CLC 056 Analyzing Contract Costs Study Guide
CLC 056 Analyzing Contract Costs Study Guide
According to FAR 15.4, which of the following is one of the two most preferred price analysis techniques?
How may you request an audit?
A "questioned cost" is one that has not yet been evaluate...
CLC 056 Analyzing Contract Costs Study
Guide
According to FAR 15.4, which of the following is one of the two most preferred price analysis techniques? correct answer- Comparison of proposed prices received in response to the solicitation *
How may you request an audit? correct answer- All of these are correct
A "questioned cost" is one that has not yet been evaluated. correct answer- False *
True or False: "Direct labor positions" share the same titles and pay levels. correct answer- False *
For which of the following procurements would you require certified cost or pricing data?
correct 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? correct answer- To make predictions about one dependent variable based on one independent variable *
Which of the following is a phase in the allocation cycle? correct answer- Final Allocation Phase
You are preparing to negotiate a service task for routine maintenance of Government equipment. A sample of 25 records for similar maintenance tasks indicates that the average time required to perform similar maintenance tasks has been six hours and 40 minutes. How can you use this? correct answer- Selecting the appropriate contract type
Developing a price negotiation objective for labor costs *
Evaluating the bill of materials
Assigning the risk factors for profit calculations
The purpose of an audit is to: correct answer- Verify transaction legality
Determine if the data is accurate and complete
All of these are correct *
Determine the degree of compliance with established procedures Who has the authority to waive CAS applicability for a particular contract? correct answer- The Agency Head *
A cost is allowable if it is: correct answer- Reasonable, allocable and compliant with CAS/GAAP *
What is an important driver to a successful negotiation? correct answer- Listen to understand *
Which regression method assumes a linear relationship between the dependent and independent variables? correct answer- Simple linear regression *
What is the single most important decision the Contracting Officer must make to mitigate cost risk? correct answer- Selection of contract type *
When a contract is subject to CAS, the Contracting Officer may not award a contract until a written adequacy determination has been made by the cognizant Federal agency
official. correct answer- True
Each Price Negotiation Memorandum must contain which one of the following? correct answer- Statement that the price is fair and reasonable *
Select the item below that would likely be categorized as a Direct Material Cost. correct answer- The purchase of 104 motor assemblies needed to manufacture vehicles
*
Using a direct comparison with the cost of a similar contract effort is an acceptable summary estimating technique. correct answer- True *
Which of the following would be a proper method of determining the reasonableness of a contractor's proposed labor hour estimate? correct answer- -Compare proposed hours with a Government should-cost estimate *
A Disclosure Statement is required when Contractor receives a CAS covered contract or a subcontract valued at $60 million in a cost accounting period. correct answer- True *
Identify the ultimate objective of performing proposal analysis. correct answer- To ensure the final agreed to price is fair and reasonable *
Identify the correct definition of "Cost Analysis".
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