Certified Federal Contracts Manager Quiz! Trivia

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Certified Federal Contracts Manager Quiz! Trivia - Quiz


This is a Certified Federal Contracts Manager exam practice test! If you want to hold a contract from the federal government, the go-to person to ensure you do it all right is a CFCM as they provide all the laws laid down for a specific acquisition or sale are as expected. Do you think you are ready to sit for the certification exam to earn this position after the course? This quiz will help you find out!


Questions and Answers
  • 1. 

    According to the FAR

    • A.

      An unauthorized commitment may be ratified as long as funds are available

    • B.

      The contracting officer is the ratification approval authority for actions up to $ 2,500.00

    • C.

      Agencies should take positive action to preclude the need for ratification actions

    • D.

      Proper delegation of micro-purchase authority eradicates any need for ratification procedures

    Correct Answer
    C. Agencies should take positive action to preclude the need for ratification actions
    Explanation
    According to the FAR, agencies should take positive action to prevent the need for ratification actions. This means that agencies should have proper procedures and controls in place to ensure that unauthorized commitments do not occur in the first place. By taking proactive measures, such as providing proper training to employees and implementing effective oversight, agencies can minimize the need for ratification actions. This helps to ensure that all commitments are properly authorized and funded, reducing the risk of financial mismanagement.

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  • 2. 

    A form of written approval signed by an authorized official that is required by statue 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

    Correct Answer
    B. Determination and Findings
    Explanation
    Determination and Findings is 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. It is a formal document that outlines the decision-making process, justifications, and findings related to a specific contract action. This document ensures that the contract action is in compliance with applicable laws, regulations, and policies. Ratification refers to the approval of an unauthorized action after it has been performed. Contracting Officer's Final Decision is a decision made by the contracting officer at the end of a contract dispute resolution process. Waiver refers to the voluntary relinquishment or abandonment of a right or privilege.

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  • 3. 

    Consolidating two or more requirements for supplies or services, previously provided or performed under separate smaller contracts, into a solicitation for a single contract is defined as:

    • A.

      Combining

    • B.

      Consolidating

    • C.

      Bundling

    • D.

      Mixing

    Correct Answer
    C. Bundling
    Explanation
    Bundling refers to the process of consolidating or combining multiple requirements for supplies or services that were previously provided or performed under separate smaller contracts into a single solicitation for a contract. This allows for a more efficient procurement process by reducing administrative burdens and promoting economies of scale. Bundling can result in cost savings and improved performance, but it can also limit competition and disadvantage small businesses.

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  • 4. 

    Contractor's arrangements to pay contingent fees for soliciting Government contracts have long been considered contrary to public policy because:

    • A.

      They discourage competition

    • B.

      Such arrangements may lead to attempted or actual exercise of improper influence

    • C.

      They result in excessive overhead costs

    • D.

      Accountability of costs is difficult to track

    Correct Answer
    B. Such arrangements may lead to attempted or actual exercise of improper influence
    Explanation
    Contractor's arrangements to pay contingent fees for soliciting Government contracts may lead to attempted or actual exercise of improper influence. This is because when contractors offer to pay fees based on the outcome of the contract, it creates a situation where individuals or organizations may be tempted to use unethical or illegal means to secure the contract. This can include bribery, corruption, or other forms of improper influence. Therefore, such arrangements are considered contrary to public policy as they undermine fair competition and the integrity of the procurement process.

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  • 5. 

    The Contracting Officer may use competitive proposals in lieu of sealed bids if:

    • A.

      Time permits the solicitation,submission, and evaluation of sealed bids

    • B.

      Award will be made on the basis of price and other price related factors

    • C.

      It is necessary to conduct discussions

    • D.

      The resulting contract will be with a small business

    Correct Answer
    C. It is necessary to conduct discussions
    Explanation
    The correct answer is "It is necessary to conduct discussions." This is because competitive proposals allow for negotiations and discussions between the contracting officer and the potential bidders. Sealed bids, on the other hand, do not allow for any discussions or negotiations. Therefore, if it is necessary to have discussions with the bidders in order to clarify certain aspects or negotiate terms, the contracting officer may choose to use competitive proposals instead of sealed bids.

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  • 6. 

    If other than full and open competition is anticipated, the acquisition plan must be coordinated with the cognizant:

    • A.

      Competition Advocate

    • B.

      Head of the Contracting Activity

    • C.

      Small Business Office

    • D.

