CFCM FINAL EXAM 2025/2026 BANK 2
VERSIONS AND A STUDY GUIDE
CURRENTLY TESTING COMPLETE
EXAM QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) EXPERT GUARANTEED FOR
A+ GRADE
How does the government relieve contractors of liability for
loss or damage to property of the government that occurs
after acceptance or results from defects or deficiencies?
a. by acting as a self-insurer.
b. by the contracting officer designating any item with a
unit cost greater than $100,000 as a high value item for
which the contractor is not liable.
c. by relieving the contractor of liability for loss or damage
to all contract end items.
,d. by requiring appropriate insurance be carried by
contractors on cost reimbursement type contracts and
reimbursing the contractor for the expense. -
....ANSWER...a. by acting as a self-insurer.
FAR 46.803(a)
A contract should not normally be terminated for
convenience but should be permitted to run to completion
when the price of the undelivered balance of the contract is
less than
a. $25,000.
b. $1,000.
c. $5,000
d. $10,000 - ....ANSWER...c. $5,000
FAR 49.101(c)
What is the heart of a settlement for a contract terminated
for convenience?
,a. strict accounting principles
b. business judgement.
c. a payment for the work done and also preparation for
work on the terminated portions.
d. a strict determination of consequential damages and
anticipatory profits. - ....ANSWER...b. business judgement.
FAR 49.201(a)
How often are statutory acquisition-related dollar
thresholds in the FAR adjusted for inflation?
a. annually
b. bi-annually
c. every five years
d. only as required - ....ANSWER...c. every 5 years
FAR 1.109
, A form of written approval signed by an authorized official
that is required by statute or regulation as a prerequisite to
taking certain contract actions is defined as a
a. ratification
b. determination and findings
c. contracting officer's final decision
d. waiver - ....ANSWER...b. determination and findings
FAR 1.701
Contracting Officers below the level of _________ shall be
selected and appointed.
a. cabinet secretary
b. director of contracting
c. a flag officer or member of the Senior Executive Service
d. a head of a contracting activity - ....ANSWER...d. a head
of contracting activity
FAR 1.601
VERSIONS AND A STUDY GUIDE
CURRENTLY TESTING COMPLETE
EXAM QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) EXPERT GUARANTEED FOR
A+ GRADE
How does the government relieve contractors of liability for
loss or damage to property of the government that occurs
after acceptance or results from defects or deficiencies?
a. by acting as a self-insurer.
b. by the contracting officer designating any item with a
unit cost greater than $100,000 as a high value item for
which the contractor is not liable.
c. by relieving the contractor of liability for loss or damage
to all contract end items.
,d. by requiring appropriate insurance be carried by
contractors on cost reimbursement type contracts and
reimbursing the contractor for the expense. -
....ANSWER...a. by acting as a self-insurer.
FAR 46.803(a)
A contract should not normally be terminated for
convenience but should be permitted to run to completion
when the price of the undelivered balance of the contract is
less than
a. $25,000.
b. $1,000.
c. $5,000
d. $10,000 - ....ANSWER...c. $5,000
FAR 49.101(c)
What is the heart of a settlement for a contract terminated
for convenience?
,a. strict accounting principles
b. business judgement.
c. a payment for the work done and also preparation for
work on the terminated portions.
d. a strict determination of consequential damages and
anticipatory profits. - ....ANSWER...b. business judgement.
FAR 49.201(a)
How often are statutory acquisition-related dollar
thresholds in the FAR adjusted for inflation?
a. annually
b. bi-annually
c. every five years
d. only as required - ....ANSWER...c. every 5 years
FAR 1.109
, A form of written approval signed by an authorized official
that is required by statute or regulation as a prerequisite to
taking certain contract actions is defined as a
a. ratification
b. determination and findings
c. contracting officer's final decision
d. waiver - ....ANSWER...b. determination and findings
FAR 1.701
Contracting Officers below the level of _________ shall be
selected and appointed.
a. cabinet secretary
b. director of contracting
c. a flag officer or member of the Senior Executive Service
d. a head of a contracting activity - ....ANSWER...d. a head
of contracting activity
FAR 1.601
