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

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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

    Correct Answer
    C. As soon as an agency need is identified
    Explanation
    Acquisition planning must take place as soon as an agency need is identified because it is crucial to plan and strategize the acquisition process from the very beginning. Identifying the agency's need is the first step in understanding what needs to be acquired and how it should be acquired. It allows for early identification of requirements, budgeting, and determining the appropriate acquisition strategy. By starting the planning process early, the agency can ensure that all necessary steps are taken to meet their needs efficiently and effectively.

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  • 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

    Correct Answer
    D. Competitive Sourcing
    Explanation
    Competitive Sourcing is the higher level planning process used to identify and determine whether government work should be contracted or performed in-house. This process involves comparing the costs and benefits of contracting out the work to external vendors versus performing it internally. It aims to ensure that the government makes informed decisions based on factors such as cost-effectiveness, efficiency, and the ability to achieve desired outcomes. By considering competitive sourcing, the government can determine the most suitable approach for delivering services and achieving its objectives.

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  • 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)

    Correct Answer
    A. An acquisition strategy panel (ASP)
    Explanation
    An acquisition strategy panel (ASP) is a group of functional experts who review and recommend acquisition strategies for a specific product or service. They analyze various factors such as cost, quality, and performance to determine the best approach for acquiring the product or service. The ASP plays a crucial role in ensuring that the acquisition process is efficient and effective, ultimately leading to successful outcomes for the organization.

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  • 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

    Correct Answer
    C. The program manager
    Explanation
    The program manager is responsible for overseeing the overall acquisition process and ensuring that the project objectives are met. They have a comprehensive understanding of the project requirements and can effectively coordinate and communicate with the various stakeholders involved. The program manager's leadership in the acquisition team is crucial in ensuring that the team works together cohesively and effectively to achieve the desired outcomes.

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  • 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

    Correct Answer
    D. Between the SAT and $10M
    Explanation
    A simplified acquisition strategy summary (SASS) is required for acquisitions between the Simplified Acquisition Threshold (SAT) and $10 million. The SAT is the maximum dollar value for acquisitions that can be considered simplified acquisitions. This means that any acquisition with a dollar value exceeding the SAT but not exceeding $10 million requires a SASS.

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  • 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

    Correct Answer
    A. Restate terms a permit the acquisition of commercial items
    Explanation
    If the MR (Market Research) indicates that a commercial item is not available to meet customer needs, the CO (Contracting Officer) must restate the terms to permit the acquisition of commercial items. This means that the CO should revise the requirements or specifications in order to allow for the purchase of a similar commercial item that is available in the market. This ensures that the customer's needs are still met while utilizing the benefits of commercial items.

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  • 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 

    Correct Answer
    A. Constraints to competition 
    Explanation
    A MRR (Market Research Report) includes information about constraints to competition. This means that the report provides details about any limitations or restrictions that may exist in the competitive landscape for a particular procurement or contract. This information is crucial for the government or organization conducting the market research to understand the level of competition they can expect and make informed decisions based on that.

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  • 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)

    Correct Answer
    D. Army and Air Force Exchange Services (AAFES)
    Explanation
    The Army and Air Force Exchange Services (AAFES) is not an example of a wholesale supply source because it is a retail organization that provides goods and services to military personnel, retirees, and their families. It operates stores on military installations and does not serve as a wholesale supplier to other organizations or agencies. On the other hand, the Defense Logistics Agency (DLA), Department of Veteran Affairs (VA), and General Services Administration (GSA) are all examples of wholesale supply sources that provide goods and services to various government agencies and organizations.

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  • 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

    Correct Answer
    D. Base supply officer
    Explanation
    The base supply officer is responsible for managing inventories of supplies and determining if the customer's requirements can be met through available supply channels. They oversee the procurement, storage, and distribution of supplies to ensure that the needs of the organization are met efficiently and effectively. This includes monitoring inventory levels, coordinating with suppliers, and evaluating supply chain options to ensure that the customer's requirements are fulfilled.

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  • 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

    Correct Answer
    D. At prices not to exceed fair market value
    Explanation
    Agencies shall purchase required supplies listed in the Federal Prison Industries (FPI) schedule at prices not to exceed fair market value. This means that they cannot pay more than the fair market value for the supplies.