      Contract Administrator

    Correct Answer
    A. Competition Advocate
    Explanation
    The correct answer is Competition Advocate. The acquisition plan must be coordinated with the Competition Advocate when other than full and open competition is anticipated. The Competition Advocate is responsible for promoting competition and ensuring that the acquisition process is fair and equitable. They provide guidance and assistance to the contracting officer in developing acquisition strategies that maximize competition and achieve best value for the government. Coordinating with the Competition Advocate helps to ensure that the acquisition plan is in compliance with regulations and promotes competition to the maximum extent practicable.

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  • 7. 

    Normally, testing and approval is required in contracts for:

    • A.

      Research and Development

    • B.

      Products requiring qualification before award

    • C.

      Commercial Items

    • D.

      Non-commercial items being manufactured for the first time

    Correct Answer
    D. Non-commercial items being manufactured for the first time
    Explanation
    Testing and approval is required in contracts for non-commercial items being manufactured for the first time because these items have not been previously produced or tested. Therefore, it is necessary to ensure that they meet the required standards and specifications before they can be approved for manufacturing and use. This helps to minimize the risk of defects or failures and ensures that the items will perform as intended.

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  • 8. 

    When is an indefinite-delivery contract appropriate??

    • A.

      When it is possible to estimate accurately the extent or duration of the work

    • B.

      When the specifications/work statement is clearly defined

    • C.

      When uncertainties involved in contractor performance do not permit costs to be estimated

    • D.

      When the exact times and/or quantities of future deliveries are not known at time of award

    Correct Answer
    D. When the exact times and/or quantities of future deliveries are not known at time of award
    Explanation
    An indefinite-delivery contract is appropriate when the exact times and/or quantities of future deliveries are not known at the time of award. This type of contract allows for flexibility in terms of the timing and quantity of deliveries, as it does not require a specific schedule or quantity to be predetermined. Instead, the contract allows for orders to be placed as needed, based on the requirements of the buyer. This is beneficial in situations where there is uncertainty or variability in the demand for the product or service being procured.

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  • 9. 

    Agencies are required to use the results of market research to determine:

    • A.

      If detailed government specifications exist

    • B.

      A fair and reasonable price

    • C.

      The Government's requirements

    • D.

      The extent to which commercial items or nondevelopmental items could satisfy the need

    Correct Answer
    D. The extent to which commercial items or nondevelopmental items could satisfy the need
    Explanation
    Agencies are required to use the results of market research to determine the extent to which commercial items or nondevelopmental items could satisfy the need. This means that they need to evaluate whether there are existing commercial or nondevelopmental products that can meet the government's requirements, rather than developing new products or specifications. This helps in promoting competition and efficient use of resources by considering existing solutions that may be readily available in the market.

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  • 10. 

    Contracting activities shall employ simplified acquisition procedures to the maximum extent practicable for acquisitions of commercial items not exceeding:

    • A.

      $1,000,000

    • B.

      $100,000

    • C.

      $250,000

    • D.

      $3,000,000

    Correct Answer
    C. $250,000
    Explanation
    Contracting activities are encouraged to use simplified acquisition procedures for the purchase of commercial items to streamline the procurement process. As of my last knowledge update in September 2021, for such acquisitions, the threshold not to exceed was typically $250,000. This means that for purchases of commercial items below this threshold, simplified procedures could be employed to make the procurement process more efficient and less bureaucratic. However, these thresholds and policies can change over time, so it's important to refer to the most current procurement regulations and guidelines for accurate information.

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  • 11. 

    When acquiring commercial items, the contracting officer:

    • A.

      Is not required to establish price reasonableness

    • B.

      Can accept the commercial standard for price reasonableness

    • C.

      Must establish price reasonableness in accordance with 13.106-3, 14.408-2 or Subpart 15.4 applicable

    • D.

      Must establish price reasonableness in accordance with commercial practices

    Correct Answer
    C. Must establish price reasonableness in accordance with 13.106-3, 14.408-2 or Subpart 15.4 applicable
    Explanation
    The correct answer is "Must establish price reasonableness in accordance with 13.106-3, 14.408-2 or Subpart 15.4 applicable." When acquiring commercial items, the contracting officer is required to establish price reasonableness in accordance with the specific regulations mentioned. These regulations provide guidelines and procedures for determining whether the price being paid for the commercial items is reasonable and fair. This ensures that the government is not overpaying for the items and that the acquisition process is conducted in a transparent and accountable manner.

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  • 12. 

    It is advantageous to establish Blanket Purchase Agreements with firms who:

    • A.

