CLC 056 Analyzing Contract Costs Study Guide with Complete Solutions(SCORED A+)

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 certified cost or pricing data? - ANSWER-An offer of $800,000 for an item from the only known source of an electronic system unique to Government requirements. How is simple linear regression used? - ANSWER-To make predictions about one dependent variable based on one independent variable * Which of the following is a phase in the allocation cycle? - ANSWER-Final Allocation Phase You are preparing to negotiate a service task for routine maintenance of Government equipment. A sample of 25 records for similar maintenance tasks indicates that the average time required to perform similar maintenance tasks has been six hours and 40 minutes. How can you use this? - ANSWER-Selecting the appropriate contract type Developing a price negotiation objective for labor costs * Evaluating the bill of materials Assigning the risk factors for profit calculations The purpose of an audit is to: - ANSWER-Verify transaction legality Determine if the data is accurate and complete All of these are correct * Determine the degree of compliance with established procedures