CFCM Study Guide Questions and answers, rated A+| latest update 2024/25|

CFCM Study Guide Questions and answers, rated A+ Certificate of Competency - issued by the SBA stating that the holder is responsible for the purpose of receiving and performing a specific government contract (FAR 19.601(a)) Except as specifically permitted by executive agencies, the fast payment procedure may not be used for individual purchasing instruments exceeding what amount? - $35,000 (FAR 13.402(a)) What can a contractor access online at ? - Government-wide Point of Entry (GPE) (FAR 5.201(d)) How is the publication of a paid advertisement in a newspaper authorized? - By the head of each agency (FAR 5.502) Approval may be delegated The unilateral right in a contract by which the Government may elect to purchase additional supplies or services called for by the contract is called what? - Option (FAR 2.101) If a prospective contractor is qualified and eligible to receive an award, but lacks adequate financial resources to perform the contract, can the contractor be determined responsible? - If the contractor presents evidence of the ability to obtain adequate financial resources , the contractor may be determined responsible. (FAR 9.104(a), 9.104-1(a), and 9.104-3(a)) For a contract exceeding the simplified acquisition threshold, an offeror (other than an individual) that does not agree to provide a drug-free workplace is what? - Not considered a responsible source (FAR 23.504(a)) What is NOT a method for simplified acquisition? - Advance Agreement (FAR 13.301, 13.302, 13.303) Example methods for simplified acquisition - PO, BPA, Gov't wide P-Card (FAR 13.301, 13.302, 13.303) What law specifies how agencies shall make their records available upon public request, imposes strict time standards for agency responses, and exempts certain records from public disclosure? - Freedom of Information Act (FAR 24.203(a)) Who is responsible for printing, publishing, and distributing the Federal Acquisition Regulation? - The FAR Secretariat, as authorized by the GSA (FAR 1.201-2(a)) Which FAR Part describes policies and procedures unique to the acquisition of commercial items - FAR 12 A defense subcontractor provides a gift of vehicles to a prime contractor, and in return the prime contractor awards the subcontractor a valuable military subcontract. What penalties and to whom are they subject to? - The Prime and the Sub are both subject to civil and criminal penalties (FAR 3.502- 2(a), 3.502-2(b), and 3.502-2(c)) A mineral required for production in performance of a contract is not mined in the United States, but can be acquired from another country. How does the Buy American statute apply in this case? - The mineral may be acquired from a foreign source if it is in the best interest of the Government (FAR 25.202(a)) Contract type(s) that allow(s) for disallowing costs during the course of performance, after the costs have been incurred? - Cost-reimbursement, cost-reimbursement portion of fixed-price, letter contracts that provide for reimbursement of costs, T&M, and Labor-hour (FAR 42.803) When it is in the best interest of the Government to consi