      Have past performance records that show them to be unreliable

    • B.

      Bid only on purchases over the simplified acquisition threshold

    • C.

      Have provided few purchases at or below the simplified acquisition threshold

    • D.

      Offer quality supplies or services at consistently lower prices that their competitors

    Correct Answer
    D. Offer quality supplies or services at consistently lower prices that their competitors
    Explanation
    Establishing Blanket Purchase Agreements with firms that offer quality supplies or services at consistently lower prices than their competitors is advantageous because it allows the purchasing organization to obtain the required goods or services at a lower cost. This can lead to cost savings for the organization and potentially increase its competitiveness in the market. By selecting suppliers who consistently offer lower prices, the organization can ensure that it receives good value for its money without compromising on quality.

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  • 13. 

    Which of the following is true concerning Blanket Purchase Agreements (BPAs)?

    • A.

      A purchase requisition is required to establish one

    • B.

      Use of a BPA exempts an agency from the responsibility for keeping obligations and expenditures within available funds

    • C.

      They may be established with more than one supplier

    • D.

      They may be established even if there is an existing requirements contract for the same supply or service

    Correct Answer
    C. They may be established with more than one supplier
    Explanation
    Blanket Purchase Agreements (BPAs) can be established with more than one supplier, meaning that multiple suppliers can be contracted under a single BPA. This allows for flexibility and competition among suppliers, as well as the ability to take advantage of different pricing and terms offered by different suppliers. By establishing BPAs with multiple suppliers, agencies can ensure a reliable supply of goods or services and have options to choose from when making purchases. This also helps in avoiding a single point of failure and reducing the risk of supply chain disruptions.

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  • 14. 

    Unpriced purchase orders may be used to acquire:

    • A.

      Repairs to equipment requiring disassembly to determine the nature and extent of repairs

    • B.

      Commercial or nondevelopmental items

    • C.

      Urgently needed supplies available through multiple sources

    • D.

      Routine items for stock

    Correct Answer
    A. Repairs to equipment requiring disassembly to determine the nature and extent of repairs
    Explanation
    Unpriced purchase orders may be used to acquire repairs to equipment requiring disassembly to determine the nature and extent of repairs because in such cases, it may not be possible to accurately determine the cost of repairs beforehand. Disassembling the equipment allows for a thorough assessment of the repairs needed, and the pricing can be determined accordingly. This approach ensures that the purchase order reflects the actual cost of repairs and prevents overpayment or underpayment for the services rendered.

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  • 15. 

    A pre-bid conference is never to be used for:

    • A.

      Answering industry's questions

    • B.

      Amending an ambiguous IFB

    • C.

      Explaining requirements

    • D.

      Conducting market research

    Correct Answer
    B. Amending an ambiguous IFB
    Explanation
    A pre-bid conference is a meeting held before the submission of bids for a project. It is used to provide clarification and answer any questions that potential bidders may have regarding the project requirements. The purpose of the conference is to ensure that all bidders have a clear understanding of the project and its requirements. However, amending an ambiguous IFB (Invitation for Bids) should not be done during a pre-bid conference. Instead, any necessary amendments to the IFB should be issued separately to ensure transparency and fairness in the bidding process.

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  • 16. 

    What is acceptable evidence to establish the time of receipt at the government installation?

    • A.

      A US Post Office proof of mailing receipt

    • B.

      Other documentary evidence maintained by the contractor

    • C.

      Oral testimony or statements by the bidder's personnel

    • D.

      Time/date stamp of that installation on the bid wrapper

    Correct Answer
    D. Time/date stamp of that installation on the bid wrapper
    Explanation
    The time/date stamp of the government installation on the bid wrapper is acceptable evidence to establish the time of receipt. This stamp indicates the exact time and date when the bid was received at the government installation, providing a clear record of when the bid was submitted. This evidence is reliable and objective, as it is generated by the government installation itself. It eliminates any potential disputes or discrepancies regarding the time of receipt, ensuring a fair evaluation of bids.

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  • 17. 

    Which of the following contract types may be used with Sealed Bidding procedures?

    • A.

      Cost-Plus-Fixed Ree

    • B.

      Firm-Fixed Price and sometimes fixed-price with economic price adjustment

    • C.

      Any type within the family of Fixed Price contract types

    • D.

