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

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Alfredhook3
A
Alfredhook3
Community Contributor
Quizzes Created: 2944 | Total Attempts: 2,859,606
| Attempts: 164
SettingsSettings
Please wait...
  • 1/88 Questions

    ** Acquisition planning must take place 

    • Upon receipt of funds
    • Once a purchase request is received 
    • As soon as an agency need is identified
    • Immediately upon completion of the source selection plan
Please wait...
About This 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!

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

Quiz Preview

  • 2. 

    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

    • Award it anyway because it is mandatory

    • Give FPI a chance to change their offer

    • Use competitive procedures to acquire the product

    • Change the time of delivery so that FPI can compete

    Correct Answer
    A. 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.

    Rate this question:

  • 3. 

    ** 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?

    • Three

    • Five

    • Six

    • 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.

    Rate this question:

  • 4. 

    ** When executing a federal supply schedule (FSS) order, what is a circumstance in which a contracting officer (CO) can justify limiting sources?

    • An urgent and compelling need exists and following the procedures would result in delays

    • The CO has been directed by leadership ordered to choose a certain contractor.

    • The local contractor knows the base processes better.

    • 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.

    Rate this question:

  • 5. 

    ** A lease versus purchase determination is required when equipment will be leased for more than

    • 60 days.

    • 45 days

    • 30 days

    • 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.

    Rate this question:

  • 6. 

    ** Which socioeconomic program is aimed to help a small business located on an Indian reservation?

    • Historically underutilized business zone (HUBZone).

    • Small disadvantaged business (SDB).

    • Women-owned small business (WOSB).

    • 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.

    Rate this question:

  • 7. 

    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?

    • Extend the deadline for offers

    • Award to the acceptable offer.

    • Contact the Small Business Administration (SBA) for guidance

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

    Correct Answer
    A. 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.

    Rate this question:

  • 8. 

    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?

    • $750,000

    • $350,000

    • $1 million (M)

    • $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.

    Rate this question:

  • 9. 

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

    • Small Business Act (SBA).

    • Regulatory Flexibility Act

    • National Defense Authorization Act

    • Office of Federal Procurement Policy Act

    Correct Answer
    A. 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.

    Rate this question:

  • 10. 

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

    • Sealed bids

    • Two-step sealed bidding.

    • Brand-name requirements.

    • Competitive proposals.

    Correct Answer
    A. 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.

    Rate this question:

  • 11. 

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

    • Cancel the requirement.

    • Make an award to that firm

    • Dissolve the small business set-aside

    • Resolicit using full and open competition

    Correct Answer
    A. 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.

    Rate this question:

  • 12. 

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

    • Less or equal to the micro-purchase threshold

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

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

    • Above the simplified procedures for certain commercial items amount.

    Correct Answer
    A. Between the micro-purchase threshold and the simplified acquisition threshold (SAT).
  • 13. 

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

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

    • Between the micro-purchase threshold and the SAT.

    • Between $150,000 and $650,000.

    • $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.

    Rate this question:

  • 14. 

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

    • Sole-source.

    • Brand-name.

    • Single source

    • Customer preferred.

    Correct Answer
    A. 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.

    Rate this question:

  • 15. 

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

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

    • Competition in Contracting Act.

    • Wage Rate Requirements (Construction).

    • 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.

    Rate this question:

  • 16. 

    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

    • Before the contractor begins work

    • With the offerors bid or proposal.

    • Within seven days after work begins

    • 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.

    Rate this question:

  • 17. 

    Oral solicitations may not be practicable for

    • Micro-purchases.

    • Actions exceeding $25,000.

    • The acquisition of commercial items

    • The purchase of supplies and services

    Correct Answer
    A. Actions exceeding $25,000.
    Explanation
    Oral solicitations may not be practicable for actions exceeding $25,000 because larger purchases typically require a more formal and documented procurement process. The use of oral solicitations may not provide enough transparency and accountability for higher-value acquisitions. Instead, a more rigorous and structured approach, such as written solicitations and competitive bidding, is necessary to ensure fairness, competition, and adherence to procurement regulations.

    Rate this question:

  • 18. 

    Amendments to requests for quotations (RFQ) are

    • Issued using the Standard Form (SF) 30.

    • Issued using the SF 33

    • Never required to be posted.

    • Required to correct oral solicitations.

    Correct Answer
    A. Issued using the Standard Form (SF) 30.
    Explanation
    Amendments to requests for quotations (RFQ) are issued using the Standard Form (SF) 30. The SF 30 is a standardized form used by the government for making amendments to contracts, including RFQs. It allows for clear and consistent communication between the government and potential contractors regarding any changes or updates to the RFQ. By using the SF 30, the government ensures that all parties involved are aware of and can easily track any modifications made to the RFQ.

