CON 3990 Contracting Certification Actual
Exam Study Guide (Questions and Verified
Answers) | Brand New Version
1. What is the Micro-purchase threshold for supplies? - ANSWER $10k
2. All incentive contracts (schedule or performance) must also include what? -
ANSWER Cost incentive or constraint
3. What requires funds to be used only for needs or services in the year of the
appropriations obligation period? - ANSWER Bona Fide Needs Rule
4. How long are contract documents retained after closeout? - ANSWER 6
years after final payment
5. What does a KO need prior to commencement of negotiations for a sole
source contract, commencement of negotiations for a contract resulting from
an unsolicited proposal, or award without providing for full and open
competition? - ANSWER Justification and Approval which justifies the
actions in writing, certifies the accuracy and completeness of the
justifications and obtains the approval required
6. The KO shall not award a sole-source contract for an amount exceeding
$25M unless - ANSWER they have a signed Justification and Approval
7. A J&A should include - ANSWER Description of action being approved
Description of supplies or services required + estimated value
,statutory authority permitting other than full and open comp
demonstrate why specific KTR is required (instead of comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in the future
KO certification
8. What are the thresholds for J&A approval - ANSWER under $750 - KO
approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
9. What are the basic elements required for a contract to be legally binding (4)
- ANSWER mutual assent (valid offer and acceptance)
adequate consideration
capacity
legality
10.What is implied actual authority? - ANSWER authority to do what is usual,
customary and necessary to accomplish the action
Implied actual authority differs from express actual authority in that no express
agreement is executed
(e.g., when an individual is assigned a task to accomplish but the minor details
are not spelled out either verbally or in writing, this is an example of implied
actual authority).
,11.What is express actual authority? - ANSWER is created by explicit
language, either in writing or verbal.
It should be noted that the spoken word is generally as binding as the written
word; however it is sometimes more difficult to prove.
12.What is apparent authority? - ANSWER Apparent authority exists when
someone reasonably believes an individual has the authority to act on behalf
of the Government, based on his or her conduct, even though that individual
has no actual authority to bind the Government.
13.What contract types can be used for commercial item purchases? -
ANSWER FFP or FPEPA
14.What is the Simplified Acquisition Threshold for commercial products and
services? What is it for non-commercial? - ANSWER $7.5M - commercial
$250k for non-commercial
15.True or False: The Gov shall use electronic commerce whenever practicable
or cost-effective - ANSWER True
16.What is the purpose of a contract file? (4) - ANSWER Provide
background/basis for decisions
Supporting actions taken
Provide information for reviews and investigations
Furnishing essential facts in the event of a litigation
17.Can contract files be combined if appropriate? - ANSWER Yes
, 18.At what level are contract files maintained and why? - ANSWER
Maintained at the organizational level to ensure
effective documentation of contract actions
accessibility by principal users
minimal establishment of duplicate and working files
safeguarding classified docs
conformance with agency regs
19.When is a SAP contract file closed out? - ANSWER When the KO receives
evidence of receipt of property or final payment
20.When is a FFP (not SAP) contract file closed out? - ANSWER Should be
closed out within 6 months after date KO receives evidence of physical
completion
21.When should contract files required settlement of indirect cost rates be
closed out? - ANSWER Within 36 months of the month the KO receives
evidence of physical completion
22.When should all other (not SAP, FFP, or indirect cost rate) contract files be
closed? - ANSWER Within 20 months of the month the KO receives
evidence of physical completion
23.When is a contract considered physically complete? - ANSWER the KTR
has completed required deliveries and Gov has inspected and accepted the
supplies
The contractor has performed all services and the Gov has accepted the services
and
all option provisions, if any, have expired
Exam Study Guide (Questions and Verified
Answers) | Brand New Version
1. What is the Micro-purchase threshold for supplies? - ANSWER $10k
2. All incentive contracts (schedule or performance) must also include what? -
ANSWER Cost incentive or constraint
3. What requires funds to be used only for needs or services in the year of the
appropriations obligation period? - ANSWER Bona Fide Needs Rule
4. How long are contract documents retained after closeout? - ANSWER 6
years after final payment
5. What does a KO need prior to commencement of negotiations for a sole
source contract, commencement of negotiations for a contract resulting from
an unsolicited proposal, or award without providing for full and open
competition? - ANSWER Justification and Approval which justifies the
actions in writing, certifies the accuracy and completeness of the
justifications and obtains the approval required
6. The KO shall not award a sole-source contract for an amount exceeding
$25M unless - ANSWER they have a signed Justification and Approval
7. A J&A should include - ANSWER Description of action being approved
Description of supplies or services required + estimated value
,statutory authority permitting other than full and open comp
demonstrate why specific KTR is required (instead of comp)
efforts made to solicit offers from other sources
determination of fair and reasonable anticipated cost
description of market research conducted
list of sources that expressed interest
statement of how agency may remove comp barriers in the future
KO certification
8. What are the thresholds for J&A approval - ANSWER under $750 - KO
approval
over $750k and under $100M - HCA
over $100M - senior procurement executive
9. What are the basic elements required for a contract to be legally binding (4)
- ANSWER mutual assent (valid offer and acceptance)
adequate consideration
capacity
legality
10.What is implied actual authority? - ANSWER authority to do what is usual,
customary and necessary to accomplish the action
Implied actual authority differs from express actual authority in that no express
agreement is executed
(e.g., when an individual is assigned a task to accomplish but the minor details
are not spelled out either verbally or in writing, this is an example of implied
actual authority).
,11.What is express actual authority? - ANSWER is created by explicit
language, either in writing or verbal.
It should be noted that the spoken word is generally as binding as the written
word; however it is sometimes more difficult to prove.
12.What is apparent authority? - ANSWER Apparent authority exists when
someone reasonably believes an individual has the authority to act on behalf
of the Government, based on his or her conduct, even though that individual
has no actual authority to bind the Government.
13.What contract types can be used for commercial item purchases? -
ANSWER FFP or FPEPA
14.What is the Simplified Acquisition Threshold for commercial products and
services? What is it for non-commercial? - ANSWER $7.5M - commercial
$250k for non-commercial
15.True or False: The Gov shall use electronic commerce whenever practicable
or cost-effective - ANSWER True
16.What is the purpose of a contract file? (4) - ANSWER Provide
background/basis for decisions
Supporting actions taken
Provide information for reviews and investigations
Furnishing essential facts in the event of a litigation
17.Can contract files be combined if appropriate? - ANSWER Yes
, 18.At what level are contract files maintained and why? - ANSWER
Maintained at the organizational level to ensure
effective documentation of contract actions
accessibility by principal users
minimal establishment of duplicate and working files
safeguarding classified docs
conformance with agency regs
19.When is a SAP contract file closed out? - ANSWER When the KO receives
evidence of receipt of property or final payment
20.When is a FFP (not SAP) contract file closed out? - ANSWER Should be
closed out within 6 months after date KO receives evidence of physical
completion
21.When should contract files required settlement of indirect cost rates be
closed out? - ANSWER Within 36 months of the month the KO receives
evidence of physical completion
22.When should all other (not SAP, FFP, or indirect cost rate) contract files be
closed? - ANSWER Within 20 months of the month the KO receives
evidence of physical completion
23.When is a contract considered physically complete? - ANSWER the KTR
has completed required deliveries and Gov has inspected and accepted the
supplies
The contractor has performed all services and the Gov has accepted the services
and
all option provisions, if any, have expired