      Firm-Fixed-price only

    Correct Answer
    D. Firm-Fixed-price only
    Explanation
    Firm-Fixed-price contracts are the only contract type that may be used with Sealed Bidding procedures. Sealed Bidding is a procurement method where the government requests bids from potential suppliers and selects the lowest responsive and responsible bidder. In this method, the price is the primary factor in determining the winning bid, and the government wants a fixed price that is not subject to adjustment. Therefore, only Firm-Fixed-price contracts, which have a predetermined price that does not change, are suitable for Sealed Bidding procedures.

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  • 18. 

    Which statement concerning Requests for Information (RFIs) is true?

    • A.

      Responses to RFIs are not offers and may not be accepted by the Government to form a binding contract

    • B.

      Responses to RFIs may be accepted by the Government to form a binding contract

    • C.

      RFIs are used when the Government desires market information and intends to award a contract immediately

    • D.

      Use of RFIs is limited to purchases not exceeding the simplified acquisition threshold

    Correct Answer
    A. Responses to RFIs are not offers and may not be accepted by the Government to form a binding contract
    Explanation
    Responses to RFIs are not offers and may not be accepted by the Government to form a binding contract. This means that when the Government receives responses to RFIs, they are not obligated to accept any of the proposals or enter into a contract based on those responses. RFIs are primarily used to gather information and understand the market before making a decision on awarding a contract.

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  • 19. 

    Communication with an offeror for the sold purpose of eliminating minor irregularities, informalities, or apparent clerical mistakes in the proposal is called:

    • A.

      Verification

    • B.

      Clarification

    • C.

      Discussion

    • D.

      Remuneration

    Correct Answer
    B. Clarification
    Explanation
    Clarification is the correct answer because it involves communication with the offeror to address minor irregularities, informalities, or clerical mistakes in the proposal. This process helps to ensure that any misunderstandings or discrepancies are resolved and the proposal can be considered accurately. Verification refers to confirming the accuracy or truth of something, which is not the same as addressing minor issues. Discussion involves a broader conversation and may not specifically focus on eliminating minor irregularities. Remuneration refers to payment for goods or services and is unrelated to the purpose of eliminating minor irregularities in the proposal.

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  • 20. 

    A certificate of Current Cost or Pricing Data:

    • A.

      Does not constitute a representation as to the accuracy of the contractor's judgment on the estimate of future costs or projections

    • B.

      Is required upon exercise of an option at the price established at contract award, regardless of dollar value

    • C.

      Is required for proposals in support of interim billing price adjustments valued in excess of $500,000

    • D.

      Is no longer required

    Correct Answer
    A. Does not constitute a representation as to the accuracy of the contractor's judgment on the estimate of future costs or projections
    Explanation
    A certificate of Current Cost or Pricing Data does not constitute a representation as to the accuracy of the contractor's judgment on the estimate of future costs or projections. This means that the certificate does not guarantee that the contractor's estimate of future costs or projections will be accurate. It is simply a document that provides information about the current cost or pricing data.

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  • 21. 

    The least preferred method of submitting ideas/concepts to the Government is:

    • A.

      In response to Broad Agency Announcements

    • B.

      Through participation in Small Business Innovation Research Programs

    • C.

      In response to Program Research and Development Announcements

    • D.

      Unsolicited proposals

    Correct Answer
    D. Unsolicited proposals
    Explanation
    Unsolicited proposals are the least preferred method of submitting ideas/concepts to the Government. Unlike the other options listed, unsolicited proposals are not in response to any specific announcement or program. They are not solicited or requested by the Government, which makes them less preferred. The Government typically prefers to receive ideas and concepts through formal channels such as Broad Agency Announcements, Program Research and Development Announcements, or participation in Small Business Innovation Research Programs, as these methods provide a structured and organized approach to receiving proposals. Unsolicited proposals may not align with the Government's current needs or priorities, making them less desirable.

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  • 22. 

    The Contract Work Hours and Safety Standards Act requires:

    • A.

      Each contractor and subcontractor to furnish a weekly statement of compliance with respect to the wages paid each employee during the preceding week

    • B.

      Makes it unlawful to induce any person employed in the construction or repair of public buildings or public works, financed in whole or in part by the U.S. to give up any part of the compensation to which that person is entitled under a contract of employment

    • C.

      States that no laborer or mechanic employed directly upon the site of the work shall receive less than the prevailing wage rates as determined by the Secretary of Labor

    • D.

