CFCM Exam Practice Test Questions with complete solution
4 views 0 purchase
Course
CFCM
Institution
CFCM
CFCM Exam Practice Test Questions with complete solution CFCM Exam Practice Test
What is a Certificate of Competency - correct 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 a...
CFCM Exam Practice Test
What is a Certificate of Competency - correct 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? - correct answer ✔$35,000
What can a contractor access online at www.fedbizopps.gov? - correct
answer ✔The government wide point of entry
Size Standards - correct 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"
When may an agency be required to use simplified acquisition procedures? -
correct answer ✔When the value of the contract is $100,000
How is the publication of a paid advertisement in a newspaper authorized? -
correct 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? - correct 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? - correct answer ✔If the contractor presents
evidence of the ability to obtain adequate financial resources, the contractor
may be determined responsible.
This is not a method for simplified acquisition - correct 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? - correct 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 - correct answer ✔Freedom
of Information Act
Who is responsible for printing, publishing, and distributing the Federal
Acquisition Regulation? - correct answer ✔The FAR Secretariat, as
authorized by GSA
Which FAR part prescribes policies and procedures unique to the acquisition
of commercial items? - correct answer ✔FAR Part 12
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? - correct 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? - correct 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? - correct 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 incurred? - correct answer ✔Cost
reimbursement contracts, the cost-reimbursement portion of fixed-price
contracts, letter contracts that provide for reimbursement of costs, and time
and material and labor-hour contracts provide for disallowing costs during the
course of performance after the costs have been incurred.
When it is in the best interest of the Government to consider award to other
than the highest technically rated offeror, which of the following should the
Government use to select the source? - correct answer ✔A tradeoff process
The obtaining of opinions, special knowledge, or skills from noted experts
would be included in what kind of service? - correct answer ✔Advisory and
assistance service
Who is authorized to execute contract modifications on behalf of the
Government - correct answer ✔Only a contracting officer acting within the
scope of his or her authority
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 flyhigher329. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
