CLC 056 Analyzing Contract Costs
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Study Guide questions with answers |\ |\ |\ |\
According to FAR 15.4, which of the following is one of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
two most preferred price analysis techniques? - CORRECT
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ANSWERS ✔✔Comparison of proposed prices received in
|\ |\ |\ |\ |\ |\ |\ |\
response to the solicitation * |\ |\ |\ |\
A "questioned cost" is one that has not yet been
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evaluated. - CORRECT ANSWERS ✔✔False * |\ |\ |\ |\ |\
True or False: "Direct labor positions" share the same
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titles and pay levels. - CORRECT ANSWERS ✔✔False *
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For which of the following procurements would you
|\ |\ |\ |\ |\ |\ |\ |\
require certified cost or pricing data? - CORRECT
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ANSWERS ✔✔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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔To make predictions about one dependent |\ |\ |\ |\ |\ |\ |\
variable based on one independent variable *
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,Which of the following is a phase in the allocation cycle? -
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CORRECT ANSWERS ✔✔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? - CORRECT ANSWERS ✔✔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: - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Verify transaction legality |\ |\
Determine if the data is accurate and complete |\ |\ |\ |\ |\ |\ |\
All of these are correct *
|\ |\ |\ |\ |\
Determine the degree of compliance with established |\ |\ |\ |\ |\ |\ |\
procedures
Who has the authority to waive CAS applicability for a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
particular contract? - CORRECT ANSWERS ✔✔The Agency
|\ |\ |\ |\ |\ |\ |\
Head * |\
, A cost is allowable if it is: - CORRECT ANSWERS
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✔✔Reasonable, allocable and compliant with CAS/GAAP * |\ |\ |\ |\ |\ |\
What is an important driver to a successful negotiation? -
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CORRECT ANSWERS ✔✔Listen to understand * |\ |\ |\ |\ |\
Which regression method assumes a linear relationship
|\ |\ |\ |\ |\ |\ |\
between the dependent and independent variables? -
|\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Simple linear regression * |\ |\ |\ |\ |\
What is the single most important decision the
|\ |\ |\ |\ |\ |\ |\ |\
Contracting Officer must make to mitigate cost risk? - |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Selection of contract type * |\ |\ |\ |\ |\ |\
When a contract is subject to CAS, the Contracting Officer
|\ |\ |\ |\ |\ |\ |\ |\ |\
may not award a contract until a written adequacy
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
determination has been made by the cognizant Federal |\ |\ |\ |\ |\ |\ |\ |\
agency official. - CORRECT ANSWERS ✔✔True
|\ |\ |\ |\ |\
Each Price Negotiation Memorandum must contain which
|\ |\ |\ |\ |\ |\ |\
one of the following? - CORRECT ANSWERS ✔✔Statement
|\ |\ |\ |\ |\ |\ |\ |\
that the price is fair and reasonable *
|\ |\ |\ |\ |\ |\ |\
Select the item below that would likely be categorized as
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a Direct Material Cost. - CORRECT ANSWERS ✔✔The
|\ |\ |\ |\ |\ |\ |\ |\
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Study Guide questions with answers |\ |\ |\ |\
According to FAR 15.4, which of the following is one of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
two most preferred price analysis techniques? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Comparison of proposed prices received in
|\ |\ |\ |\ |\ |\ |\ |\
response to the solicitation * |\ |\ |\ |\
A "questioned cost" is one that has not yet been
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
evaluated. - CORRECT ANSWERS ✔✔False * |\ |\ |\ |\ |\
True or False: "Direct labor positions" share the same
|\ |\ |\ |\ |\ |\ |\ |\ |\
titles and pay levels. - CORRECT ANSWERS ✔✔False *
|\ |\ |\ |\ |\ |\ |\ |\
For which of the following procurements would you
|\ |\ |\ |\ |\ |\ |\ |\
require certified cost or pricing data? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔To make predictions about one dependent |\ |\ |\ |\ |\ |\ |\
variable based on one independent variable *
|\ |\ |\ |\ |\ |\
,Which of the following is a phase in the allocation cycle? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔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? - CORRECT ANSWERS ✔✔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: - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Verify transaction legality |\ |\
Determine if the data is accurate and complete |\ |\ |\ |\ |\ |\ |\
All of these are correct *
|\ |\ |\ |\ |\
Determine the degree of compliance with established |\ |\ |\ |\ |\ |\ |\
procedures
Who has the authority to waive CAS applicability for a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
particular contract? - CORRECT ANSWERS ✔✔The Agency
|\ |\ |\ |\ |\ |\ |\
Head * |\
, A cost is allowable if it is: - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Reasonable, allocable and compliant with CAS/GAAP * |\ |\ |\ |\ |\ |\
What is an important driver to a successful negotiation? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Listen to understand * |\ |\ |\ |\ |\
Which regression method assumes a linear relationship
|\ |\ |\ |\ |\ |\ |\
between the dependent and independent variables? -
|\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Simple linear regression * |\ |\ |\ |\ |\
What is the single most important decision the
|\ |\ |\ |\ |\ |\ |\ |\
Contracting Officer must make to mitigate cost risk? - |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Selection of contract type * |\ |\ |\ |\ |\ |\
When a contract is subject to CAS, the Contracting Officer
|\ |\ |\ |\ |\ |\ |\ |\ |\
may not award a contract until a written adequacy
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
determination has been made by the cognizant Federal |\ |\ |\ |\ |\ |\ |\ |\
agency official. - CORRECT ANSWERS ✔✔True
|\ |\ |\ |\ |\
Each Price Negotiation Memorandum must contain which
|\ |\ |\ |\ |\ |\ |\
one of the following? - CORRECT ANSWERS ✔✔Statement
|\ |\ |\ |\ |\ |\ |\ |\
that the price is fair and reasonable *
|\ |\ |\ |\ |\ |\ |\
Select the item below that would likely be categorized as
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a Direct Material Cost. - CORRECT ANSWERS ✔✔The
|\ |\ |\ |\ |\ |\ |\ |\
