CON 3990V Contracting Certification
Exam (Latest 2025/2026 Update)
Questions with Verified Answers |
100% Correct| Graded A+.
Question:
When should contract files required settlement of indirect cost rates be
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closed out??
i,-
Answer:
Within 36 months of the month the KO receives evidence of physical
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completion
Question:
When should all other (not SAP, FFP, or indirect cost rate) contract files be
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
closed??
Answer:
Within 20 months of the month the KO receives evidence of physical
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
completion
,Question:
When is a contract considered physically complete??
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Answer:
the KTR has completed required deliveries and Gov has inspected and
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
accepted the supplies i,- i,-
The contractor has performed all services and the Gov has accepted the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
services and i,- i,-
all option provisions, if any, have expired
i,- i,- i,- i,- i,- i,-
or the Gov gives the KTR notice of termination
i,- i,- i,- i,- i,- i,- i,- i,-
Question:
What are the steps to close out a contract file??
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Answer:
1) Contract admin office is responsible for initiating, reviewing contract
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
fund status, and deobligating excess funds
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2)KO issues a contract completions statement
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3) KO files completed statement and signed copy send to admin office
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Question:
How long are contract documents retained after closeout??
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Answer:
6 years after final payment
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,Question:
What does a KO need prior to commencement of negotiations for a sole
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source contract, commencement of negotiations for a contract resulting
i,- i,- i,- i,- i,- i,- i,- i,- i,-
from an unsolicited proposal, or award without providing for full and
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
open competition?? i,-
Answer:
Justification and Approval which justifies the actions in writing, certifies
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
the accuracy and completeness of the justifications and obtains the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
approval required i,-
Question:
The KO shall not award a sole-source contract for an amount exceeding
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
$25M unless? i,-
Answer:
they have a signed Justification and Approval
i,- i,- i,- i,- i,- i,-
Question:
A J&A should include?
i,- i,- i,-
Answer:
Description of action being approved i,- i,- i,- i,-
Description of supplies or services required + estimated value
i,- i,- i,- i,- i,- i,- i,- i,-
, statutory authority permitting other than full and open comp
i,- i,- i,- i,- i,- i,- i,- i,-
demonstrate why specific KTR is required (instead of comp)
i,- i,- i,- i,- i,- i,- i,- i,-
efforts made to solicit offers from other sources
i,- i,- i,- i,- i,- i,- i,-
determination of fair and reasonable anticipated cost i,- i,- i,- i,- i,- i,-
description of market research conducted i,- i,- i,- i,-
list of sources that expressed interest
i,- i,- i,- i,- i,-
statement of how agency may remove comp barriers in the future
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
KO certification
i,-
Question:
What are the thresholds for J&A approval?
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Answer:
under $750 - KO approval
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over $750k and under $100M - HCA
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over $100M - senior procurement executive
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Question:
What are the basic elements required for a contract to be legally binding
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(4)?
Answer:
mutual assent (valid offer and acceptance)
i,- i,- i,- i,- i,-
Exam (Latest 2025/2026 Update)
Questions with Verified Answers |
100% Correct| Graded A+.
Question:
When should contract files required settlement of indirect cost rates be
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
closed out??
i,-
Answer:
Within 36 months of the month the KO receives evidence of physical
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
completion
Question:
When should all other (not SAP, FFP, or indirect cost rate) contract files be
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
closed??
Answer:
Within 20 months of the month the KO receives evidence of physical
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
completion
,Question:
When is a contract considered physically complete??
i,- i,- i,- i,- i,- i,-
Answer:
the KTR has completed required deliveries and Gov has inspected and
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
accepted the supplies i,- i,-
The contractor has performed all services and the Gov has accepted the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
services and i,- i,-
all option provisions, if any, have expired
i,- i,- i,- i,- i,- i,-
or the Gov gives the KTR notice of termination
i,- i,- i,- i,- i,- i,- i,- i,-
Question:
What are the steps to close out a contract file??
i,- i,- i,- i,- i,- i,- i,- i,- i,-
Answer:
1) Contract admin office is responsible for initiating, reviewing contract
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
fund status, and deobligating excess funds
i,- i,- i,- i,- i,-
2)KO issues a contract completions statement
i,- i,- i,- i,- i,-
3) KO files completed statement and signed copy send to admin office
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
Question:
How long are contract documents retained after closeout??
i,- i,- i,- i,- i,- i,- i,-
Answer:
6 years after final payment
i,- i,- i,- i,-
,Question:
What does a KO need prior to commencement of negotiations for a sole
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
source contract, commencement of negotiations for a contract resulting
i,- i,- i,- i,- i,- i,- i,- i,- i,-
from an unsolicited proposal, or award without providing for full and
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
open competition?? i,-
Answer:
Justification and Approval which justifies the actions in writing, certifies
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
the accuracy and completeness of the justifications and obtains the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
approval required i,-
Question:
The KO shall not award a sole-source contract for an amount exceeding
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
$25M unless? i,-
Answer:
they have a signed Justification and Approval
i,- i,- i,- i,- i,- i,-
Question:
A J&A should include?
i,- i,- i,-
Answer:
Description of action being approved i,- i,- i,- i,-
Description of supplies or services required + estimated value
i,- i,- i,- i,- i,- i,- i,- i,-
, statutory authority permitting other than full and open comp
i,- i,- i,- i,- i,- i,- i,- i,-
demonstrate why specific KTR is required (instead of comp)
i,- i,- i,- i,- i,- i,- i,- i,-
efforts made to solicit offers from other sources
i,- i,- i,- i,- i,- i,- i,-
determination of fair and reasonable anticipated cost i,- i,- i,- i,- i,- i,-
description of market research conducted i,- i,- i,- i,-
list of sources that expressed interest
i,- i,- i,- i,- i,-
statement of how agency may remove comp barriers in the future
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
KO certification
i,-
Question:
What are the thresholds for J&A approval?
i,- i,- i,- i,- i,- i,-
Answer:
under $750 - KO approval
i,- i,- i,- i,-
over $750k and under $100M - HCA
i,- i,- i,- i,- i,- i,-
over $100M - senior procurement executive
i,- i,- i,- i,- i,-
Question:
What are the basic elements required for a contract to be legally binding
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
(4)?
Answer:
mutual assent (valid offer and acceptance)
i,- i,- i,- i,- i,-
