CON 170 MIDTERM EXAM QUESTIONS AND ANSWERS LATEST UPDATE | 100% Verified

CON 170 MIDTERM EXAM QUESTIONS AND ANSWERS LATEST UPDATE | 100% Verified. As a contract specialist, you should be aware that: a) Different sellers in the same market may have different pricing objectives and approaches. b) Sellers in different markets often have different approaches to contract pricing. c) A single firm may have different objectives and approaches in different contracting situations. d) All of the above. 3. In a competitive market, the seller must consider the four “P”s of marketing: c. Price, product, place, and promotion. 4. Market research information may come from many and varied sources. Prospective offerors are frequently good sources of information, but care must be taken to preserve procurement integrity while gathering data. Which of the following techniques is not a valid method of obtaining market research information from prospective offerors? a) Public hearings. b) One-on-one meetings. c) Requests for information. d) Sealed bidding. 5. Considering non-governmental sources of economic and market data, what organization develops data based on the actual experience and projections of purchasing managers throughout the country? a) The Bureau of Labor and Statistics. b) The Institute for Supply Management. c) The National Index Register. d) The Federal Board of Purchasing 6. The contract specialist must know how to select the best type of contract to be used in a particular procurement. Which of the following is NOT a consideration when selecting contract type? a) Availability of funds. b) Competitive nature of the requirement. CON 170 MIDTERM EXAM QUESTIONS AND CORRECT ANSWERS | Defense Acquisition University c) Adequacy of the contractor’s accounting system. d) Type and complexity of the requirement. 7. What type of fixed- price contract involves a profit-sharing formula? a) Fixed-price award fee. 78.. b) Fixed-price incentive firm. c) Fixed-price prospective redetermination. d) Fixed-price economic price adjustment. 8. The fixed-price economic price adjustment contract helps to keep contract prices low yet fair to all parties over a generally longer time period. What risk is mitigated with this type of contract? a) Contractor performance risk. b) Fluctuations in market prices for certain materials or labor. c) Changes in federal and state tax rates. d) Unknown future funds availability. 9. Sometimes, a requirement emerges that can only be met with a cost reimbursement contract, and there may be very limited competition for that reason. What type of contract objectively varies the contractor’s fee from a minimum to a maximum fee amount based on the contractor’s cost control? 12a.. Cost plus award fee. 34b.. Cost plus fixed fee. 56c.. Cost sharing. d. Cost plus incentive fee.