CFCM Study guides, Class notes & Summaries

Why was the Federal Acquisition Regulations System established? The Federal Acquisition Regulations System is established for the codification and publication of uniform policies and procedures for acquisition by all executive agencies. (FAR 1.101) What does the Federal Acquisition Regulations System consist of? The Federal Acquisition Regulation (FAR), which is the primary document, and agency acquisition regulations that implement or supplement the FAR. (FAR 1.101) Does the FAR...

CFCM Study Questions and answers 2024

What law specifies how agencies shall make their records available upon public request, imposes strict time standards for agency responses, and exempts certain records from public disclosure? A) Paperwork Reduction Act B) Federal Records Act C) Freedom of Information Act D) Privacy Act of 1974 C) Freedom of Information Act Which of the following is not considered a contract? A) A bilateral instrument B) A grant or cooperative agreement C) A job order or task letter D) A purchase or...

Performance-base acquisition offers __________, which can be used to adjust payment to reflect the degree of performance success and to motivate superior performance incentives ___________ contracts are characterized by the employer-employee relationship it creates between the Government and the Contractor's personnel Personal Service When deciding how to measure and manage performance, the contracting officer (CO) should consider all of the following - selecting only a few mea...

FAR Part 32 prescribes policies and procedures for contract financing and other payment matters, including -payment methods, partial, progress pmts based on % or stage of completion -loan guarantees, advance pmts, progress pmts based on costs -administration of debts to govt arising out of contracts -contract funding -assignment of claims to aid in private financing -selected payment claues -financing of purchases of commercial items -performance based payments -EFT payments Gov...

A pre-bid conference may be used for the following purposes? As means of briefing prospective bidders, briefing prospective bidders and explaining complicated specification ____________ provides for upward or downward revisions of the state contract price upon occurrence of specification contingencies. FFP with economic price adjustment What method of special contracting is used to acquire known requirements in quantities and total cost not over planned requirements for up to fiv...

What are exception to certified cost or pricing data requirements? Commercial items, Prices set by law or regulation, Adequate price competition The threshold for obtaining certified cost or pricing data is: $750,000 A post-award debriefing of offerors shall include which of the following: evaluation of the significant weaknesses or deficiencies in the offeror's proposal, overall evaluated cost or price (including unit prices), and technical rating, if applicable, of the succes...

Certified Federal Contracts Manager (CFCM) Questions and Answers 100% Pass A cost is reasonable if, in its nature and amount, it does not exceed - Answer ️️ -that which would be incurred by a prudent person in the conduct of competitive business. Advance Agreements should not be negotiated - Answer ️️ -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...

CFCM Practice Exam Questions and Answers Already Graded A What is a Certificate of Competency? - Answer ️️ -A certificate issued by the SBA stating that the holder is responsible, for the purpose of receiving and performing a specific Government contract What law specifies how agencies shall make their records available upon public request, imposes strict time standards for agency responses, and exempts certain records from public disclosure? - Answer ️️ -Freedom of Information Ac...

CFCM Exam Practice Questions and Answers The FAR requires agencies to report bids or proposal that - Answer ️️ -Show evidence of an industry pricelist The practice of submitting an unrealistically low bid with the expectation of recouping the loss on change orders or subsequent business - Answer ️️ -buying-in Government contractors must have a written code of ethics. Which of the following is NOT required in the contractor's compliance training and internal control program - Answe...