Clc 056 stuvia Study guides, Class notes & Summaries

According to FAR 15.4, which of the following is one of the two most preferred price analysis techniques? - ANSWER Comparison of proposed prices received in response to the solicitation * How may you request an audit? - ANSWER All of these are correct A "questioned cost" is one that has not yet been evaluated. - ANSWER False * True or False: "Direct labor positions" share the same titles and pay levels. - ANSWER False * For which of the following procurements would you require ce...

According to FAR 15.4, which of the following is one of the two most preferred price analysis techniques? - ANSWER-Comparison of proposed prices received in response to the solicitation * How may you request an audit? - ANSWER-All of these are correct A "questioned cost" is one that has not yet been evaluated. - ANSWER-False * True or False: "Direct labor positions" share the same titles and pay levels. - ANSWER-False * For which of the following procurements would you require ce...

According to FAR 15.4, which of the following is one of the two most preferred price analysis techniques? - ANSWER-Comparison of proposed prices received in response to the solicitation * How may you request an audit? - ANSWER-All of these are correct A "questioned cost" is one that has not yet been evaluated. - ANSWER-False * True or False: "Direct labor positions" share the same titles and pay levels. - ANSWER-False * For which of the following procurements would you require ce...

CLC 056 Exam Questions and Answers 100% CorrectCLC 056 Exam Questions and Answers 100% CorrectCLC 056 Exam Questions and Answers 100% CorrectWhich of the following are exemptions to the Cost Accounting Standards? - ANSWER-Small Businesses; Contracts based on established or market prices or fixed by law or regulation; All contracts awarded using sealed bidding Using the CAS Coverage and Disclosure Statement Determination flowchart, determine if the original (basic) BBOMS contract is subject...

CLC 056 Exam Questions and Answers 100% CorrectCLC 056 Exam Questions and Answers 100% CorrectCLC 056 Exam Questions and Answers 100% CorrectCLC 056 Exam Questions and Answers 100% Correct Which of the following are exemptions to the Cost Accounting Standards? - ANSWER-Small Businesses; Contracts based on established or market prices or fixed by law or regulation; All contracts awarded using sealed bidding Using the CAS Coverage and Disclosure Statement Determination flowchart, determine i...

CLC 056 Questions and Answers 100% Correct CLC 056 Questions and Answers 100% Correct CLC 056 Questions and Answers 100% Correct CLC 056 Questions and Answers 100% Correct

What is a fair price to the seller? - ANSWER-A fair price for the seller means that the seller will be able to satisfy the terms and conditions of the contract. An offer that is too low is considered unrealistic. It may: •Cut corners on the quality of the product •Deliver the product late •Default on delivery, forcing a time-consuming reprocurement •Refuse to deal with the government in the future Below-Cost Prices - ANSWER-Below-cost prices are NOT necessarily unfair to the sel...

One of the elements of the government pricing objective is to ensure that contract prices are fair and reasonable. Which of the following statements is true about "fairness to seller" that involve concerns? (Select all that apply) - Answer - Sellers need to be concerned about an unrealistic low price because of the risk - Sellers need to be concerned about the market implications of a price that is too high - Sellers need to be concerned about major mistakes in estimating costs - Sellers ne...

According to FAR 15.4, which of the following is one of the two most preferred price analysis techniques? - Answer Comparison of proposed prices received in response to the solicitation * How may you request an audit? - Answer All of these are correct A "questioned cost" is one that has not yet been evaluated. - Answer False * True or False: "Direct labor positions" share the same titles and pay levels. - Answer False * For which of the following procurements would you require ce...

Which of the following are exemptions to the Cost Accounting Standards? - ANSWER-Small Businesses; Contracts based on established or market prices or fixed by law or regulation; All contracts awarded using sealed bidding Using the CAS Coverage and Disclosure Statement Determination flowchart, determine if the original (basic) BBOMS contract is subject to CAS - ANSWER-Yes, none of the listed exemptions apply. Since this is a negotiated procurement in excess of $7.5 M, the contract is coved by ...