CFCM Study Guide: FULL TEST Latest Update with Verified Solutions

CFCM Study Guide: FULL TEST Latest Update with Verified Solutions Which of the following statements is NOT true? a. The government encourages the maximum practicable commercial use of inventions made under government contracts. b. The government recognizes rights in data developed at private expense, and limits its demands for delivery of that data. c. The government requires that contractors obtain permission from copyright owners before including copyrighted works, owned by others, in data to be delivered to the government. d. Generally, the government will refuse to award a contract on the grounds that the prospective contractor may infringe a patent. - Answer️️ -d. Generally, the government will refuse to award a contract on the grounds that the prospective contractor may infringe a patent. FAR 27.102 Performance and payment bonds are required or may be required for a. construction contracts and services and supply contracts exceeding $2,000. b. construction contracts exceeding $150,000. c. any contract for services, d. construction contracts exceeding $150,000 and services and supply contracts exceeding the SAT when necessary to protect the governments interests. - Answer️️ -d. construction contracts exceeding $150,000 and services and supply contracts exceeding the SAT when necessary to protect the governments interests. FAR 28.102-1(a), 28.103-1(a), 28.103-2(a) Cost Accounting Standards Board rules and regulations apply to a. negotiated contracts and subcontracts. b. sealed bid contracts. c. contracts with small business concerns. d. bridge contracts. - Answer️️ -a. negotiated contracts and subcontracts. FAR 30.000 The head of the agency may waive the applicability of Cost Accounting Standards (CAS) for a particular contract or subcontract when one of these conditions exists: a. The contract or subcontract is less than $50 million, primarily engaged in the sale of commercial items, and has no contracts/subcontracts subject to CAS. b. The contract or subcontract is less than $15 million, primarily engaged in the sale of commercial items, and has no contracts/subcontracts subject to CAS. c. The contract or subcontract is less than $7.5 million, primarily engaged in the sale of commercial items. d. The contract or subcontract is less than $5 million, primarily engaged in the sale of commercial items, and has no contracts/subcontracts subject to CAS. - Answer️️ -b. The contract or subcontract is less than $15 million, primarily engaged in the sale of commercial items, and has no contracts/subcontracts subject to CAS. FAR 30.201-5 Which of the following statements about advance agreements is NOT true? a. Advance agreements may only be negotiated with a particular contractor for a single contract. b. Advance agreements may be negotiated either before or during a contract. c. The agreement must be in writing. d. The agreements must be incorporated into applicable current and future contracts. - Answer️️ -a. Advance agreements may only be negotiated with a particular contractor for a single contract. FAR 31.109 A cost is reasonable if, in its nature and amount, it does not exceed that which would be a. incurred by a prudent person in the conduct of competitive business. b. accrued by a prudent person in the conduct of competitive business. c. determined to be allowable by the CO. d. determined to be allocable by the CO. - Answer️️ -a. incurred by a prudent person in the conduct of competitive business. FAR 31.201-3 What definition best describes alternative dispute resolution? a. Procedures used to resolve issues in controversy. b. Procedures voluntarily used to resolv