CFCM Study guides, Class notes & Summaries

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 - (c) Every five 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) The Contracting Officer's Final Decision (d) A waiver - (b) D...

Certified Federal Contracts Manager (CFCM) Exam with Questions and Answers| Latest Update| Verifed A cost is reasonable if, in its nature and amount, it does not exceed - that which would be incurred by a prudent person in the conduct of competitive business. Advance Agreements should not be negotiated - after the incurrence of the costs involved. Under the Assignment of Claims Act, a contractor may assign moneys due or to become due under a contract if it meets all but which of the follo...

Certificate of Competency - issued by the SBA stating that the holder is responsible for the purpose of receiving and performing a specific government contract (FAR 19.601(a)) Except as specifically permitted by executive agencies, the fast payment procedure may not be used for individual purchasing instruments exceeding what amount? - $35,000 (FAR 13.402(a)) What can a contractor access

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 governmen...

How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation? - Every 5 years A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actionsi s defined as a - determination and findings Contracting officers below the level of ___ shall be selected and appointed - a head of a contracting activity

CFCM Exam Study Questions and Answers| Latest Update| Verifed What is covered by FAR Part 1? (a) Definitions of Words & Terms (b) Administrative Matters (c) The Federal Acquisition Regulation System (d) Competition Requirements - (c) The Federal Acquisition Regulation System

Which of the following is NOT a reason to contract for Advisory and Assistance services? - Obtain work of a policy, decision-making, or managerial nature which is the direct responsibility of agency officials Which of the following contract types is prohibited by the Federal Acquisition Regulation for federal agencies and prime contractors? - cost-plus-a-percentage-of-cost The Contract Disputes statute covers - claims by a contractor against the Government.

The Federal Acquisition System was established for the codification and publication of uniform policies and procedures for acquisition by all legislative agencies. True or False? False. " . . .for acquisition by all EXECUTIVE agencies." FAR 1.1 What is the primary document (and agency regulations that implement or supplement this document) of the Federal Acquisition Regulations System? a. Code of Federal Regulations (CFR) b. The Defense Acquisition Regulations (DAR) c. The U.S....

The act of an authorized representative of the government by which the government, for itself or as an agent of another, assumes ownership of existing identified supplies tendered or approves specific services rendered as partial or complete per performance of the contract. a. acceptance b. off-the-shelf item c. latent defect. d. patent defect a. acceptance FAR 46.1 Any item produced and place in stock by a contractor or stocked by a distributor before receiving orders or contra...

n which of the following cases is a Research and Development contract most appropriate? When the work or methods cannot be precisely described in advance In preparing work statements, technical and contracting personnel shall consider and, as appropriate, provide in the solitication all (1) A statement of the area of exploration, tasks to be performed, and objectives of the research or development effort; (2) Background information helpful to a clear understanding of the objective or re...