CON 3990 Exam 2023with 100% correct answers

What is the Micro-purhcase threshold for supplies? - correct answer -$10k All incentive contracts (schedule or performance) must also include what? - correct answer -Cost incentive or constraint What requires funds to be used only for needs or services in the year of the appropriations obligation period? - correct answer -Bona Fide Needs Rule What contract types can be used for commercial item purchases? - correct answer -FFP or FPEPA What is the Simplified Acquisition Threshold for commercial products and services? What is it for non-commercial? - correct answer -$7.5M - commercial $250k for non-commercial True or False: The Gov shall use electronic commerce whenever practicable or cost-effective - correct answer -True What is the purpose of a contract file? (4) - correct answer -Provide background/basis for decisions Supporting actions taken Provide information for reviews and investigations Furnishing essential facts in the event of a litigation Can contract files be combined if appropriate? - correct answer -Yes At what level are contract files maintained and why? - correct answer -Maintained at the organizational level to ensure effective documentation of contract actions accessibility by principal users minimal establishment of duplicate and working files safeguarding classified docs conformance with agency regs