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  • 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

    Correct Answer
    C. Use competitive procedures to acquire the product
    Explanation
    If the Federal Prison Industries (FPI) product is not comparable in one or more areas of price, quality, and time of delivery, the contracting officer (CO) cannot award it anyway because it is mandatory. Instead, the CO can use competitive procedures to acquire the product. This means that the CO will open up the procurement process to other potential suppliers, allowing them to submit their offers. By doing so, the CO can ensure that the best product, in terms of price, quality, and time of delivery, is selected for the contract.

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  • 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.

    Correct Answer
    C. Providing everything from workplaces, security, and supplies to telecommunications
    Explanation
    The Committee for Purchase from People Who are Blind or Severely Disabled is responsible for establishing prices for supplies and services, establishing rules and regulations to implement the AbilityOne Act, and determining supplies and services to be purchased by all entities of the government from AbilityOne participating nonprofit agencies. However, it is not responsible for providing everything from workplaces, security, and supplies to telecommunications.

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  • 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.

    Correct Answer
    A. The amount paid and the basis for the award decision.
    Explanation
    When placing an order against a federal supply schedule (FSS) that is expected to be below the simplified acquisition threshold (SAT), the ordering activity is required to document the amount paid and the basis for the award decision. This documentation ensures transparency and accountability in the procurement process. By recording the amount paid, the ordering activity can track and verify the expenditure of funds. Additionally, documenting the basis for the award decision provides a record of the evaluation criteria and justification for selecting a particular contractor. This documentation is important for auditing purposes and to demonstrate compliance with procurement regulations.

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  • 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.

    Correct Answer
    C. The contractor that the customer chose
    Explanation
    When considering best value for an order against a federal supply schedule (FSS) that is expected to exceed the simplified acquisition threshold (SAT), the contractor that the customer chose is not documented. Best value refers to the overall combination of price, quality, and other factors that provide the greatest benefit to the government. Therefore, while the amount paid, basis for the award decision, and description of the supply or service purchased are all documented factors in considering best value, the specific contractor chosen by the customer is not documented.

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  • 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

    Correct Answer
    A. The price indicated on the independent government estimate.
    Explanation
    The requirements package for a General Services Administration (GSA) task order typically includes the location of work and delivery schedule, description of work to be performed, and security clearance requirements. However, the price indicated on the independent government estimate is not included in the requirements package. This is because the independent government estimate is a separate document that provides an estimate of the cost for the project, but it is not a requirement that needs to be included in the package.

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  • 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

    Correct Answer
    A. Three
    Explanation
    When executing a GSA task order above the micro-purchase threshold but not exceeding the simplified acquisition threshold (SAT), the contracting officer (CO) is required to provide the request for quotations (RFQ) to at least three contractors. This ensures a competitive bidding process and allows for a sufficient number of offers to be received in order to make an informed decision. By providing the RFQ to multiple contractors, the CO increases the chances of receiving competitive prices and proposals for the required goods or services.

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  • 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

    Correct Answer
    B. Upon request due to the award being based on factors other than price
    Explanation
    Upon request due to the award being based on factors other than price, the contracting officer (CO) shall provide unsuccessful offerors with additional information after awarding a General Services Administration (GSA) task order above the simplified acquisition threshold (SAT). This is because when the award is based on factors other than price, such as technical capabilities or past performance, unsuccessful offerors may want to understand why they were not selected and request additional information to improve their future proposals. The CO is obligated to provide this information upon request in order to maintain transparency and fairness in the procurement process.

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  • 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.

    Correct Answer
    A. An urgent and compelling need exists and following the procedures would result in delays
    Explanation
    In certain situations, a contracting officer (CO) may be justified in limiting sources when executing a federal supply schedule (FSS) order. One such circumstance is when there is an urgent and compelling need that would result in delays if the regular procedures were followed. This means that if following the usual procedures would cause a delay that could potentially harm national security or public safety, the CO can limit the sources and expedite the process to meet the urgent need.

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  • 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.

