CFCM Exam Practice Test Graded A+
1. Certificate of Competency: - A certificate issued by the Small Business Administration (SBA) stating that the holder is responsible
for receiving and performing a specific Government contract. ️
2. Fast Payment Procedure Limitation: - Except as specifica...
- A certificate issued by the Small Business Administration (SBA) stating that the holder is responsible
for receiving and performing a specific Government contract. ✔️
2. Fast Payment Procedure Limitation:
- Except as specifically permitted, the fast payment procedure may not be used for individual
purchasing instruments exceeding $35,000. ✔️
3. Government Wide Point of Entry:
- Contractors can access information about federal contracts online at www.fedbizopps.gov. ✔️
4. Size Standards:
- As per FAR 19.102(b)(3): Applicable standards are specified in the solicitation so offerors can
represent themselves appropriately as small or large businesses. ✔️
5. Simplified Acquisition Procedures:
- Agencies may be required to use simplified acquisition procedures when the value of the contract is
$100,000. ✔️
6. Publication of Paid Advertisements:
- Authorized under FAR 5.502. The authority is vested in the head of each agency and may be
delegated, requiring written authorization. ✔️
7. Government's Unilateral Right to Purchase Additional Supplies/Services:
- This right is known as an Option. ✔️
8. Contractor Responsibility:
, - A contractor lacking adequate financial resources can still be determined responsible if they present
evidence of the ability to obtain them. ✔️
9. Not a Method for Simplified Acquisition:
- Advanced Agreement is not a method for simplified acquisition. ✔️
10. Drug-Free Workplace for Offers:
- An offeror (other than an individual) that does not agree to provide a drug-free workplace is not
considered a responsible source for contracts exceeding the simplified acquisition threshold. ✔️
11. Freedom of Information Act:
- This law outlines how agencies must make records available upon public request, impose response
time limits, and exempt certain records from public disclosure. ✔️
12. Federal Acquisition Regulation (FAR) Printing and Distribution:
- Responsible party: The FAR Secretariat, as authorized by GSA. ✔️
13. FAR Part for Commercial Items:
- FAR Part 12 prescribes policies and procedures unique to the acquisition of commercial items. ✔️
14. Cost Allocability:
- A cost that is assignable or chargeable based on benefits received or other equitable relationships is
deemed allocable. ✔️
15. Gifts and Subcontracting:
- A prime contractor and subcontractor providing gifts in exchange for a military subcontract are
subject to civil and criminal penalties. ✔️
16. Buy American Statute Application:
, - The mineral can be sourced from a foreign country if it is deemed to be in the best interest of the
Government. ✔️
17. Contract Types Allowing Cost Disallowance:
- Cost-reimbursement contracts, the cost-reimbursement portion of fixed-price contracts, letter
contracts reimbursing costs, and time-and-material and labor-hour contracts allow for disallowing costs
post-incurrence. ✔️
18. Source Selection Process:
- If the Government finds it in its best interest to award to other than the highest technically rated
offeror, it should use a tradeoff process. ✔️
19. Advisory and Assistance Services:
- The obtaining of special knowledge or skills from noted experts falls under advisory and assistance
services. ✔️
20. Contract Modifications Authority:
- Only a contracting officer acting within their authority can execute contract modifications on behalf
of the Government. ✔️
21. Hazardous Material Disclosure:
- The successful offeror must furnish hazardous material data on a Material Safety Data Sheet prior to
contract award if hazardous materials are expected during performance. ✔️
22. Noncompliance in Cost Accounting:
- A failure to estimate or report costs according to applicable standards is termed noncompliance. ✔️
23. Authority to Sign Contracts:
- Contracts on behalf of the US can only be signed by a contracting officer. ✔️
24. Imprest Fund:
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