CON 3990V- Pre practice Test 3
Questions & answers rated A+
What is Price? - correct answer ✔✔ Cost plus any fee or profit
What is Pricing? - correct answer ✔✔ The process of establishing a reasonable amount or
amounts to be paid for supplies or services.
True or False? Each contract should be priced separately and independently? - correct answer
✔✔ True
When contracting on a firm-fixed-price basis, what will usually satisfy the requirement to
perform a price analysis? - correct answer ✔✔ A comparison of proposed prices
True or False? Price to the Government shall be evaluated in every source selection? - correct
answer ✔✔ True
When contracting on a cost-reimbursement basis, evaluations shall include a cost realism
analysis to determine? - correct answer ✔✔ - What the Government should realistically expect
to pay for the proposed effort,
- the offeror's understanding of the work, and
- the offeror's ability to perform the contract.
True or False? Cost realism analysis may not be used on fixed-price incentive contracts? - correct
answer ✔✔ False
When a contracting professional determines that a price is reasonable, what does that mean?
, They made a decision that is both judicious and wise.
They made a decision based on their ability, knowledge or skill.
They made a decision based on what a prudent and competent buyer would be willing to pay. -
correct answer ✔✔ They made a decision based on what a prudent and competent buyer
would be willing to pay.
Price analysis is used...(select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
To evaluate data other than certified cost or pricing data to determine cost reasonableness or
cost realism
To verify that the overall price offered is fair and reasonable. - correct answer ✔✔ When
certified cost or pricing data are not required.
To verify that the overall price offered is fair and reasonable.
Cost analysis is used... (select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
Questions & answers rated A+
What is Price? - correct answer ✔✔ Cost plus any fee or profit
What is Pricing? - correct answer ✔✔ The process of establishing a reasonable amount or
amounts to be paid for supplies or services.
True or False? Each contract should be priced separately and independently? - correct answer
✔✔ True
When contracting on a firm-fixed-price basis, what will usually satisfy the requirement to
perform a price analysis? - correct answer ✔✔ A comparison of proposed prices
True or False? Price to the Government shall be evaluated in every source selection? - correct
answer ✔✔ True
When contracting on a cost-reimbursement basis, evaluations shall include a cost realism
analysis to determine? - correct answer ✔✔ - What the Government should realistically expect
to pay for the proposed effort,
- the offeror's understanding of the work, and
- the offeror's ability to perform the contract.
True or False? Cost realism analysis may not be used on fixed-price incentive contracts? - correct
answer ✔✔ False
When a contracting professional determines that a price is reasonable, what does that mean?
, They made a decision that is both judicious and wise.
They made a decision based on their ability, knowledge or skill.
They made a decision based on what a prudent and competent buyer would be willing to pay. -
correct answer ✔✔ They made a decision based on what a prudent and competent buyer
would be willing to pay.
Price analysis is used...(select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
When certified cost or pricing data are not required.
To evaluate data other than certified cost or pricing data to determine cost reasonableness or
cost realism
To verify that the overall price offered is fair and reasonable. - correct answer ✔✔ When
certified cost or pricing data are not required.
To verify that the overall price offered is fair and reasonable.
Cost analysis is used... (select the 2 correct answers):
To evaluate the reasonableness of individual cost elements
