CPPB Exam Questions With Correct Answers
Surety |- |CORRECT |ANSWER✔✔-A |pledge |or |guarantee |by |an |insurance |company, |bank, |
individual, |or |corporation |on |behalf |of |the |bidder/proposer |to |satisfy |the |contractual |
obligations.
accountability |- |CORRECT |ANSWER✔✔-the |principle |that |employees |who |accept |an |
assignment |and |the |authority |to |carry |it |out |are |answerable |to |a |superior |for |the |outcome.
acceptance |- |CORRECT |ANSWER✔✔-1. |Indication |that |all |parties |to |the |contract |agree |to |be |
bound |by |the |terms |of |the |contract. |
2. |An |indication |by |one |party |of |a |willingness |to |act |in |accordance |with |the |contract |or |offer. |
3. |The |assumption |of |a |legal |obligation |by |a |party |to |a |contract, |and |to |the |terms |and |
conditions |of |the |contract. |
4. |The |act |of |receiving |the |commodity |by |an |authorized |representative |with |the |intention |of |
retaining |the |commodity. |May |include |transfer |of |title.
competitive |sealed |bidding |- |CORRECT |ANSWER✔✔-Method |for |acquiring |goods, |services, |and
|construction |for |public |use |in |which |award |is |made |to |the |lowest |responsive |bid |and |
responsible |bidder, |based |solely |on |the |response |to |the |criteria |set |forth |in |the |Invitation |for |
Bids |(IFB); |does |not |include |discussions |or |negotiations |with |bidders.
force |majeure |- |CORRECT |ANSWER✔✔-unexpected |or |uncontrollable |events, |including |those |
caused |by |nature |that |can |impact |the |contract |price, |terms |and |conditions. |These |events |are |
not |due |to |contractor |negligence |and |may |excuse |the |contract |performance |during |the |events |
and |under |certain |conditions |caused |by |them. |Acts |of |God |or |disruptive |conditions |for |which |a
|contract |or |carrier |will |not |be |held |responsible.
, specification |- |CORRECT |ANSWER✔✔-A |precise |description |of |the |physical |characteristics, |
quality, |or |desired |outcomes |of |a |commodity |to |be |procured, |which |a |supplier |must |be |able |to
|produce |or |deliver |to |be |considered |for |award |of |a |contract.
Bid |Bond |- |CORRECT |ANSWER✔✔-An |insurance |agreement, |accompanied |by |monetary |
commitment, |by |which |a |third |party |(the |surety) |accepts |liability |and |guarantees |that |the |
bidder |will |not |withdraw |the |bid. |The |bidder |will |furnish |bonds |in |the |required |amount |and |if |
the |contract |is |awarded |to |the |bonded |bidder, |the |bidder |will |accept |the |contract |as |bid, |or |
else |the |surety |will |pay |a |specific |amount.
warranty |- |CORRECT |ANSWER✔✔-A |promise |made |by |a |seller |that |is |legally |enforceable. |The |
promise |may |be |expressed |or |implied |and |is |legally |binding.
best |practice |- |CORRECT |ANSWER✔✔-A |business |process, |activity, |or |operation |that |is |
considered |outstanding, |innovative, |or |exceptionally |creative |by |a |recognized |peer |group. |It |
may |be |considered |as |a |leading-edge |activity |that |has |been |successfully |adopted |or |
implemented, |and |has |brought |efficiency |and |effectiveness |to |an |organization. |It |may |result |in |
improved |productivity, |quality, |reduced |costs, |and |increased |customer |service.
return |on |investment |or |ROI |- |CORRECT |ANSWER✔✔-A |calculation |used |in |business |to |
determine |whether |a |proposed |investment |is |a |wise |business |decision |and |how |well |it |will |
repay |the |investor. |It |is |calculated |as |the |ratio |of |the |amounted |gained |or |lost |relative |to |the |
basis. |The |analysis |takes |the |form |of |a |dynamic |model |or |a |statistical |model.
estoppel |- |CORRECT |ANSWER✔✔-A |legal |principle |that |prevents |a |person |from |asserting |a |
position |that |is |inconsistent |with |his |or |her |prior |conduct, |if |injustice |would |thereby |result |to |a
|person |who |has |changed |position |in |justifiable |reliance |upon |that |conduct. |For |example, |a |
landlord |might |inform |a |tenant |that |rent |has |been |reduced, |due |to |construction |or |lapse |in |
utility |service. |If |the |tenant |relies |on |this |advice, |the |landlord |could |be |estopped |from |
collecting |rent |retroactively.