    Rate this question:

  • 19. 

    Which source selection process allows the source selection authority (SSA) discretion in awarding to higher rated performers over lower rated performers if the price differential is warranted and considered the best value?

    • Tradeoff

    • Lowest price technically acceptable (LPTA)

    • Other than full and open competition.

    • Full and open competition after exclusion of sources

    Correct Answer
    A. Tradeoff
    Explanation
    The tradeoff source selection process allows the source selection authority (SSA) to have discretion in awarding contracts to higher rated performers over lower rated performers if the price differential is justified and considered the best value. This means that even if a lower rated performer offers a lower price, the SSA can still choose a higher rated performer if their proposal is considered to provide better overall value. This process allows for a more subjective evaluation of proposals based on a combination of factors, including price and technical capabilities.

    Rate this question:

  • 20. 

    ** Which is not a type of indefinite-delivery contract?

    • Requirements contract

    • Definite-quantity contract

    • Cost-plus fixed fee contract.

    • Indefinite-quantity contract.

    Correct Answer
    A. Cost-plus fixed fee contract.
    Explanation
    A cost-plus fixed fee contract is not a type of indefinite-delivery contract. Indefinite-delivery contracts are used when the quantity and timing of future orders are uncertain, allowing the government to order goods or services as needed. Requirements contracts are used when the government has an indefinite need for a specific type of product or service. Definite-quantity contracts are used when the government knows the exact quantity it needs. In contrast, a cost-plus fixed fee contract is a type of cost-reimbursement contract where the contractor is reimbursed for allowable costs incurred plus a fixed fee for profit.

    Rate this question:

  • 21. 

    Who decides if a preproposal conference is required and makes the necessary arrangements?

    • Contract specialist

    • Contracting officer (CO).

    • Functional commander

    • Quality assurance personnel

    Correct Answer
    A. Contracting officer (CO).
    Explanation
    The contracting officer (CO) is responsible for deciding if a preproposal conference is required and making the necessary arrangements. As the individual in charge of managing the contract, the CO has the authority to determine if a preproposal conference is necessary to clarify any issues or provide additional information to potential bidders. They are also responsible for organizing and coordinating the conference, ensuring that all relevant parties are informed and able to participate. The CO's role in this process is crucial in ensuring effective communication and understanding between the contracting agency and potential contractors.

    Rate this question:

  • 22. 

    Site visits should allow prospective offerors the opportunity to

    • Provide bid samples

    • Submit bid guarantee, performance, and payment bonds.

    • Provide an overview of supplies or services their company provides.

    • Examine any government data available that may provide information concerning the performing of work.

    Correct Answer
    A. Examine any government data available that may provide information concerning the performing of work.
    Explanation
    The correct answer is "examine any government data available that may provide information concerning the performing of work." Site visits should allow prospective offerors to gather information about the project by examining any government data that is available. This could include data related to the performance of similar work or any other relevant information that may help the offerors in understanding the requirements and scope of the project. This will enable them to make a more informed decision when preparing their bids.

    Rate this question:

  • 23. 

    When conducting a site visit,

    • Site information must be made available to all offerors in the same manner

    • Only contractors previously cleared by security forces may attend.

    • Offerors are required to inspect the site in order to become eligible for award.

    • Civilian attendees are exempt from personal protective equipment requirements.

    Correct Answer
    A. Site information must be made available to all offerors in the same manner
    Explanation
    When conducting a site visit, it is important that all offerors have equal access to site information. This ensures fairness and transparency in the bidding process. By making the site information available to all offerors in the same manner, it eliminates any potential advantage or disadvantage for any particular contractor. This allows for a level playing field and ensures that all offerors have the same information to base their proposals on.

    Rate this question:

  • 24. 

    When amending a request for proposal (RFP), what may be changed?

    • Quantity, specifications, or contract.

    • Quantity, contract type, or specifications.

    • Quantity, specifications, or delivery schedules

    • Defects or ambiguities after the closing date

    Correct Answer
    A. Quantity, specifications, or delivery schedules
    Explanation
    When amending a request for proposal (RFP), changes can be made to the quantity of the requested items, the specifications or requirements for those items, and the delivery schedules for when the items are expected to be delivered. This means that any adjustments or modifications to these aspects of the RFP can be made during the amendment process.

    Rate this question:

  • 25. 

    Which circumstance would justify canceling a request for proposal (RFP) before closing?

    • The incumbent contractor did not submit a proposal.

    • Several contractors have combined together into a teaming arrangement.

    • Changes are so substantial they exceed what prospective offerors reasonably could have anticipated

    • The civil servants union submitted a complaint about the ongoing competitive sourcing.

