Exam (elaborations)
FAC 889 Final Exam Questions With 100% Correct Answers.
- Course
- Institution
FAC 889 Final Exam Questions With 100% Correct Answers.
[Show more]
Content preview
FAC 889 Final Exam Questions With 100% Correct Answers.Who may make changes to a government contract? The agency head A contracting officer, acting within the scope of his or her authority The contractor Any representative of the government Answer - A contracting officer, acting within the scope of his or her authority
A basic ordering agreement is considered what type of contract? Fixed-price Cost-reimbursement Incentive It is not a contract Answer - It is not a contract
A bidder with adequate financial resources to perform the contract, who is able to comply with the required delivery schedule, has a satisfactory performance record and record of integrity, and has the necessary organizational controls and production
facilities to perform the contract, can be determined to be what? Responsive Responsible Ineligible A preferred source Answer - Responsible
A buyer that sends its personnel to a work site to visually check on progress is doing what? Direct observation Indirect observation Fact-finding Post-production testing Answer - Direct observation
A document in which one party agrees not to make, use, or sell certain information without first entering into an agreement with the owner of the information to do so is called what? A lease A patent A statement of work A nondisclosure agreement Answer - A nondisclosure agreement
A Federal Supply Schedule is: A set of prenegotiated IDIQ contracts Off-the-shelf FFP contracts available for placing orders Electronic commerce A schedule for delivery of ordered supplies Answer - A set of prenegotiated IDIQ contracts
A funded debt, like a note on mortgage installments, is what kind of liability? Current Long-term Intangible Accrued Answer - Long-term
A manager can help ensure that his or her subordinates become strong and effective
by avoiding what? Poor time management Unproductive habits Delegation Overreliance on personal knowledge Answer - Overreliance on personal knowledge
A memorandum of agreement, an intellectual property license, and a letter of intent are examples of what? Facilitating clauses Topic-specific sets Custom terms and conditions Noncommercial terms and conditions Answer - Custom terms and conditions A potential offeror is preparing a response to a solicitation, and needs to know whether separate technical and price proposals are required. Where should the offeror be able to find this information? In the System for Award Management In the instructions included in the solicitation package By submitting a Request for Information to the buyer In the contract boilerplate Answer - In the instructions included in the solicitation package
A seller reviewing a solicitation discovers a requirement in one area which is stated elsewhere in the solicitation using contradictory language. What should the seller do? Immediately bring the discrepancy to the attention of the buyer No-bid the solicitation Discuss the discrepancy with the acquisition team and come to a decision on how to
interpret the language Contact the buyer when possible, but there is no limit on the time after the solicitation is released when Answer - Immediately bring the discrepancy to the attention of the buyer
A team member wants to bring an important fact or observation to the lead negotiator's attention during the negotiation. What can the team member use to do this? Caucus Fact-finding Interim summary Point of order Answer - Caucus
According to the CMBOK, what is necessary for a code of conduct to be effective? A formalized, written document That it be posted publicly That it identify violators Strong leadership foundation Answer - Strong leadership foundation According to the Learning competency, when is learning most fulfilling? When you learn something because you need the information right away When you learn something because you want to learn it When you learn something that helps you accomplish a larger goa When you learn something you can teach to others Answer - When you learn something because you want to learn it
An agency has issued a solicitation for the purchase of a commercial item and an offeror submits cost data to the buyer. Is this data sufficient to determine cost reasonableness? Yes, but only if the acquisition meets the definition of a commercial item Yes, because the submission of cost data is by itself sufficient to determine cost reasonableness No, because the cost data must be accompanied by a certification that it is current and accurate No, because the factors and assumptions supporting the cost data must first be analyzed and evaluated Answer - No, because the factors and assumptions supporting the cost data must first be analyzed and evaluated
Asking "Who wrote this, and does it apply to my contract management situation?" is an example of what? Using creativity Analyzing research Performing knowledge management Exercising explicit authority Answer - Analyzing research
Assets whose value comes from their physical substance, like land, buildings, and equipment, are what type of asset? Tangible Intangible Current Long-term Answer - Tangible
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EvaTee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now