CPPB Exam Prep Complete Questions and Answers(Scored A+)

Cost Plus Percentage of Cost Contracts - ANSWER An agreement on a construction project in which the contractor is provided a specified percentage profit over and above the actual costs of construction. These contracts are considered poor business practice because the contractor has little incentive to hold down costs. The type of costing method is prohibited in Federal purchasing. Procurement - ANSWER Includes purchasing, contract administration, inventory, receiving and disposal. Integrity - ANSWER The value of one's words and actions. Competition - ANSWER Provides an incentive to reduce cost and increase quality. Laws - ANSWER Define and control what public agencies may do. ABA - ANSWER American Bar Association ABL - ANSWER Approved Brands List, also Approved Products List [APL] ABA Model Procurement Code for State and Local Government (U S Law) - ANSWER Developed by the ABA and adopted