    Correct Answer
    A. Changes are so substantial they exceed what prospective offerors reasonably could have anticipated
    Explanation
    If the changes in the request for proposal (RFP) are so significant that they go beyond what potential contractors could have reasonably expected, it would justify canceling the RFP before closing. This means that the alterations are substantial enough to significantly impact the nature of the project or the requirements for the contractors. In such a case, it would be fair to cancel the RFP and potentially issue a new one that reflects the updated changes.

    Rate this question:

  • 26. 

    What additional product information may be required of offerors to ensure that products meet the requirements of an invitation for bid (IFB)?

    • Submittals

    • Bid offerings.

    • Oral presentations

    • Descriptive literature

    Correct Answer
    A. Descriptive literature
    Explanation
    Descriptive literature may be required of offerors to ensure that products meet the requirements of an invitation for bid (IFB). Descriptive literature provides detailed information about the product, including specifications, features, and functionality. This allows the buyer to evaluate whether the product meets their specific needs and requirements. By reviewing the descriptive literature, the buyer can assess the product's suitability and make an informed decision during the bidding process.

    Rate this question:

  • 27. 

    ** What should be considered before amending an invitation for bid (IFB)?

    • The impact on small businesses.

    • The total number of offerors who submitted a bid in response to the IFB.

    • The period of time remaining until bid opening and the need to extend the period.

    • Whether or not any such changes have already been discussed at the pre-bid conference.

    Correct Answer
    A. The period of time remaining until bid opening and the need to extend the period.
    Explanation
    Before amending an invitation for bid (IFB), it is important to consider the period of time remaining until bid opening and the need to extend the period. This is because any amendments to the IFB may require additional time for potential bidders to review and submit their bids. If there is not enough time remaining until the bid opening, extending the period may be necessary to ensure fairness and give all potential bidders an equal opportunity to participate.

    Rate this question:

  • 28. 

    Leadership of an acquisition team may be shared between the CO and 

    • The head of the contracting agency (HCA)

    • Contracting specialist

    • The program manager

    • The technical team

    Correct Answer
    A. 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.

    Rate this question:

  • 29. 

    ** Who is responsible for managing inventories of supplies and determining if the customer's requirements can be met through available supply channels?

    • Mission support group commander

    • Contracting squadron commander

    • Requiring agency 

    • Base supply officer

    Correct Answer
    A. 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.

    Rate this question:

  • 30. 

    ** At what prices shall agencies purchase required supplies listed in the Federal Prison Industries (FPI) schedule?

    • At whatever price is stated on the schedule

    • At prices listed above market value 

    • 10% above fair market value 

    • At prices not to exceed fair market value

    Correct Answer
    A. 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.

    Rate this question:

  • 31. 

    When executing a General Services Administration (GSA) task order, which is not included in the requirements package?

    • The price indicated on the independent government estimate.

    • Location of work and delivery schedule.

    • Description of work to be performed.

    • 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.

    Rate this question:

  • 32. 

    ** Usually, who can approve limited sources justifications exceeding the simplified acquisition threshold (SAT) but less than $700,000?

    • The commander

    • The contracting officer.

    • A general or flag officer equivalent.

    • The command contracting director.

    Correct Answer
    A. 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.

    Rate this question:

  • 33. 

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

    • Over $25,000

    • Under $25,000.

    • Micro-purchase threshold

    • Simplified acquisition threshold (SAT).

    Correct Answer
    A. 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.

    Rate this question:

  • 34. 

    Formal solicitations over the simplified acquisition threshold (SAT) and issued in negotiated acquisitions are referred to as

    • Request for bids.

    • Invitation for bids (IFB).

    • Request for quotations (RFQ).

    • Request for proposals (RFP).

    Correct Answer
    A. Request for proposals (RFP).
    Explanation
    Formal solicitations over the simplified acquisition threshold (SAT) and issued in negotiated acquisitions are referred to as request for proposals (RFP). RFPs are used when the government needs to purchase goods or services that are more complex and require a detailed proposal from potential vendors. This allows the government to evaluate different proposals and select the one that best meets their needs. Unlike request for bids or invitation for bids, which are used for simpler acquisitions, RFPs involve a negotiation process and allow for more flexibility in terms of pricing and terms. Request for quotations (RFQ) is used for smaller purchases and does not involve a negotiation process.

    Rate this question:

  • 35. 

    The of functional experts that reviews and recommends acquisition strategies for a specific product or service is known as

    • An acquisition strategy panel (ASP)

    • An expeditionary sourcing group (ESG)

    • An enterprise souring squadron (ESS)

    • 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.

    Rate this question:

  • 36. 

