CFCM Exam Practice Test with 100%
correct answers Latest Update 2024
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
individual purchasing instruments exceeding what
amount? - answer-$35,000
What can a contractor access online at
www.fedbizopps.gov? - answer-The government wide
point of entry
Size Standards - answer-FAR 19.102(b)(3): "(Small
business size standards are applied by) Specifying the
size standard in the solicitation so that offerors can
appropriately represent themselves as small or large"
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,When may an agency be required to use simplified
acquisition procedures? - answer-When the value of
the contract is $100,000
How is the publication of a paid advertisement in a
newspaper authorized? - answer-FAR 5.502 "Authority
to approve the publication of paid advertisements in
the newspaper is vested in the head of each agency.
This approval authority may be delegated" Must be a
written authorization from the head of the agency.
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? -
answer-Option
If a prospective contractor is qualified and eligible to
receive award, but lacks adequate financial resources
to perform the contract, can the contractor be
determined responsible? - answer-If the contractor
presents evidence of the ability to obtain adequate
financial resources, the contractor may be determined
responsible.
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,This is not a method for simplified acquisition - answer-
Advanced Agreement
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? - answer-Not considered a responsible source
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 - answer-
Freedom of Information Act
Who is responsible for printing, publishing, and
distributing the Federal Acquisition Regulation? -
answer-The FAR Secretariat, as authorized by GSA
Which FAR part prescribes policies and procedures
unique to the acquisition of commercial items? -
answer-FAR Part 12
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, Which of the following is necessarily rue about a cost
that is assignable or chargeable to one of the most cost
objectives on the basis of relative benefits received or
other equitable relationship? - answer-The cost is
allocable
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 will happen next? - answer-The
prime contractor and the subcontractor are subject to
civil and criminal penalties
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? - answer-The
mineral can be acquired from a foreign source if it is in
the best interest of the Government.
Which contract types allow for disallowing costs during
the course of performance, after the costa have been
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correct answers Latest Update 2024
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
individual purchasing instruments exceeding what
amount? - answer-$35,000
What can a contractor access online at
www.fedbizopps.gov? - answer-The government wide
point of entry
Size Standards - answer-FAR 19.102(b)(3): "(Small
business size standards are applied by) Specifying the
size standard in the solicitation so that offerors can
appropriately represent themselves as small or large"
Ask for various Exams or Study materials from
()
,When may an agency be required to use simplified
acquisition procedures? - answer-When the value of
the contract is $100,000
How is the publication of a paid advertisement in a
newspaper authorized? - answer-FAR 5.502 "Authority
to approve the publication of paid advertisements in
the newspaper is vested in the head of each agency.
This approval authority may be delegated" Must be a
written authorization from the head of the agency.
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? -
answer-Option
If a prospective contractor is qualified and eligible to
receive award, but lacks adequate financial resources
to perform the contract, can the contractor be
determined responsible? - answer-If the contractor
presents evidence of the ability to obtain adequate
financial resources, the contractor may be determined
responsible.
Ask for various Exams or Study materials from
()
,This is not a method for simplified acquisition - answer-
Advanced Agreement
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? - answer-Not considered a responsible source
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 - answer-
Freedom of Information Act
Who is responsible for printing, publishing, and
distributing the Federal Acquisition Regulation? -
answer-The FAR Secretariat, as authorized by GSA
Which FAR part prescribes policies and procedures
unique to the acquisition of commercial items? -
answer-FAR Part 12
Ask for various Exams or Study materials from
()
, Which of the following is necessarily rue about a cost
that is assignable or chargeable to one of the most cost
objectives on the basis of relative benefits received or
other equitable relationship? - answer-The cost is
allocable
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 will happen next? - answer-The
prime contractor and the subcontractor are subject to
civil and criminal penalties
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? - answer-The
mineral can be acquired from a foreign source if it is in
the best interest of the Government.
Which contract types allow for disallowing costs during
the course of performance, after the costa have been
Ask for various Exams or Study materials from
()
