CPCM Guiding Principles Practice Exam with Complete Solutions
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Course
CPCM
Institution
CPCM
CPCM Guiding Principles Practice Exam with Complete Solutions
The role of contract manager falls into which two primary functions? - Answer-Buyer and seller
An issue related to gift giving and receiving could be resolved by consulting the: - Answer-Code of Conduct
Which of the following de...
CPCM Guiding Principles
Practice Exam with
Complete Solutions
The role of contract manager falls into which two primary functions? - Answer-Buyer
and seller
An issue related to gift giving and receiving could be resolved by consulting the: -
Answer-Code of Conduct
Which of the following describes the Guiding Principles relationships in the CMBOK
Competency System? - Answer-They encompass Pre-Award, Award, and Post-award
Company A, Company B, and Company C produce 95% of Product X. If Company B
raises the price of its Product X, consumers may choose to buy from Company A or
Company C instead. If Company A and Company C decide to follow Company B's lead
and raise their prices, the three companies: - Answer-Can control the entire Product X
Market through their power to set prices.
The U.S. Cell phone market is an example of: - Answer-An Oligopoly
Which of the following represents the relationship between principal and agent? -
Answer-A-YOU ARE AUTHORIZED BY YOUR COMPANY TO MAKE BINDING
DECISIONS ON THEIR BEHALF.
b-You are employed by a company
c-You are authorized by your company to receive packages
d-There is no such relationship in contract management
When one contracting party gives the other contracting party reason to believe they will
not perform the contract, they are providing a: - Answer-Repudiation
No debt may be paid out of public funds unless Congress has made an
__________________ for that purpose. - Answer-Appropriation
The Uniform Commercial Code is a uniform law. This means that: - Answer-It must be
adopted as law by each state sparately
, What is an express warranty? - Answer-Specifically states in the contract what the
product will/will not do.
Funds appropriated by Congress are commonly restricted in two ways: - Answer-
Intended use and time of availability
The negotiation between the buyer and seller of a change to an existing contract is an
example of: - Answer-Bilatereral Monopoly
Article 2 of the UCC requires that a written contract must: - Answer-a-Be notarized
b-Specify a delivery date
C-SPECIFY A QUANTITY
d-Be enforcable
Acquisition statutes are __________ in the Federal Acquisition Regulation - Answer-
Implemented
A hurricane destroying a manufacturing plant is an example of: - Answer-Force majeure
Guileless Imports purchased , metal wheels from Annular Supply Co. under a sale on
approval contract. Annular Supply delivered the wheels to Fraught Freight for shipping
to the destination, but the shipping container sank and all the wheels were lost. Which
party bears liability for the loss? - Answer-The seller is fully liable
Which of the following is not a requirement of a written contract for the sale of goods? -
Answer-a-A specified quantity
b-Sufficient detail to indicate that a contract for sale has been made
c-The signature of the buying party
D-THE PLACE OF DELIVERY
The CMBOK suggests that: - Answer-Certification is an indicator of professional
strength
An Organizational Conflict of Interest exists when: - Answer-The nature of the work to
be performed under a contract may result in an unfair competitive advantage to the
contractor
Which of the following would be considered a characteristic of a successful knowledge
management framework? - Answer-A-GROUPS OF SUBJECT MATTER EXPERTS
CONNECTED THROUGH TECHNOLOGY.
b-An information repository that is exclusively available to top level executives.
c-Incorporating training in contract budgets
d-Waiting until the end of a project to record lessons learned and apply them to the next
project.
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