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CLC 056 ANALYZING CONTRACT COSTS STUDY GUIDE EXAM
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CLC 056 ANALYZING CONTRACT COSTS STUDY GUIDE EXAM....
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FAR 15.4 allows for the following as one of the two most preferred priceanalysis techniques - ANSWER Comparison of proposed prices received in
response to the solicitation *
How may you request an audit? - ANSWER All of these are correct
A "questioned cost" has not yet been evaluated. - ANSWER False *
True or False: "Direct labour positions" have the same titles and pay grades. -
ANSWER False *
Which of the following purchases would you need to obtain certified cost or
pricing data? - ANSWER An offer of $800,000 for an item from the only
known source of an electronic system unique to Government requirements.
How is simple linear regression used? - ANSWER To make predictions about
one dependent variable based on one independent variable *
Which of the following is a phase in the allocation cycle? - ANSWER Final
Allocation Phase
You are about to negotiate a service task for routine maintenance of
Government equipment. A sample of 25 records for similar maintenance tasks
, indicates the average time required to perform similar maintenance tasks has
been six hours and 40 minutes. How might you use this? - ANSWER
Choosing the right contract type
Determining a price negotiation objective for labor costs *
Analyzing the bill of materials
Risk factors allocation for profit determination
Objective of an audit: - ANSWER The legality of transactions must be verified
Whether the information is reliable and adequate
All of the above are correct *
The level of conformity with standard practices has to be determined
Who can waive the applicability of CAS in respect of a specific contract? -
ANSWER The Agency Head *
A cost is allowable if it is: - ANSWER Reasonable, allocable and compliant
with CAS/GAAP *
What is an important driver to a successful negotiation? - ANSWER Listen to
understand *
Which regression method assumes a linear relationship between the dependent
and independent variables? - ANSWER Simple linear regression *
What is the most important decision the Contracting Officer must make to
minimize cost risk? - ANSWER Choice of contract type *
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