CFCM Final Exam 2024/2025 Questions with Complete Solution

CFCM Final Exam 2024/2025 Questions with Complete Solution CFCM Final Exam 2024/2025 Questions with Complete Solution A cash fund of fixed amount established by an advance of funds, for disbursement in cash for relatively small amounts is called what? - Answer Imprest fund A contract for demolition of a public building, without any further construction work, is subject to which of the following? - Answer Only the Service Contract Labor Standards statute A contract that is awarded using other than sealed bidding procedures is what? - Answer A negotiated contract A contractor has made an invention under a Federal research and development contract. In which of the following cases may the contractor be required to assign title to the invention to the Government? - Answer A contract may require the contractor to assign to the Government title to any subject invention w]hen the contractor is not located in the United States or does not have a place of business located in the United States or is subject to the control of a foreign government" A contractor infringes on a copyright with the authorization of the Government. What remedy is available to the copyright holder? - Answer A suit for monetary damages against the Government in the Court of Federal Claims A contractor receives a refund relating to an allowable cost. What shall the contractor do with the applicable portion of the refund? - Answer The contractor may credit it to the Government either as a cost reduction or a cash refund A contractor transfers its right to be paid by the Government for contract performance to a trust company. What is this called? - Answer Assignment of claims A contractor under a construction contract provides the Government with a quantity of unit-priced items other than the quantity called for. Can the Government or the contractor demand an adjustment in the contract price? - Answer Yes, if the variation exceeds plus or minus 15 percent of the expected quantity A contractor's arrangement to pay contingent fees for soliciting or obtaining Government contracts is considered contrary to public policy. Which of the following statements explains why? - Answer Such arrangements may lead to attempted or actual exercise of improper influence A failure in estimating, accumulating, or reporting costs to comply with applicable cost accounting standards is called what? - Answer Noncompliance A legal instrument in which a contractor guarantees performance of the contract, the obligations under the contract are assumed by a successor in interest, and the government recognizes the transfer of the contract and related assets is called what? - Answer Novation agreement A mineral required for production in performance of a contract is not mined in the United States, but can be acquired from another country. How does the Buy American statute apply in this case? - Answer The mineral may be acquired from a foreign source if it is in the best interest of the Government Application of size standards includes specifying the size standard in the - Answer solicitation At the lowest level, who is directly responsible for reviewing an agency's contracting operations and identifying and reporting opportunities and actions taken to acquire commercial items to meet its needs? - Answer Agency advocate for competition Drawings submitted by a contractor to show the construction of a particular structure as actually completed under the contract are called what? - Answer Record drawings Except as authorized by law, what is the maximum term of contracts for services that are funded by annual appropriations? - Answer Until the end of the fiscal year of the appropriation Except as specifically permitted by executive agencies, the fast payment procedure may not be used for individual purchasing instruments exceeding what amount? - Answer $35,000 Except for copyrighted works, what rights does the Government acquire in data first produced in the performance of a contract? - Answer Unlimited rights For a contract exceeding the simplified acquisition threshold, an offeror (other than an individual) that does not agree to provide a drug-free workplace is what? - Answer Not considered a responsible source