    Correct Answer
    D. 14 days.
    Explanation
    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 14 days. This means that after the order is placed, the justification must be uploaded to the website within two weeks. This requirement ensures transparency and allows other potential suppliers to review the justification and understand why the order was awarded to limited sources.

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  • 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.

    Correct Answer
    B. The contracting officer.
    Explanation
    The contracting officer is usually the one who can approve limited sources justifications exceeding the simplified acquisition threshold (SAT) but less than $700,000. This individual is responsible for managing the acquisition process and has the authority to make decisions regarding contract awards and justifications.

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  • 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

    Correct Answer
    A. 60 days.
    Explanation
    A lease versus purchase determination is required when equipment will be leased for more than 60 days because leasing equipment for a shorter period may not have significant financial implications and it may be more cost-effective to simply purchase the equipment outright. However, when the lease duration exceeds 60 days, it becomes necessary to evaluate the costs and benefits of leasing versus purchasing to make an informed decision.

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  • 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

    Correct Answer
    C. Cumulative leasing costs will exceed purchase costs.
    Explanation
    When considering a lease versus purchase, the purchase method is appropriate when cumulative leasing costs will exceed purchase costs. This means that if the total cost of leasing the equipment over a certain period of time is higher than the cost of purchasing it outright, then it is more cost-effective to choose the purchase option. This decision is based on financial considerations and aims to minimize expenses in the long run.

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  • 23. 

    What Federal Acquisition Regulation (FAR) part prescribes policy for contracting with small businesses?

    • A.

      12

    • B.

      17

    • C.

      19

    • D.

      26

    Correct Answer
    C. 19
    Explanation
    Federal Acquisition Regulation (FAR) part 19 prescribes policy for contracting with small businesses. This part of the FAR provides guidelines and regulations for promoting the utilization of small businesses in federal contracting. It includes provisions for small business set-asides, subcontracting opportunities, and other initiatives aimed at supporting and promoting small businesses in government contracts.

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  • 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).

    Correct Answer
    A. Historically underutilized business zone (HUBZone).
    Explanation
    The correct answer is Historically underutilized business zone (HUBZone). This program is aimed at helping small businesses located in economically disadvantaged areas, including Indian reservations. The program provides various benefits and opportunities for these businesses, such as preferential access to federal contracts and assistance in obtaining loans and access to capital. It aims to stimulate economic development and job creation in these areas by promoting small business growth and success.

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  • 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.

    Correct Answer
    D. Be at least 51 percent owned by one or more citizens who live in a HUBZone.
    Explanation
    The criterion that is not required for a small business to qualify as a historically underutilized business zone (HUBZone) is to be at least 51 percent owned by one or more citizens who live in a HUBZone. While being located in a HUBZone, having at least 35 percent of employees residing in a HUBZone, and being at least 51 percent owned and controlled by one or more US citizens are all necessary criteria, the requirement for the owners to live in a HUBZone is not necessary.

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  • 26. 

    Which is not a type of historically underutilized business zone (HUBZone) contract?

    • A.

      HUBZone set-aside.

    • B.

      HUBZone sole source

    • C.

      HUBZone full and open.

    • D.

      Competitive HUBZone set-aside

    Correct Answer
    C. HUBZone full and open.
    Explanation
    HUBZone full and open is not a type of historically underutilized business zone (HUBZone) contract. The other options, such as HUBZone set-aside, HUBZone sole source, and competitive HUBZone set-aside, all refer to specific types of contracts that are designated for businesses located in HUBZone areas. However, HUBZone full and open does not specify any restrictions or preferences for HUBZone businesses, indicating that it is not a type of HUBZone contract.

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  • 27. 

    What should a contracting officer (CO) do if he or she only receives one acceptable offer from a qualified historically underutilized business zone (HUBZone) small business?

    • A.

      Extend the deadline for offers

    • B.

      Award to the acceptable offer.

    • C.

      Contact the Small Business Administration (SBA) for guidance

    • D.

