CPCM Exam Questions with Correct Answers
Walsh-Healy Public Contract Act - Answer-Requires contractors engaged in manufacturing or furnishing of materials, supplies, articles or equipment to the Govt to pay employees who produce, assemble, handle, or ship goods under contracts exceeding $15K the...
Walsh-Healy Public Contract Act - Answer-Requires contractors engaged in
manufacturing or furnishing of materials, supplies, articles or equipment to the Govt to
pay employees who produce, assemble, handle, or ship goods under contracts
exceeding $15K the federal min wage for all hours worked and time-and-one-half for
hours worked over 40.
Contract Work Hours & Safety Standards Act - Answer-Established a 40 hour work
week and time 1/2 for hours worked in excess of 40
Service Contract Act (SCA) - Answer-Federal Law establishing labor standards for such
matters as wages and working conditions. It applies to every govt contract over $2500
which its principal purpose is to furnish services to the govt.
Fair Labor Standards Act (FLSA) - Answer--Set a minimum standard wage and a
maximum work week of 40 hours in industries engaged in interstate commerce.
-Prohibits children from working under the age of 16 except in dangerous occupations,
then 18
-Created the Wage and Hour Division in the Dept of labor
Labor Surplus area - Answer-A geographic area identified by the DOL as an area of
concentrated unemployment or underemployment or an area of labor surplus
Labor surplus area concern - Answer-A concern that together with its first tier subs will
perform in labor surplus areas
Performance is substantially in labor surplus areas if the costs incurred under the
contract on account of manufacturing, production, or performance of appropriate
services in labor surplus areas exceed 50% of the contract price
Environmental contracting - Answer-Contract for analysis, investigation and studies in
support of compliance, pollution prevention, conservations, recycling and remediation to
comply with all federal, state and local environmental laws and regulation
Environment Laws - Answer-Policies and procedures supporting the govt program for
protecting and improving the quality of the environment through pollution control, energy
conservation, identification of hazardous material, and use of recovered materials
Domestic End product - Answer-Unmanufactured end product mined or produced in the
US or and end product manufactured in the US
,US made end product - Answer-An article mined, produced, or manufactured in the US
or that is substantially transformed in the US into a new and different article of
commerce with a name, character or use distinct from that of the article(s) from which is
was transformed
Trade Agreements Act(TAA) - Answer-The act specifically prohibits the purchase of an
end-product from designated countries, as determined by the US trade representative
Fixed Price Contract - Answer-Contract providing for a firm pricing arrangement
established by the parties at the time of contracting
FFP level of effort (LOE) - Answer-Contract which requires the contractor to provide a
specified LOE over a stated period of time on work that can be state only in general
terms and requires the buyer to pay the contractor a fixed dollar amount
Competitive negotiation - Answer-A method of contracting involving a RFP that states:
-The buyer's requirements and criteria for evaluation
-Submission of timely proposals by a maximum number of offerors
-discussion with those offerors found to be within the competitive range
-award of a contract to the one offeror whose offer, price and other consideration factors
are most advantageous to the buyer
R&D Contract - Answer-A contract for basic research applied research, or development
SBIR - Answer-Small Business Innovation Research Program-Agencies over $100M
required to set aside a fixed percent of their budget for small business
Basic Research - Answer-primary aim to gain a fuller understanding of subject rather
than application of that knowledge
Applied Research - Answer-1. Follows basic research
2. Attempts to find improvements in technology, materials processes, methods, devices,
or techniques
Development - Answer-The use of scientific and technical knowledge in the design, dev,
testing or evaluation of a potential new product or service - or improvement.
INCLUDES:
Design engineering
prototyping
Engineering testing
Technical sourcing
Cooperative Development - Answer-Any method by which GOVERNMENTS together
make use of their collective R&D resources to include:
Technical information
,Harmonizing of requirements
Co-development
Interdependent R&D
Agreement on Standards
Government R&D - Answer-Purpose:
To achieve agency and national goals
Commercial R&D - Answer-Future -oriented, long-term activities for profit
Uniform Commercial Code (UCC) - Answer-Primary source of commercial contract Law
-adopted as law by each state
-Adopted by all but Louisiana
-Governs the sale of any kind of goods
-General Principles of contract law
Statutory Law - Answer--Laws passed by legislation
-Common Law-judge decision
-May require some contracts to be in writing and executed using specific procedures
Private Law - Answer-Includes the terms of the agreement between parties who have
exchanged promises for consideration
General principles of Contract Law (article 2 of the UCC) - Answer--Contract Formation
-Seller/Buyer contractual obligations
-contract performance
Remedies for breach of contract
Written contract - Answer-3 requirements
-provide evidence of a contract for the sale of goods
-signed by the party to be charged
-specify a quantity
-Contract for the sale of goods over$500 must be in writing to be enforceable
Sarbanes-Oxley Act - Answer--Requirements to prevent companies from accounting for
profits not realized in effort to portray value where none exists
-Signed into law on July 30, 2002
Government Contract Law - Answer--Authority from the U.S. Constitution
-Govt has the implied power to use contracts to fulfill its responsibiities
Commercial Contract Law - Answer--States are primary source of law on commercial
transactions
-Statutory Law
-Private Law
, Article 2 of the UCC - Answer-Current law governing contracts for the sale of goods
between corporations
Case Law - Answer-Legal principles derived from judicial decisions that are determined
by applying statutory and regulatory requirements and interpreting the law as it applies
to the case
Common Law - Answer-a body of law common to the whole population, produced by
the efforts of the judiciary to harmonize their decisions with precedent decisions and
changes in law or regulation
Contract Formation elements - Answer--Demonstration of mutual agreement through
and offer and acceptance
-consideration (something of value-money)
-Legal purpose
-capacity of the parties
Contracts Interpretation - Answer--Course of performance
-course of dealing
-usage of trade
Course of performance - Answer-Acts in the performance of the contract by either party
that are not objected to.
Consistent with the express terms
Course of dealing - Answer-A series of previous conduct between the parties to a
transaction that can be regarded as establishing a common basis of understanding for
the terminology and conduct
Usage of Trade - Answer-Practices or methods of dealing that are regularly observed
and justify an expectation that they will apply to the transaction
Acceptance - Answer-The act of an authorized buyer by which the buyer assents to
ownership of existing and identified supplies or specific services rendered as partial or
complete performance of a contract
Offer - Answer-A legally binding promise, made by one party to another, to enter into a
contractual agreement if accepted
Mutual assent - Answer-Offer made by one party and the unconditional acceptance of
that offer by another
Arms Export Control Act - Answer-Controls the export of defense articles and services
and charges the President to exercise the authority
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