This Acquisition Test Is For You If You Are A Business Student!

88 Questions | By Alfredhook3 | Updated: Mar 21, 2022 | Attempts: 71

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This Acquisition Test Is For You If You Are A Business Student! - Quiz

In corporate finance, mergers and acquisitions are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. This acquisition test is for you if you are a business student!

Questions and Answers

1.

** Acquisition planning must take place
- A.
  
  Upon receipt of funds
- B.
  
  Once a purchase request is received
- C.
  
  As soon as an agency need is identified
- D.
  
  Immediately upon completion of the source selection plan
2.

** WHat higher level planning process is used to identify and determine whether government work should be contracted or performed in-house?
- A.
  
  MR
- B.
  
  Source selection
- C.
  
  Strategic sourcing
- D.
  
  Competitive Sourcing
3.

The of functional experts that reviews and recommends acquisition strategies for a specific product or service is known as
- A.
  
  An acquisition strategy panel (ASP)
- B.
  
  An expeditionary sourcing group (ESG)
- C.
  
  An enterprise souring squadron (ESS)
- D.
  
  A business support squadron (BSS)
4.

Leadership of an acquisition team may be shared between the CO and
- A.
  
  The head of the contracting agency (HCA)
- B.
  
  Contracting specialist
- C.
  
  The program manager
- D.
  
  The technical team
5.

A simplified acquisition strategy summary (SASS) is required for acquisitions w/ a dollar value
- A.
  
  Exceeding $2,500
- B.
  
  Exceeding $25,000
- C.
  
  Between $8M and $25M
- D.
  
  Between the SAT and $10M
6.

What action must a CO take if MR indicates that a commercial item is not available to meet customer needs?
- A.
  
  Restate terms a permit the acquisition of commercial items
- B.
  
  Cancel the solicitation and resolicit using military specifications
- C.
  
  Issue the award on a sole-source basis
- D.
  
  Dissolve the small business set-aside
7.

What specific information is included in a MRR?
- A.
  
  Constraints to competition
- B.
  
  Review of offeror past performance
- C.
  
  Detailed analysis of cost and pricing data
- D.
  
  Identification of source selection evaluation criteria
8.

** Which is not an example of a wholesale supply source?
- A.
  
  Defense Logistics Agency (DLA)
- B.
  
  Department of Veteran Affairs (VA)
- C.
  
  General Services Administration (GSA)
- D.
  
  Army and Air Force Exchange Services (AAFES)
9.

** Who is responsible for managing inventories of supplies and determining if the customer's requirements can be met through available supply channels?
- A.
  
  Mission support group commander
- B.
  
  Contracting squadron commander
- C.
  
  Requiring agency
- D.
  
  Base supply officer
10.

** At what prices shall agencies purchase required supplies listed in the Federal Prison Industries (FPI) schedule?
- A.
  
  At whatever price is stated on the schedule
- B.
  
  At prices listed above market value
- C.
  
  10% above fair market value
- D.
  
  At prices not to exceed fair market value
11.

If the Federal Prison Industries (FPI) product is not comparable in one or more areas of price, quality, and time of delivery, then the contracting officer (CO) can
- A.
  
  Award it anyway because it is mandatory
- B.
  
  Give FPI a chance to change their offer
- C.
  
  Use competitive procedures to acquire the product
- D.
  
  Change the time of delivery so that FPI can compete
12.

** The Committee for Purchase from People Who are Blind or Severely Disabled is responsible for all of the following except
- A.
  
  Establishing prices for supplies and services
- B.
  
  Establishing rules and regulations to implement the AbilityOne Act
- C.
  
  Providing everything from workplaces, security, and supplies to telecommunications
- D.
  
  Determining supplies and services to be purchased by all entities of the government from AbilityOne participating nonprofit agencies.
13.

When placing an order against a federal supply schedule (FSS) that is expected to be below the simplified acquisition threshold (SAT), at a minimum, the ordering activity shall document
- A.
  