      Cancel the solicitation and re-advertise when there is expectation that more offers will be received

    Correct Answer
    B. Award to the acceptable offer.
    Explanation
    If a contracting officer (CO) only receives one acceptable offer from a qualified historically underutilized business zone (HUBZone) small business, they should award the contract to that offer. This is because the CO has followed the proper procedure by advertising the solicitation and receiving an acceptable offer. There is no requirement to extend the deadline, contact the Small Business Administration (SBA) for guidance, or cancel and re-advertise the solicitation in this scenario.

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  • 28. 

    Which is a factor in which a contracting officer (CO) can award a sole-source contract to a service-disabled veteran-owned small business (SDVOSB)?

    • A.

      Award cannot be made at a fair and reasonable price

    • B.

      The requirement is already being performed by an 8(a) participant.

    • C.

      The anticipated award price of the contract to include options will not exceed $8.5M.

    • D.

      The CO does not have a reasonable expectation that offers would be received from two or more SDVOSB concerns.

    Correct Answer
    D. The CO does not have a reasonable expectation that offers would be received from two or more SDVOSB concerns.
    Explanation
    The factor in which a contracting officer can award a sole-source contract to a service-disabled veteran-owned small business (SDVOSB) is when the CO does not have a reasonable expectation that offers would be received from two or more SDVOSB concerns. This means that if the CO believes that only one SDVOSB is capable of fulfilling the contract requirements, they can award the contract to that business without competition.

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  • 29. 

    One criterion that a woman is presumed economically disadvantaged under the economically disadvantaged women-owned small business (EDWOSB) program is if her personal net worth is less than what dollar amount?

    • A.

      $750,000

    • B.

      $350,000

    • C.

      $1 million (M)

    • D.

      $6M.

    Correct Answer
    A. $750,000
    Explanation
    The correct answer is $750,000. This criterion states that a woman is presumed economically disadvantaged under the EDWOSB program if her personal net worth is less than $750,000. This means that if a woman's personal net worth is below this amount, she may qualify for certain benefits and opportunities provided by the program.

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  • 30. 

    At what dollar amount does the non-manufacturer rule not apply?

    • A.

      Over $25,000

    • B.

      Under $25,000.

    • C.

      Micro-purchase threshold

    • D.

      Simplified acquisition threshold (SAT).

    Correct Answer
    B. Under $25,000.
    Explanation
    The correct answer is "Under $25,000." The non-manufacturer rule does not apply for contracts under $25,000. This means that small businesses can be awarded contracts for supplies without having to meet the requirements of being a manufacturer or a regular dealer.

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  • 31. 

    Designating a competition advocate for each contracting activity is a requirement of the

    • A.

      Small Business Act (SBA).

    • B.

      Regulatory Flexibility Act

    • C.

      National Defense Authorization Act

    • D.

      Office of Federal Procurement Policy Act

    Correct Answer
    D. Office of Federal Procurement Policy Act
    Explanation
    The Office of Federal Procurement Policy Act requires the designation of a competition advocate for each contracting activity. This means that every contracting activity must have an advocate who is responsible for promoting and ensuring fair competition in the procurement process. This requirement helps to prevent favoritism and promote opportunities for small businesses to compete for government contracts. The Small Business Act, Regulatory Flexibility Act, and National Defense Authorization Act do not specifically require the designation of a competition advocate.

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  • 32. 

    The advocate for competition prepares and submits an annual report to the agency senior procurement executive describing new initiatives

    • A.

      Required to limit competition.

    • B.

      Required to increase the acquisition of commercial items

    • C.

      Required to increase the acquisition of non-commercial items

    • D.

      To ensure non-salient characteristics are included in requirements

    Correct Answer
    B. Required to increase the acquisition of commercial items
    Explanation
    The correct answer is "required to increase the acquisition of commercial items." The advocate for competition prepares and submits an annual report to the agency senior procurement executive to outline new initiatives aimed at increasing the acquisition of commercial items. This suggests that the advocate is focused on promoting competition in the procurement process and encouraging the acquisition of goods or services from commercial sources.

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  • 33. 

    ** Which is not a factor in determining competitive procedures?

    • A.

      Micro-purchases

    • B.

      Market conditions

    • C.

      Support of existing systems

    • D.

      End of fiscal year constraints.

