Any cost directly identified with a single, final cost objective
Indirect Cost - CORRECT ANSWER -
Any cost not directly identified with a single, final cost objective, but identified with two or more final c
ost objectives or with at least one intermediate cost objective
Cost realism may be used for fixed price contracts when - CORRECT ANSWER -
1. New requirements may not be fully understood by competing offerors
2. There are quality concerns
WITH CORRECT ANSWERS 2025
Offer - CORRECT ANSWER -
A response to a solicitation that, if accepted, would bind the offeror to perform the resultant contract.
Two Types of Offers - CORRECT ANSWER -1. Bid -
An offer to perform the work described in a contract at a specified cost. Government bids are generally
cost-specific, based on the cost of labor, materials, profit, and overhead
2. Proposal -
A government proposal, sometimes called a government contract proposal, is a response written by a
private company to a public government agency for the purchasing of goods or services
Quote - CORRECT ANSWER -Used to obtain pricing for a specific number of well-
defined items (This is a quotation, not an Offer)
Solicitations - CORRECT ANSWER -
Used in negotiated acquisitions to communicate your requirements to prospective contractors and to so
licit proposals
The Lowest Price Technically Acceptable (LPTA) includes - CORRECT ANSWER -
1. Evaluation factors and sub factors shall be in the solicitation
2. Based on Lowest Price and Technically Acceptable Offer
3. Solicitations shall specify that award will be made on basis of LPTA
Risk - CORRECT ANSWER -
A measure of future uncertainties in achieving program goals and objectives within defined cost, sched
ule, and performance constraints
Key Risk elements of a Contract - CORRECT ANSWER -Cost, Schedule, and Performance
Cost risk - CORRECT ANSWER -
An escalation of project costs. It is the risk that the project will cost more than the budget allocated for
, it. Perhaps the most common project risk, cost risk is due to poor budget planning, inaccurate cost esti
mating, and scope creep
Schedule risk - CORRECT ANSWER -
Activities will take longer than expected and is typically the result of poor planning or unforeseen circu
mstances.
Performance risk - CORRECT ANSWER -
The riskVthat the project will fail to produce results consistent with project specifications.
Proposal analysis is done by a contracting officer to determine proposed prices to be and in
all contract actions - CORRECT ANSWER -Fair and Reasonable
Proposal Analysis Techniques - CORRECT ANSWER -1. Price
2. Cost
3. Cost Realism
4. Technical Analysis
5. Unit Pricing and Unbalanced Pricing
Cost Realism Analysis - CORRECT ANSWER -
The process of independently reviewing and evaluating specific elements of each offeror's proposed cos
t estimate to determine whether the estimated proposed cost elements
Direct Cost - CORRECT ANSWER -Any cost directly identified with a single, final cost objective
Indirect Cost - CORRECT ANSWER -
Any cost not directly identified with a single, final cost objective, but identified with two or more final c
ost objectives or with at least one intermediate cost objective
Cost realism may be used for fixed price contracts when - CORRECT ANSWER -
1. New requirements may not be fully understood by competing offerors
2. There are quality concerns
