CPPA PRACTICE EXAM Questions and Answers

CPPA PRACTICE EXAM Questions and Answers 1. What institute worked to facilitate the growing trend of Government agencies' use of voluntary consensus standards created by the private sector as an alternative to agency developed standards? (pg.1-2) a. COTCO b. OMB Circular A-119 c. NIST d. ANSI d. ANSI 2. To be classified as a voluntary consensus standard, the standard must be developed within what? (pg.1-2) a. criteria and process b. timeframe c. specifications d. practice and methods a. criteria and process Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More 3. When the Work Item (draft standard) has been completed, the individual or Task Group will send it to __________. (pg.1-4) a. COTCO b. ASTM c. E-53 Chairperson d. ANSI b. ASTM 4. OMB Circular A119 states that voluntary consensus standard bodies are "domestic or international organizations which develop, establish, coordinate, and __________ using agreed-upon procedures." (pg.1-2) a. Process b. Openness c. Plan d. Encompass c. Plan Having a standard to reference during a review or audit will provide a strong foundation to ensure what? (pg.1-5) a. compliance b. evidence c. traceability d. completed procedures a. compliance What is the Requirements Determination process of identifying and justifying property? (pg. 2-1) a. job levels and expenditures b. expenditures ratios and misappropriations c. supply and demand d. future property acquisitions and providing the necessary funds d. future property acquisitions and providing the necessary funds When the asset base exceeds __________ in value, even small reductions in the cost of acquiring and holding property can have a greater impact than larger gains in productivity. (pg. 2-2) a. budget allocations b. annual payroll c. capital assets d. balance sheet b. annual payroll What process must take into account current and future commitments to provide equipment and facilities to support current contract obligations and customer needs? (pg. 2-2) a. Capital Planning Process b. Capital Budget Review c. Creation of the Final Budget d. Determination of Capital Items a. Capital Planning Process A property manager must plan and schedule a periodic analysis of new personal property items, whose acquisition could result in lower total costs to the government through longer service life, greater productivity, and _________: (pg. 2-5) a. budget analysis b. reduced maintenance cost c. prioritization d. process b. reduced maintenance cost During creation of the final budget, a list of all approved capital projects is sent to each respective department. There are key data elements to be included when purchase requirements are initiated: Purchase account key (charge numbers), asset category, and _______________. (pg. 2-4) a. Substitutions b. Creation of the final budget c. Depreciation expense account number d. Prioritization c. Depreciation expense account number 1. A key characteristic of a consumable is that it is considered to be "consumed" at the point of ___________. (pg. 3-2) a. receipt b. installation c. issue d. replacement c. issue 2. What is an example of an expendable item and which would be considered consumable? (pg. 3-2) a. paper products b. drill bits c. cordless drill d. small tools a. paper products Some of the advantages of storing consumables in a Central Warehouse are: dedicated professionals, discounts due to quantity buying, and ____________. (pg. 3-2) a. cost of the facility b. manpower c. cost of the equipment needed d. time saving to end-users d. time saving to end-users 4. What type of consumable stock does not lend themselves to ABC plan control, but should be kept in a controlled area and inventoried often? (pg. 3-5 and 3-6) a. Pilferable items b. Items with a shelf-life c. Insurance items d. Inventory accuracy a. Pilferable items When doing an ABC type inventory, Category "C" accounts for approximately what percentage of stock records? (pg. 3-6) a. 10% b. 75% c. 100% d. 50% b. 75% 1. What is the most important aspect concerning the property manager in dealing with contracts? (pg. 4-2) a. Knowing who to ask questions about the contract b. Knowing how to interpret the contract for the benefit of the organization c. Knowing where to look in the records d. Knowing how to ask the Management b. Knowing how to interpret the contract for the benefit of the organization 2. Which of the following type of agreements is the most familiar or commonly used? (pg. 4-2) a. Cooperative agreement b. Grant c. Bailment agreement d. Contract d. Contract 3. Bailment agreements... (pg. 4-3) a. are legally-binding loan agreements between government agencies b. are best described as a subcontract c. transfer title of property at the time of acquisition d. may be issued as basic order agreements a. are legally-binding loan agreements between government agencies 4. What is a fixed-price contract that provides for adjusting the profit and establishing the final contract price by a formula based on the relationship between final negotiated total cost and total target cost? (pg. 4-4) a. Fixed-Price Contract with Economic Price Adjustment (FP-EPA) b. Fixed-Price Redetermination (FPR) Contract c. Fixed-Price Economic Price Adjustment d. Fixed-Price Incentive (FPI) Contract d. Fixed-Price Incentive (FPI) Contract 5. In a Cost Reimbursement contract, if the incurred costs exceed _______ percentage of the cost ceiling, the contractor is required to provide written notice to the Contracting Officer that the costs to complete the contract will exceed the estimate target. (pg. 4-5) a. 50% b. 60% c. 75% d. 95% c. 75% 1. For most organizations, the business process includes Strategic Planning, Resource planning, Asset acquisition, and _____________. (pg. 5 2) a. Investment Strategies b. Budgeting c. Receiving d. Resource Planning b. Budgeting