CON 3990V Pre practice Master the
Exam – Comprehensive Study Guide
with Practice Questions and Verified
Answers
What is Price? -answer Cost plus any fee or profit
What is Pricing? -answer The process of establishing a reasonable amount or amounts
to be paid for supplies or services.
True or False? Each contract should be priced separately and independently? -answer
True
When contracting on a firm-fixed-price basis, what will usually satisfy the requirement to
perform a price analysis? -answer A comparison of proposed prices
True or False? Price to the Government shall be evaluated in every source selection? -
answer True
When contracting on a cost-reimbursement basis, evaluations shall include a cost
realism analysis to determine? -answer - What the Government should realistically
expect to pay for the proposed effort,
- the offeror's understanding of the work, and
- the offeror's ability to perform the contract.
True or False? Cost realism analysis may not be used on fixed-price incentive
contracts? -answer False
When a contracting professional determines that a price is reasonable, what does that
mean?
They made a decision that is both judicious and wise.
They made a decision based on their ability, knowledge or skill.
They made a decision based on what a prudent and competent buyer would be willing
to pay. -answer They made a decision based on what a prudent and competent buyer
would be willing to pay.
, Price analysis is used...(select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
To evaluate data other than certified cost or pricing data to determine cost
reasonableness or cost realism
To verify that the overall price offered is fair and reasonable. -answer When certified
cost or pricing data are not required.
To verify that the overall price offered is fair and reasonable.
Cost analysis is used... (select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
To evaluate data other than certified cost or pricing data to determine cost
reasonableness or cost realism
To verify that the overall price offered is fair and reasonable. -answer To evaluate the
reasonableness of individual cost elements
To evaluate data other than certified cost or pricing data to determine cost
reasonableness or cost realism
According to FAR 2.101, cost or pricing data...
Is factual
Includes all facts that may or may not affect price negotiations
Is judgmental
May not be verifiable -answer Is factual
A price is based on adequate price competition when...
(select all that apply)
In receipt of offers from two or more responsible offerors
Only one offer was received, but the action was solicited as full and open competition.
Exam – Comprehensive Study Guide
with Practice Questions and Verified
Answers
What is Price? -answer Cost plus any fee or profit
What is Pricing? -answer The process of establishing a reasonable amount or amounts
to be paid for supplies or services.
True or False? Each contract should be priced separately and independently? -answer
True
When contracting on a firm-fixed-price basis, what will usually satisfy the requirement to
perform a price analysis? -answer A comparison of proposed prices
True or False? Price to the Government shall be evaluated in every source selection? -
answer True
When contracting on a cost-reimbursement basis, evaluations shall include a cost
realism analysis to determine? -answer - What the Government should realistically
expect to pay for the proposed effort,
- the offeror's understanding of the work, and
- the offeror's ability to perform the contract.
True or False? Cost realism analysis may not be used on fixed-price incentive
contracts? -answer False
When a contracting professional determines that a price is reasonable, what does that
mean?
They made a decision that is both judicious and wise.
They made a decision based on their ability, knowledge or skill.
They made a decision based on what a prudent and competent buyer would be willing
to pay. -answer They made a decision based on what a prudent and competent buyer
would be willing to pay.
, Price analysis is used...(select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
To evaluate data other than certified cost or pricing data to determine cost
reasonableness or cost realism
To verify that the overall price offered is fair and reasonable. -answer When certified
cost or pricing data are not required.
To verify that the overall price offered is fair and reasonable.
Cost analysis is used... (select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
To evaluate data other than certified cost or pricing data to determine cost
reasonableness or cost realism
To verify that the overall price offered is fair and reasonable. -answer To evaluate the
reasonableness of individual cost elements
To evaluate data other than certified cost or pricing data to determine cost
reasonableness or cost realism
According to FAR 2.101, cost or pricing data...
Is factual
Includes all facts that may or may not affect price negotiations
Is judgmental
May not be verifiable -answer Is factual
A price is based on adequate price competition when...
(select all that apply)
In receipt of offers from two or more responsible offerors
Only one offer was received, but the action was solicited as full and open competition.