      Mandates that no laborer or mechanic doing any part of the work contemplated by the contract be required or permitted to work more than 40 hours in any work week unless paid for all additional hours at not less than 1 1/2 times the basic rate of pay

    Correct Answer
    D. Mandates that no laborer or mechanic doing any part of the work contemplated by the contract be required or permitted to work more than 40 hours in any work week unless paid for all additional hours at not less than 1 1/2 times the basic rate of pay
    Explanation
    The correct answer states that the Contract Work Hours and Safety Standards Act mandates that no laborer or mechanic doing any part of the work contemplated by the contract be required or permitted to work more than 40 hours in any work week unless paid for all additional hours at not less than 1 1/2 times the basic rate of pay. This means that the law prohibits contractors from making employees work more than 40 hours without proper compensation, ensuring that workers are fairly compensated for any additional hours worked beyond the standard work week.

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  • 23. 

    The Walsh-Healey Public Contracts Act:

    • A.

      Addresses use of high technology ball bearings

    • B.

      Applies to construction contracts over $2,500

    • C.

      Requires that all manufacturing be accomplished outside the U.S

    • D.

      Applies to applicable contract actions exceeding $10,000

    Correct Answer
    D. Applies to applicable contract actions exceeding $10,000
    Explanation
    The Walsh-Healey Public Contracts Act applies to applicable contract actions exceeding $10,000. This means that the act is only applicable to contract actions that involve a value exceeding $10,000. The act does not address the use of high technology ball bearings, does not require that all manufacturing be accomplished outside the U.S, and does not apply to construction contracts over $2,500.

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  • 24. 

    Performance and payment bonds are required or may be required for:

    • A.

      Construction contracts exceeding $2,000

    • B.

      Construction contracts exceeding $100,000

    • C.

      Services and supply contracts exceeding the simplified acquistion threshold when necessary to protect the Government's intrest

    • D.

      Both b and c

    Correct Answer
    D. Both b and c
    Explanation
    Performance and payment bonds are required or may be required for construction contracts exceeding $100,000 and services and supply contracts exceeding the simplified acquisition threshold when necessary to protect the Government's interest. This means that for construction contracts exceeding $100,000 and services and supply contracts that exceed a certain threshold, performance and payment bonds are necessary to ensure that the contractor fulfills their obligations and that the government's interests are protected. Therefore, the correct answer is "Both b and c."

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  • 25. 

    Performance-Based payments shall be used only:

    • A.

      When the contracting officer and offeror are able to agree on the performance-based payment

    • B.

      When a definitized fixed-price type contract is contemplated

    • C.

      When the contract does not provide for other methods of contract financing

    • D.

      When all of the above conditions are met

    Correct Answer
    D. When all of the above conditions are met
    Explanation
    Performance-Based payments shall be used only when all of the conditions mentioned in the options are met. This means that performance-based payments can only be used when the contracting officer and offeror agree on it, when a definitized fixed-price type contract is being considered, and when the contract does not provide for any other methods of contract financing. If any of these conditions are not met, performance-based payments cannot be used.

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  • 26. 

    Protests may be filed with:

    • A.

      Either the Agency or the Government Accountability Office (GAO)

    • B.

      The Agency, the GAO, or the General Services Board of Contract Appeals (ADP acquisitions)

    • C.

      Either the contracting officer or the United States Court of Federal Claims

    • D.

      Small Claims Court for awards under the Simplified Acquisition Threshold

    Correct Answer
    A. Either the Agency or the Government Accountability Office (GAO)
    Explanation
    Protests can be filed with either the Agency or the Government Accountability Office (GAO). This means that if a contractor believes that a procurement process was unfair or violated regulations, they have the option to submit a protest to either the Agency or the GAO. Both entities have the authority to review the protest and take appropriate actions to address any issues. This allows for a fair and transparent process in resolving disputes related to government contracts.

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  • 27. 

    The person responsible for selecting the appropriate type of contract for and R & D requirement is:

    • A.

      The program manager

    • B.

      The contracting officer

    • C.

      The acquisition manager

    • D.

      The R & D Chief

    Correct Answer
    B. The contracting officer
    Explanation
    The contracting officer is responsible for selecting the appropriate type of contract for an R&D requirement. This is because the contracting officer is the individual who is authorized to enter into contracts on behalf of the government agency or organization. They have the knowledge and expertise to assess the specific needs and requirements of the R&D project and determine the most suitable type of contract to ensure successful execution and fulfillment of the project goals.

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  • 28. 

    Contracts to acquire information technology systems in successive, interoperable increments are know as:

    • A.

      Multi-year

    • B.

      Successive

    • C.

      Modular

    • D.