    Correct Answer
    D. End of fiscal year constraints.
    Explanation
    End of fiscal year constraints is not a factor in determining competitive procedures. Competitive procedures are typically determined based on factors such as micro-purchases, market conditions, and support of existing systems. Micro-purchases refer to small purchases made by government agencies, while market conditions and support of existing systems help in evaluating the feasibility and effectiveness of competitive procedures. However, the end of the fiscal year does not directly impact the determination of competitive procedures.

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  • 34. 

    ** All of the following are examples of competitive procedures except

    • A.

      Sealed bids

    • B.

      Two-step sealed bidding.

    • C.

      Brand-name requirements.

    • D.

      Competitive proposals.

    Correct Answer
    C. Brand-name requirements.
    Explanation
    Brand-name requirements are not an example of competitive procedures because they specify a particular brand or product, limiting competition and preventing other suppliers from offering alternatives. In contrast, sealed bids, two-step sealed bidding, and competitive proposals are all examples of competitive procedures as they allow multiple suppliers to submit their bids or proposals and compete for the contract based on their offerings and prices.

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  • 35. 

    ** Which of the following exceptions to full and open competition must be supported by a determination and finding (D&F)?

    • A.

      . Section 8(a) competition.

    • B.

      Set aside for small business concerns

    • C.

      Establishing or maintaining alternative sources.

    • D.

      Set aside for local firms during a major disaster or emergency.

    Correct Answer
    C. Establishing or maintaining alternative sources.
    Explanation
    Establishing or maintaining alternative sources is an exception to full and open competition that must be supported by a determination and finding (D&F). This means that if an agency wants to award a contract to a specific source without competition, they must provide a written D&F that justifies the need for establishing or maintaining alternative sources. This exception allows the agency to bypass full and open competition in order to ensure the availability of alternative sources for critical goods or services.

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  • 36. 

    What action should a contracting officer (CO) take if only one acceptable offer is received from a responsible small business concern?

    • A.

      Cancel the requirement.

    • B.

      Make an award to that firm

    • C.

      Dissolve the small business set-aside

    • D.

      Resolicit using full and open competition

    Correct Answer
    B. Make an award to that firm
    Explanation
    If only one acceptable offer is received from a responsible small business concern, the contracting officer should make an award to that firm. This is because the Federal Acquisition Regulation (FAR) states that if only one offer is received in response to a small business set-aside, the contracting officer may make an award to that firm if the offer is acceptable and the price is reasonable. Therefore, in this scenario, since the offer is acceptable and there are no issues with the price, the contracting officer should proceed with making an award to the small business concern.

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  • 37. 

    ** In what situation would purchases automatically be reserved for small business concerns?

    • A.

      Less or equal to the micro-purchase threshold

    • B.

      Between the micro-purchase threshold and the simplified acquisition threshold (SAT).

    • C.

      Between the SAT and simplified procedures for certain commercial items amount.

    • D.

      Above the simplified procedures for certain commercial items amount.

    Correct Answer
    B. Between the micro-purchase threshold and the simplified acquisition threshold (SAT).
  • 38. 

    What Federal Acquisition Regulation (FAR) Part 6 exception satisfies the requirement for sole-source and brand-name justifications?

    • A.

      Public interest.

    • B.

      National security

    • C.

      Unusual and compelling urgency

    • D.

      Only one responsible source will satisfy agency requirements.

    Correct Answer
    D. Only one responsible source will satisfy agency requirements.
    Explanation
    The correct answer is "Only one responsible source will satisfy agency requirements." This exception under Federal Acquisition Regulation (FAR) Part 6 allows for sole-source and brand-name justifications when there is only one source that can meet the agency's requirements. In such cases, competition is not feasible, and the agency can justify the sole-source procurement based on the fact that no other source is capable of fulfilling the requirements. This exception ensures that the agency can acquire the necessary goods or services efficiently and effectively.

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  • 39. 

    ** At what dollar amount is a streamlined acquisition strategy summary (SASS) required?

    • A.

      Between the simplified acquisition threshold (SAT) and $10M.

    • B.

      Between the micro-purchase threshold and the SAT.

    • C.

      Between $150,000 and $650,000.

    • D.

      $650,000 and above.