    What action must a CO take if MR indicates that a commercial item is not available to meet customer needs?

    • Restate terms a permit the acquisition of commercial items

    • Cancel the solicitation and resolicit using military specifications

    • Issue the award on a sole-source basis 

    • 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.

    Rate this question:

  • 37. 

    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)?

    • When mandated to provide a debrief by GSA

    • Upon request due to the award being based on factors other than price

    • Upon request due to the award being based solely on price.

    • The CO does not have provide additional information

    Correct Answer
    A. 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.

    Rate this question:

  • 38. 

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

    • 12

    • 17

    • 19

    • 26

    Correct Answer
    A. 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.

    Rate this question:

  • 39. 

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

    • HUBZone set-aside.

    • HUBZone sole source

    • HUBZone full and open.

    • Competitive HUBZone set-aside

    Correct Answer
    A. 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.

    Rate this question:

  • 40. 

    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)?

    • Award cannot be made at a fair and reasonable price

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

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

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

    Correct Answer
    A. 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.

    Rate this question:

  • 41. 

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

    • Micro-purchases

    • Market conditions

    • Support of existing systems

    • End of fiscal year constraints.

    Correct Answer
    A. 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.

    Rate this question:

  • 42. 

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

    • Public interest.

    • National security

    • Unusual and compelling urgency

    • Only one responsible source will satisfy agency requirements.

    Correct Answer
    A. 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.

    Rate this question:

  • 43. 

    ** 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)?

    • 7

    • 14

    • 30

    • 45

    Correct Answer
    A. 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.

    Rate this question:

  • 44. 

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

    • 10

    • 20

    • 50

    • 100

    Correct Answer
    A. 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.

    Rate this question:

  • 45. 

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

    • $20,000.

    • $100,000.

    • $200,000.

    • $500,000.

    Correct Answer
    A. $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.

    Rate this question:

  • 46. 

    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

    • Required by the apparent low bidder for acceptance of offer

    • Determined to be consistent with customary government practice

    • Determined to be consistent with customary commercial practice.

    • Required by public law governing acquisition of than commercial items

    Correct Answer
    A. 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.

    Rate this question:

  • 47. 

    ** Federal Acquisition Regulation (FAR) clauses 52.212–1 and 52.212–4 are incorporated into commercial contracts by reference by checking block

    • 27a of the Standard Form (SF) 33.

    • 27b of the SF 33.

    • 27a of the SF 1449

    • 27b of the SF 1449.

    Correct Answer
    A. 27a of the SF 1449
    Explanation
    The correct answer is 27a of the SF 1449. This is because the question is asking about the specific block in the Standard Form (SF) 1449 that incorporates the Federal Acquisition Regulation (FAR) clauses 52.212-1 and 52.212-4 into commercial contracts by reference.

    Rate this question:

  • 48. 

    ** Which of the following statements regarding the inclusion of the Federal Acquisition Regulation (FAR) clause 52.212–2, Evaluation-Commercial Items, in solicitations is true?

    • Solicitation must state the relative importance of evaluation factors when using simplified acquisition procedures (SAP).

    • The contracting officer (CO) is not required to notify offerors of the basis that an award will be made

    • The provision is not necessary when an award will be based on price alone and using SAP

    • The provision is mandatory in all solicitations

    Correct Answer
    A. The provision is not necessary when an award will be based on price alone and using SAP
    Explanation
    The correct answer states that the provision is not necessary when an award will be based on price alone and using simplified acquisition procedures (SAP). This means that when the evaluation of offers is solely based on price and the procurement process follows simplified procedures, the inclusion of the FAR clause 52.212-2, Evaluation-Commercial Items, is not required.

    Rate this question:

  • 49. 

    When using the streamlined procedures of Federal Acquisition Regulation (FAR) Part 12,

    • The Standard Form (SF) 33 is used

    • The SF 1449 is used.

    • Post only a detailed summary describing the requirement to the government-wide point of entry (GPE).

    • Issue a presolicitation notice to the GPE 14 days prior to release of the solicitation

    Correct Answer
    A. Post only a detailed summary describing the requirement to the government-wide point of entry (GPE).
    Explanation
    When using the streamlined procedures of Federal Acquisition Regulation (FAR) Part 12, the correct approach is to post only a detailed summary describing the requirement to the government-wide point of entry (GPE). This means that instead of using the Standard Form (SF) 33 or SF 1449, which are typically used for formal solicitations, a simplified process is followed. The detailed summary serves as a way to inform potential contractors about the requirement and invite them to submit their capabilities or qualifications for consideration. This approach allows for a more efficient and streamlined procurement process.

    Rate this question:

Quiz Review Timeline (Updated): Mar 21, 2023 +

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
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.