Exam (elaborations)
CFCM Exam with Questions and Answers| Latest Update| Verifed| A+ Rated
- Course
- Institution
CFCM Exam with Questions and Answers| Latest Update| Verifed| A+ Rated
[Show more]
Seller
Follow
Content preview
CFCM Exam with Questions andAnswers| Latest Update| Verifed|
A+ Rated
A system whereby the contracting officer receives authorization from a fiscal and accounting
officer to obligate funds on purchase documents against a specified lump sum of funds
reserved for the purpose for a specified period of time rather than obtaining individual
obligation authority on each purchase document is - ✔✔bulk funding.
What term is described by the following: The process by which efforts of all personnel
responsible for an acquisition are coordinated and integrated through a comprehensive plan
for fulfilling the agency need in a timely manner at a reasonable cost. It includes developing the
overall strategy for managing the acquisition - ✔✔Acquisition Planning
Except for the acquisition of commercial items, agencies shall allow at least days response
time for receipt of bids or proposals from the date of issuance of a solicitation, if the contract
action is expected to exceed the simplified acquisition threshold. - ✔✔30 days
Government contracts personnel may use liquidated damages clauses only when -
✔✔time for delivery or performance is critical.
What statute prohibits federal employees from creating or authorizing an obligation in
excess of funds available or in advance of appropriations? - ✔✔Anti-Deficiency Act
Simplified acquisition methods include the following except: - ✔✔Advance agreements
When Conducting Market Research, Agencies should request potential sources to submit: -
✔✔generally only the minimum amount of information necessary.
,What is the minimum quantity that must be ordered under an Indefinite Delivery Indefinite
Quantity (IDIQ) Contract? - ✔✔The minimum quantity must be more than a nominal
quantity, but it should not exceed the amount that the Government is fairly certain to order.
Which of the following contract types places the most cost risk on the Buyer: - ✔✔Cost Plus
Fixed Fee
Cost or pricing data means... - ✔✔all facts that, as of the date of price agreement, or, if
applicable, an earlier date agreed upon between the parties that is as close as practicable to the
date of agreement on price, prudent buyers and sellers would reasonably expect to affect price
negotiations significantly.
When providing financing to a contractor, which of the following is the LEAST
preferred method: - ✔✔Advance payments
What law specifies that no laborer or mechanic doing any part of the work contemplated by the
contract shall be required or permitted to work more than 40 hours in any work week unless
paid for all additional hours at not less than 1 ½ times the basic rate? - ✔✔Contract Work
Hours and Safety Standards Act.
What is a form of security assuring that the bidder- (1) Will not withdraw a bid within the
period specified for acceptance; and (2) Will execute a written contract and furnish
required bonds, including any necessary coinsurance or reinsurance agreements, within the
time specified in the bid, unless a longer time allowed, after receipt of the specified forms?
- ✔✔Bid guarantee
The Contracting Officer shall presume that all data delivered under a contract for
commercial items - ✔✔were developed exclusively at private expense.
Which of the following are the two types of contract modifications? - ✔✔Bilateral and
Unilateral
, Which of the following is NOT an example of permissible contract financing? -
✔✔Direct Loans.
Which of the following is true about size standards? - ✔✔Application of size
standards includes specifying the size standard in the solicitation
What is a Certificate of Competency? - ✔✔A certificate issued by the SBA stating that
the holder is responsible, for the purpose of receiving and performing a specific
Government contract
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
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
Which of the following is not a method for simplified acquisition - ✔✔Advance 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? -
✔✔Not considered a responsible source
What can a contractor access online at www.sam.gov? - ✔✔Contract data reports,
Contract opportunities, Entity registration and exclusion records...
An indefinite-quantity contract is best used when: - ✔✔a recurring need is anticipated.
Which of the following types of taxes are allowable contractor costs? - ✔✔Federal,
State, and local taxes.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller KenAli. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.24. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now