    Correct Answer
    A. Between the simplified acquisition threshold (SAT) and $10M.
    Explanation
    A streamlined acquisition strategy summary (SASS) is required when the dollar amount of an acquisition falls between the simplified acquisition threshold (SAT) and $10 million. This means that if the acquisition is below the SAT or above $10 million, a SASS is not required.

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  • 40. 

    ** Which is not a reason why a customer would want to limit competition?

    • A.

      Sole-source.

    • B.

      Brand-name.

    • C.

      Single source

    • D.

      Customer preferred.

    Correct Answer
    D. Customer preferred.
    Explanation
    The reason "Customer preferred" is not a reason why a customer would want to limit competition is because it implies that the customer wants to have a choice and options. Limiting competition would mean reducing the number of choices available to the customer, which contradicts the idea of customer preference.

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  • 41. 

    The difference between a brand-name requirement and single-source requirement is that the brand-name requirement

    • A.

      Can be provided by multiple sources whereas a single source is actually the purchase of one item

    • B.

      Can only be provided by only one source and a single source is actually a sole-source requirement

    • C.

      Is used for purchases under $25,000 whereas single source or one company can fill sole-source requirements

    • D.

      Can be provided by multiple sources whereas single source or one company can only fill sole-source requirements

    Correct Answer
    D. Can be provided by multiple sources whereas single source or one company can only fill sole-source requirements
    Explanation
    A brand-name requirement can be provided by multiple sources, meaning that different companies can offer products that meet the specified brand-name requirement. On the other hand, a single-source requirement means that only one company can fulfill the requirement, making it a sole-source requirement. Therefore, the correct answer is that a brand-name requirement can be provided by multiple sources, whereas a single source or one company can only fill sole-source requirements.

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  • 42. 

    Brand-name justifications should describe unique capabilities and

    • A.

      At least three suggested sources.

    • B.

      The wing commander’s preference

    • C.

      The impact on the mission if substituted

    • D.

      Alternative brands that may be considered.

    Correct Answer
    C. The impact on the mission if substituted
    Explanation
    This answer suggests that brand-name justifications should include an explanation of the impact on the mission if the brand is substituted. This is important because it shows that the specific brand has unique capabilities that are necessary for the mission's success. Additionally, the answer mentions that at least three suggested sources should be provided, which could include the wing commander's preference and alternative brands that may be considered. These sources help to provide a comprehensive justification for the chosen brand.

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  • 43. 

    ** Who has the ultimate responsibility for satisfying statutory requirements of a sole-source or brand-name justification?

    • A.

      Technical expert

    • B.

      Contracting officer (CO).

    • C.

      Competition advocate.

    • D.

      Requiring activity’s unit commander

    Correct Answer
    B. Contracting officer (CO).
    Explanation
    The contracting officer (CO) has the ultimate responsibility for satisfying statutory requirements of a sole-source or brand-name justification. The CO is responsible for ensuring that the justification is valid and in compliance with all relevant regulations and laws. They have the authority to approve or disapprove the justification and are accountable for the procurement process. The technical expert provides input and expertise, but the final decision lies with the CO. The competition advocate promotes competition in the procurement process, and the requiring activity's unit commander may have input, but the ultimate responsibility rests with the CO.

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  • 44. 

    ** Within how many days after contract award must a justification and approval (J&A) be made available to the public through the government-wide point of entry (GPE)?

    • A.

      7

    • B.

      14

    • C.

      30

    • D.

      45

    Correct Answer
    B. 14
    Explanation
    Within 14 days after contract award, a justification and approval (J&A) must be made available to the public through the government-wide point of entry (GPE). This is done to ensure transparency and accountability in the contracting process. By making the J&A available to the public, it allows for scrutiny and review of the contract award decision, ensuring that it was made in a fair and justified manner. This helps to maintain public trust and confidence in the government's procurement procedures.

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  • 45. 

    ** Which statute requires performance and payment bonds for any domestic construction contract expected to exceed $150,000? 

    • A.

      40 United States Code (USC), Chapter 31, Subchapter II, Bonds.

    • B.

      Competition in Contracting Act.

    • C.

