CFCM - Study guides, Class notes & Summaries

ACQUISITION - ANSWER Means the acquiring by contract with appropriated funds of supplies or services(including construction) by and for the Federal Govt. through purchase or lease, whether the supplies or services are already in existence or must be created, developed, demonstrated, and evaluated. FAR PART 2 - ANSWER Definitions of words and terms when does aqcuisition begin? - ANSWER at the point when agency needs are established and includes the description of requirements to satisfy age...

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 Except as specifically permitted by executive agencies, the fast payment procedure may not be used for individual purchasing instruments exceeding what amount? - ANSWER $35,000 What can a contractor access online at ? - ANSWER The government wide point of entry

How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation? - ANSWER 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 - ANSWER determination and findings Contracting officers below the level of ___ shall be selected and appointed - ANSWER a head of a contracting activity

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 Act Which of the following is not a required element in a Broad Agency Announ...

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...

The FAR is prepared, issued, and maintained by: a. The Executive Office of the President. b. The Office of Management and Budget and the General Services Administration. c. The National Contract Management Association. d. The Secretary of Defense, the Administrator of General Services, and the Administrator of the National Aeronautics and Space Administration. - ANSWER d. The Secretary of Defense, the Administrator of General Services, and the Administrator of the National Aeronautics and S...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? Ans: $500 fine per day for each day of violation plus penalties for a misdemeanor. All Class A contractor licensure applications MUST include Ans: information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? Ans: Protect the health and welfare of the public. When a claimant is paid funds from the Contractors Recovery Trust Fund Ans: the...

If the contractor has an approved purchasing system, consent is required for subcontracts specifically identified by the CO in the subcontracts clause of the contract. True or False? Ans: True. FAR 44.2 If the subcontractor does not have an approved purchasing system, consent to subcontract is required for a. cost-reimbursement b. time and materials c. labor hour d. letter contracts e. all of the above Ans: e. all of the above FAR 44.2 Consent is required for fixed-price subcon...

CFCM Thresholds Exam Prep Questions and Answers (100% Pass)

CFCM Final Review Questions and Answers (100% Correct)