Surety |- |CORRECT |ANSWER✔✔-A |pledge |or |guarantee |by |an |insurance |company, |bank, |
individual, |or |corporation |on |behalf |of |the |bidder/proposer |to |satisfy |the |contractual |
obligations.
accountability |- |CORRECT |ANSWER✔✔-the |principle |that |employees |who |accept |an |
assignment |and |the |authority |to |carry |it |out |are |answerable |to |a |superior |for |the |outcome.
acceptance |- |CORRECT |ANSWER✔✔-1. |Indication |that |all |parties |to |the |contract |agree |to |be |
bound |by |the |terms |of |the |contract. |
2. |An |indication |by |one |party |of |a |willingness |to |act |in |accordance |with |the |contract |or |offer. |
3. |The |assumption |of |a |legal |obligation |by |a |party |to |a |contract, |and |to |the |terms |and |
conditions |of |the |contract. |
4. |The |act |of |receiving |the |commodity |by |an |authorized |representative |with |the |intention |of |
retaining |the |commodity. |May |include |transfer |of |title.
competitive |sealed |bidding |- |CORRECT |ANSWER✔✔-Method |for |acquiring |goods, |services, |and
|construction |for |public |use |in |which |award |is |made |to |the |lowest |responsive |bid |and |
responsible |bidder, |based |solely |on |the |response |to |the |criteria |set |forth |in |the |Invitation |for |
Bids |(IFB); |does |not |include |discussions |or |negotiations |with |bidders.
force |majeure |- |CORRECT |ANSWER✔✔-unexpected |or |uncontrollable |events, |including |those |
caused |by |nature |that |can |impact |the |contract |price, |terms |and |conditions. |These |events |are |
not |due |to |contractor |negligence |and |may |excuse |the |contract |performance |during |the |events |
and |under |certain |conditions |caused |by |them. |Acts |of |God |or |disruptive |conditions |for |which |a
|contract |or |carrier |will |not |be |held |responsible.
, specification |- |CORRECT |ANSWER✔✔-A |precise |description |of |the |physical |characteristics, |
quality, |or |desired |outcomes |of |a |commodity |to |be |procured, |which |a |supplier |must |be |able |to
|produce |or |deliver |to |be |considered |for |award |of |a |contract.
Bid |Bond |- |CORRECT |ANSWER✔✔-An |insurance |agreement, |accompanied |by |monetary |
commitment, |by |which |a |third |party |(the |surety) |accepts |liability |and |guarantees |that |the |
bidder |will |not |withdraw |the |bid. |The |bidder |will |furnish |bonds |in |the |required |amount |and |if |
the |contract |is |awarded |to |the |bonded |bidder, |the |bidder |will |accept |the |contract |as |bid, |or |
else |the |surety |will |pay |a |specific |amount.
warranty |- |CORRECT |ANSWER✔✔-A |promise |made |by |a |seller |that |is |legally |enforceable. |The |
promise |may |be |expressed |or |implied |and |is |legally |binding.
best |practice |- |CORRECT |ANSWER✔✔-A |business |process, |activity, |or |operation |that |is |
considered |outstanding, |innovative, |or |exceptionally |creative |by |a |recognized |peer |group. |It |
may |be |considered |as |a |leading-edge |activity |that |has |been |successfully |adopted |or |
implemented, |and |has |brought |efficiency |and |effectiveness |to |an |organization. |It |may |result |in |
improved |productivity, |quality, |reduced |costs, |and |increased |customer |service.
return |on |investment |or |ROI |- |CORRECT |ANSWER✔✔-A |calculation |used |in |business |to |
determine |whether |a |proposed |investment |is |a |wise |business |decision |and |how |well |it |will |
repay |the |investor. |It |is |calculated |as |the |ratio |of |the |amounted |gained |or |lost |relative |to |the |
basis. |The |analysis |takes |the |form |of |a |dynamic |model |or |a |statistical |model.
estoppel |- |CORRECT |ANSWER✔✔-A |legal |principle |that |prevents |a |person |from |asserting |a |
position |that |is |inconsistent |with |his |or |her |prior |conduct, |if |injustice |would |thereby |result |to |a
|person |who |has |changed |position |in |justifiable |reliance |upon |that |conduct. |For |example, |a |
landlord |might |inform |a |tenant |that |rent |has |been |reduced, |due |to |construction |or |lapse |in |
utility |service. |If |the |tenant |relies |on |this |advice, |the |landlord |could |be |estopped |from |
collecting |rent |retroactively.