      Wage Rate Requirements (Construction).

    • D.

      Contracts for materials, supplies, articles, and equipment exceeding $15,000

    Correct Answer
    A. 40 United States Code (USC), Chapter 31, Subchapter II, Bonds.
    Explanation
    The correct answer is 40 United States Code (USC), Chapter 31, Subchapter II, Bonds. This statute requires performance and payment bonds for any domestic construction contract expected to exceed $150,000.

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  • 46. 

    ** The penal amount of a performance bond is based on what percentage of the contract price?

    • A.

      10

    • B.

      20

    • C.

      50

    • D.

      100

    Correct Answer
    D. 100
    Explanation
    The penal amount of a performance bond is based on 100% of the contract price. This means that if the contractor fails to fulfill their obligations under the contract, the bond will cover the full amount of the contract price. This provides assurance to the project owner that they will be compensated for any financial losses incurred due to the contractor's non-performance.

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  • 47. 

    When the clause Federal Acquisition Regulation (FAR) 52.228–5, Insurance-Work on a Government Installation, is included in a contract, the contracting officer (CO) requests and receives proof of insurance

    • A.

      Before the contractor begins work

    • B.

      With the offerors bid or proposal.

    • C.

      Within seven days after work begins

    • D.

      Within 10 days after work begins.

    Correct Answer
    A. Before the contractor begins work
    Explanation
    The correct answer is "before the contractor begins work." When the clause FAR 52.228-5 is included in a contract, the contracting officer requests and receives proof of insurance from the contractor before they start working. This ensures that the contractor has the necessary insurance coverage in place to protect against any potential damages or liabilities that may arise during the course of the project.

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  • 48. 

    ** When a contractor is required to obtain insurance for work on a government installation, the minimum acceptable insurance coverage for employer’s liability is

    • A.

      $20,000.

    • B.

      $100,000.

    • C.

      $200,000.

    • D.

      $500,000.

    Correct Answer
    B. $100,000.
    Explanation
    When a contractor is required to obtain insurance for work on a government installation, the minimum acceptable insurance coverage for employer's liability is $100,000. This means that the contractor must have insurance coverage of at least $100,000 to protect against any claims or lawsuits brought by employees who are injured or become ill while working on the government installation. This coverage is necessary to ensure that the contractor is able to compensate employees for any damages or medical expenses that may arise from work-related injuries.

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  • 49. 

    ** A separate synopsis and solicitation must be issued using the Standard Form (SF) 1449 when all of the following conditions are present except

    • A.

      The acquisition is expected to exceed the simplified acquisition threshold (SAT).

    • B.

      A paper delivery or performance schedule is used.

    • C.

      A paper solicitation or contract is being used

    • D.

      Streamlined procedures are being used.

    Correct Answer
    D. Streamlined procedures are being used.
    Explanation
    When all of the conditions mentioned in the question are present, a separate synopsis and solicitation must be issued using the Standard Form (SF) 1449, except when streamlined procedures are being used. Streamlined procedures are typically used for acquisitions that are below the simplified acquisition threshold (SAT) and do not require a separate synopsis and solicitation. Therefore, the correct answer is "streamlined procedures are being used."

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  • 50. 

    To the maximum extent practicable, public law requires that contracts for the acquisition of commercial items include only those clauses required to implement provisions of law or executive orders, or those clauses

    • A.

      Required by the apparent low bidder for acceptance of offer

    • B.

      Determined to be consistent with customary government practice

    • C.

      Determined to be consistent with customary commercial practice.

    • D.

      Required by public law governing acquisition of than commercial items

    Correct Answer
    C. Determined to be consistent with customary commercial practice.
    Explanation
    The correct answer is "determined to be consistent with customary commercial practice." This means that contracts for the acquisition of commercial items should include only those clauses that are in line with the usual practices in the commercial industry. These clauses should not be excessive or burdensome, but rather reflect the standard practices followed by businesses in similar transactions. By including only clauses that are consistent with customary commercial practice, the aim is to streamline the contracting process and ensure fairness and efficiency in the acquisition of commercial items.

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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
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 04, 2021
    Quiz Created by
    Alfredhook3
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