CFCM Online Prep Course Correct Questions & Solutions(RATED A) COMPLETE EXAM BUNDLE

Which of the following statements is NOT true? a. The government encourages the maximum practicable commercial use of inventions made under government contracts. b. The government recognizes rights in data developed at private expense, and limits its demands for delivery of that data. c. The go...

What is a Certificate of Competency? - ANSWER A certificate issued by the SBA stating that the holder is responsible, for the purpose of receiving and performing a specific Government contract What law specifies how agencies shall make their records available upon public request, imposes strict t...

How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation? - ANSWER Every 5 years A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actionsi s defined as a - ANSW...

What is a Certificate of Competency - ANSWER A certificate issued by the SBA stating that the holder is responsible for the purpose of receiving and performing a specific Government contract Except as specifically permitted by executive agencies, the fast payment procedure may not be used for ind...

ACQUISITION - ANSWER Means the acquiring by contract with appropriated funds of supplies or services(including construction) by and for the Federal Govt. through purchase or lease, whether the supplies or services are already in existence or must be created, developed, demonstrated, and evaluated. ...

What does the Contract Dispute Act, as outlined in FAR Part 33 cover? - ANSWER FAR Part 33 Which of the following contract types in prohibited by the Federal Acquisition Regulation for federal agencies and prime contractors? - ANSWER FAR 16.102 _______ contracts are characterized by the employ...

Which of the following is NOT a reason to contract for Advisory and Assistance services? - ANSWER Obtain work of a policy, decision-making, or managerial nature which is the direct responsibility of agency officials Which of the following contract types is prohibited by the Federal Acquisition Re...

What is the primary document of the Federal Acquisition Regulation System? (FAR 1.1) - ANSWER FAR, the Federal Acquisition Regulation Best Value (FAR 2.1): - ANSWER The expected outcome of an acquisition that, in the government's estimation, provides the greatest overall benefit in response to t...

A cost is reasonable if, in its nature and amount, it does not exceed - ANSWER that which would be incurred by a prudent person in the conduct of competitive business. Advance Agreements should not be negotiated - ANSWER after the incurrence of the costs involved. Under the Assignment of Claim...

Claim - ANSWER A written demand or written assertion by one of the contracting parties seeking, as a matter of right, the payment of money in a sum certain, the adjustment or interpretation of contract terms, or other relief arising under or relating to the contract. NOT exceeding $100,000 Once...