      Alpha

    Correct Answer
    C. Modular
    Explanation
    Contracts to acquire information technology systems in successive, interoperable increments are known as modular contracts. This means that the acquisition process is divided into smaller, manageable modules or phases, allowing for flexibility and adaptability. This approach enables organizations to incrementally build and improve their IT systems, ensuring that each module is interoperable with the previous ones. This method also allows for better risk management, as any issues or changes can be addressed in subsequent modules rather than waiting for the entire system to be completed.

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  • 29. 

    Which of these is NOT a normal function of a contract administration office?

    • A.

      Review the Contractor's compensation structure and insurance plans

    • B.

      Conduct post-award orientation conferences

    • C.

      Assist the contractor in management of its subcontractors

    • D.

      Determine the Contractor's compliance with Cost Accounting Standards

    Correct Answer
    C. Assist the contractor in management of its subcontractors
    Explanation
    The contract administration office is responsible for overseeing the execution of contracts and ensuring that all parties involved fulfill their obligations. This includes reviewing the contractor's compensation structure and insurance plans to ensure compliance, conducting post-award orientation conferences to clarify expectations, and determining the contractor's compliance with Cost Accounting Standards. However, assisting the contractor in managing its subcontractors is not typically a function of the contract administration office. This task is usually the responsibility of the contractor themselves, as they are responsible for managing and coordinating all aspects of their subcontractors' work.

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  • 30. 

    Which of the following is true if a contractor has an approved purchasing system?

    • A.

      Consent is required for subcontractors identified in the subcontracts clause of the contract

    • B.

      Purchases below the Simplified Acquisition Threshold must be reviewed by the contracting officer

    • C.

      Only items on the government qualified products list may be used

    • D.

      F.O.B. origin may not be used

    Correct Answer
    A. Consent is required for subcontractors identified in the subcontracts clause of the contract
    Explanation
    If a contractor has an approved purchasing system, it means that their purchasing practices and procedures have been reviewed and deemed acceptable by the contracting officer. In this case, the correct answer suggests that consent is required for subcontractors identified in the subcontracts clause of the contract. This means that the contractor must seek approval or permission from the contracting officer before subcontracting any work to other parties mentioned in the subcontract clause of the contract.

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  • 31. 

    Authority for entering into or modifying contracts in order to facilitate the national defense under extraordinary emergency conditions is granted by:

    • A.

      Public Law 85-804

    • B.

      The Head of the Contracting Activity

    • C.

      The Secretary of Defense

    • D.

      A level above the contracting officer

    Correct Answer
    A. Public Law 85-804
    Explanation
    Public Law 85-804 grants the authority for entering into or modifying contracts in order to facilitate the national defense under extraordinary emergency conditions. This law provides the legal framework for the government to take necessary actions to ensure national security in times of crisis. It allows for flexibility in contracting procedures and enables the government to expedite the acquisition process to meet urgent defense needs. The other options listed, such as the Head of the Contracting Activity, the Secretary of Defense, or a level above the contracting officer, may have certain decision-making powers, but they do not specifically grant the authority for entering into or modifying contracts in extraordinary emergency conditions, as Public Law 85-804 does.

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  • 32. 

    Techniques for conducting market research include:

    • A.

      Holding pre-soliciation conferences

    • B.

      Publishing formal requests for information

    • C.

      Reviewing catalog and other generally available product literature

    • D.

      All of the above

    Correct Answer
    D. All of the above
    Explanation
    The correct answer is "All of the above" because all three techniques mentioned - holding pre-solicitation conferences, publishing formal requests for information, and reviewing catalog and other generally available product literature - are commonly used methods for conducting market research. These techniques help gather information, solicit feedback, and analyze available product options, which are essential steps in understanding the market and making informed business decisions.

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  • 33. 

    Federal Agencies must specify their needs in such a manner as to:

    • A.

      Minimize cost of the procurement

    • B.

      Reduce overhead in the procurement function

    • C.

      Promote full and open competition

    • D.

      Minimize the lead-time to acquire the desired goods or services

    Correct Answer
    C. Promote full and open competition
    Explanation
    The given answer states that Federal Agencies must specify their needs in a way that promotes full and open competition. This means that the agencies should provide clear and transparent requirements, allowing multiple vendors to compete for the procurement contract. By doing so, the agencies can ensure that they receive the best value for their money, as different vendors can offer competitive prices and innovative solutions. Additionally, promoting full and open competition helps to prevent favoritism or bias towards specific vendors, ensuring a fair and impartial procurement process.

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Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Oct 06, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 05, 2012
    Quiz Created by
    BLACKJACK777
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