CFCM Practice Test Questions with 100% Correct Solutions [2024/2025]

CFCM Practice Test Questions with 100% Correct Solutions [2024/2025] CFCM Practice Test Questions with 100% Correct Solutions [2024/2025] __ may be used for emergency acquisitions when contract performance must begin immediately - Answer letter contracts ____ is any money, fee, commission, credit, gift, gratuity, thing of value, or compensation of any kind which is provided directly or indirectly, to any prime contractor, prime contractor employee, subcontractor, or subcontractor employee for the purpose of improperly obtaining or rewarding favorable treatment in connection with a prime contractor in connection with a subcontract relating to a prime contract - Answer Kickback "Effective Date" means - Answer For a solicitation amendment, change order, or administrate change, it is the issue date A cash fund of a fixed amount established by an advance of funds, without charge to an appropriate, from an agency finance or disbursing officer to a duly appointed cashier for disbursement as needed from time to time in making a payment in case for relatively small purchases is an - Answer impreset fund A certificate of current cost or pricing data - Answer does not constitute a representation as to the accuracy of the contractor's judgement on the estimate of future costs or projections A CO's decision not to set aside an acquisition for a HUBZONE small business or SDVOSB concerns when it is at or below the simplified acquisition threshold - Answer is not subject to review under FAR 19.4 A contract should not normally be terminated for convince but would be permitted to run a completion when the price of the undelivered balance of the contract is less than - Answer $5,000 A contract that provides for upward and downward revision of the stated contract price upon the occurrence of specified contingencies is referred to as - Answer fixed price contract with economic price adjustment A contract with a corporation shall be signed by - Answer in the corporate name, followed by the word "by" and the signature and title of the person authorized to sign A contractor auditor is responsible for - Answer submitting info and advice to the requesting activity on contractors accounting records and financial and cost control system A contractor is awarded 4 separate contracts on the same day. - One contract is rated "DO" and has a final delivery date (FDD) in 60 days - One is rated "DX" and has an FDD in 40 days - One is "DO" and has FDD in 10 days - One is unrated and has an FDD in 15 days. What is the order of priority - Answer 1. DX 2. Both DO's have same priority 3. Unrated A contractor's arrangements to pay contingent fees for soliciting government contracts have long been considered contrary to public policy because - Answer they may lead to exercise of improper influence A cost is reasonable if, in its nature and amount, it does not exceed that which would be - Answer incurred by a purdent person in the conduct of competitive business A cost-reimbursement contract that provides for an initially negotiated fee to be adjusted later by a formula based on the relationship of total allowable costs to total target costs is known as a - Answer cost-plus incentive fee contract A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actionsi s defined as a - Answer determination and findings A latent defect is a defect - Answer that exists at the time of acceptance and cannot be discovered by a reasonable inspection A negotiated contract is - Answer awarded after using other than sealed bidding procedures A person holding himself out to the general public to provide transportation for compensation is a - Answer a common carrier A personal services contract is characterized by - Answer the employer-employee relationship it creates between the gov and the contractor's personnel A pre-bid conference is never to be used for - Answer substituting an amendment for an ambiguous invitation *Should be for answering industrys questions, explaining requirements, and conducting market research