  The amount paid and the basis for the award decision.
- B.
  
  The selected contractor and the contractors contact information.
- C.
  
  A description of the supply or service purchased and how long competed.
- D.
  
  The basis for the award decision and when the follow-on requirement will be competed.
14.

When placing an order against a federal supply schedule (FSS) that is expected to exceed the simplified acquisition threshold (SAT), which factor is not documented when considering best value?
- A.
  
  The amount paid
- B.
  
  The basis for the award decision
- C.
  
  The contractor that the customer chose
- D.
  
  A description of the supply or service purchased.
15.

When executing a General Services Administration (GSA) task order, which is not included in the requirements package?
- A.
  
  The price indicated on the independent government estimate.
- B.
  
  Location of work and delivery schedule.
- C.
  
  Description of work to be performed.
- D.
  
  Security clearance requirements
16.

** When executing a General Services Administration (GSA) task order above the micro-purchase threshold but not exceeding the simplified acquisition threshold (SAT), the contracting officer (CO) shall provide the request for quotations (RFQ) to at least how many contractors?
- A.
  
  Three
- B.
  
  Five
- C.
  
  Six
- D.
  
  Eight
17.

When shall a contracting officer (CO) provide unsuccessful offerors additional information after awarding a General Services Administration (GSA) task order above the simplified acquisition threshold (SAT)?
- A.
  
  When mandated to provide a debrief by GSA
- B.
  
  Upon request due to the award being based on factors other than price
- C.
  
  Upon request due to the award being based solely on price.
- D.
  
  The CO does not have provide additional information
18.

** When executing a federal supply schedule (FSS) order, what is a circumstance in which a contracting officer (CO) can justify limiting sources?
- A.
  
  An urgent and compelling need exists and following the procedures would result in delays
- B.
  
  The CO has been directed by leadership ordered to choose a certain contractor.
- C.
  
  The local contractor knows the base processes better.
- D.
  
  The CO wanted to award to the previous contractor.
19.

When placing a federal supply schedule (FSS) order above the simplified acquisition threshold (SAT) that is supported by limiting sources, the justification must be posted on www.fbo.gov within
- A.
  
  5 days
- B.
  
  7 days
- C.
  
  10 days.
- D.
  
  14 days.
20.

** Usually, who can approve limited sources justifications exceeding the simplified acquisition threshold (SAT) but less than $700,000?
- A.
  
  The commander
- B.
  
  The contracting officer.
- C.
  
  A general or flag officer equivalent.
- D.
  
  The command contracting director.
21.

** A lease versus purchase determination is required when equipment will be leased for more than
- A.
  
  60 days.
- B.
  
  45 days
- C.
  
  30 days
- D.
  
  14 days
22.

** When considering a lease versus purchase, the purchase method is appropriate when
- A.
  
  Equipment is to be used on an “as-needed” basis
- B.
  
  Purchase cost will exceed cumulative leasing costs
- C.
  
  Cumulative leasing costs will exceed purchase costs.
- D.
  
  Circumstances require the immediate and short-term use of equipment
23.

What Federal Acquisition Regulation (FAR) part prescribes policy for contracting with small businesses?
- A.
  
  12
- B.
  
  17
- C.
  
  19
- D.
  
  26
24.

** Which socioeconomic program is aimed to help a small business located on an Indian reservation?
- A.
  
  Historically underutilized business zone (HUBZone).
- B.
  
  Small disadvantaged business (SDB).
- C.
  
  Women-owned small business (WOSB).
- D.
  
  Small disadvantaged veteran-owned small business (SDVOSB).
25.

Which is not a required criterion for a small business to qualify as a historically underutilized business zone (HUBZone)?
- A.
  
  Be located in a HUBZone
- B.
  
  Have at least 35 percent of its employees reside in a HUBZone
- C.
  
  Be at least 51 percent owned and controlled by one or more United States (US) citizens.
- D.
  
  Be at least 51 percent owned by one or more citizens who live in a HUBZone.