CON 3990 Exam Questions And Answers
What is the Micro-purchase threshold for supplies? - ANS $10k
All incentive contracts (schedule or performance) must also include what? - ANS Cost incentive or constraint
What requires funds to be used only for needs or services in the year of the a...
STUDYCLOCK
CON
3990
Exam
What
is
the
Micro-purchase
threshold
for
supplies?
-
ANS
$10k
All
incentive
contracts
(schedule
or
performance)
must
also
include
what?
-
ANS
Cost
incentive
or
constraint
What
requires
funds
to
be
used
only
for
needs
or
services
in
the
year
of
the
appropriations
obligation
period?
-
ANS
Bona
Fide
Needs
Rule
What
contract
types
can
be
used
for
commercial
item
purchases?
-
ANS
FFP
or
FPEPA
What
is
the
Simplified
Acquisition
Threshold
for
commercial
products
and
services?
What
is
it
for
non-commercial
use?
-
ANS
$7.5M
-
commercial
$250k
for
non-commercial
True
or
False:
The
Gov
shall
use
electronic
commerce
whenever
practicable
or
cost-effective
-
ANS
True
What
is
the
purpose
of
a
contract
file?
(4)
-
ANS
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?
-
ANS
Yes
At
what
level
are
contract
files
maintained
and
why?
-
ANS
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
When
is
a
SAP
contract
file
closed
out?
-
ANS
When
the
KO
receives
evidence
of
receipt
of
property
or
final
payment
When
is
a
FFP
(not
SAP)
contract
file
closed
out?
-
ANS
Should
be
closed
out
within
6
months
after
date
KO
receives
evidence
of
physical
completion STUDYCLOCK
When
should
contract
files
required
settlement
of
indirect
cost
rates
be
closed
out?
-
ANS
Within
36
months
of
the
month
the
KO
receives
evidence
of
physical
completion
When
should
all
other
(not
SAP,
FFP,
or
indirect
cost
rate)
contract
files
be
closed?
-
ANS
Within
20
months
of
the
month
the
KO
receives
evidence
of
physical
completion
When
is
a
contract
considered
physically
complete?
-
ANS
the
KTR
has
completed
required
deliveries
and
Gov
has
inspected
and
accepted
the
supplies
The
contractor
has
performed
all
services
and
the
Gov
has
accepted
the
services
and
all
option
provisions,
if
any,
have
expired
or
the
Gov
gives
the
KTR
notice
of
termination
What
are
the
steps
to
close
out
a
contract
file?
-
ANS
1)
Contract
admin
office
is
responsible
for
initiating,
reviewing
contract
fund
status,
and
deobligating
excess
funds
2)KO
issues
a
contract
completions
statement
3)
KO
files
completed
statement
and
signed
copy
send
to
admin
office
How
long
are
contract
documents
retained
after
closeout?
-
ANS
6
years
after
final
payment
What
does
a
KO
need
prior
to
commencement
of
negotiations
for
a
sole
source
contract,
commencement
of
negotiations
for
a
contract
resulting
from
an
unsolicited
proposal,
or
award
without
providing
for
full
and
open
competition?
-
ANS
Justification
and
Approval
which
justifies
the
actions
in
writing,
certifies
the
accuracy
and
completeness
of
the
justifications
and
obtains
the
approval
required
The
KO
shall
not
award
a
sole-source
contract
for
an
amount
exceeding
$25M
unless
-
ANS
they
have
a
signed
Justification
and
Approval
A
J&A
should
include
-
ANS
Description
of
action
being
approved
Description
of
supplies
or
services
required
+
estimated
value
statutory
authority
permitting
other
than
full
and
open
comp
demonstrate
why
specific
KTR
is
required
(instead
of
comp)
efforts
made
to
solicit
offers
from
other
sources
determination
of
fair
and
reasonable
anticipated
cost
description
of
market
research
conducted
list
of
sources
that
expressed
interest
statement
of
how
agency
may
remove
comp
barriers
in
the
future
KO
certification
What
are
the
thresholds
for
J&A
approval
-
ANS
under
$750
-
KO
approval
over
$750k
and
under
$100M
-
HCA
over
$100M
-
senior
procurement
executive
What
are
the
basic
elements
required
for
a
contract
to
be
legally
binding
(4)
-
ANS
mutual
assent
(valid
offer
and
acceptance) STUDYCLOCK
adequate
consideration
capacity
legality
What
is
implied
actual
authority?
-
ANS
authority
to
do
what
is
usual,
customary
and
necessary
to
accomplish
the
action
Implied
actual
authority
differs
from
express
actual
authority
in
that
no
express
agreement
is
executed
(e.g.,
when
an
individual
is
assigned
a
task
to
accomplish
but
the
minor
details
are
not
spelled
out
either
verbally
or
in
writing,
this
is
an
example
of
implied
actual
authority).
What
is
express
actual
authority?
-
ANS
is
created
by
explicit
language,
either
in
writing
or
verbal.
It
should
be
noted
that
the
spoken
word
is
generally
as
binding
as
the
written
word;
however
it
is
sometimes
more
difficult
to
prove.
What
is
apparent
authority?
-
ANS
Apparent
authority
exists
when
someone
reasonably
believes
an
individual
has
the
authority
to
act
on
behalf
of
the
Government,
based
on
his
or
her
conduct,
even
though
that
individual
has
no
actual
authority
to
bind
the
Government.
What
is
consideration?
-
ANS
Something
of
value
that
a
promisor
receives
from
the
promisee
in
return
for
his
or
her
offer.
aka
the
reason
a
party
would
seek
to
enter
into
a
contract
Can
be
money,
action,
non
action
or
property
A
contract
is
not
enforceable
without
-
ANS
consideration
What
is
lawful
purpose?
-
ANS
A
contract
is
unenforceable
if
any
term
is
contrary
to
public
policy
/
against
the
law
What
is
capacity?
-
ANS
the
ability
to
understand
and
appreciate
the
terms
of
the
contract
what
is
mutual
assent?
-
ANS
when
each
party
makes
a
promise
or
begins
to
render
performance
offer
placed
by
one
party
and
acceptance
by
the
other
What
is
a
commercial
product?
-
ANS
a
product
that
is
used
by
the
general
public
for
purposes
other
than
governmental
purposes
or
a
product
evolved
from
the
above
which
is
not
yet
available
to
the
market,
or
a
product
like
the
above,
slightly
modified
for
gov
use
or
a
nondevelopmental
item
What
is
a
commercial
service?
-
ANS
includes
installation,
maintenance,
repair,
training
if
procured
in
support
of
commercial
product
and/or
are
provided
to
the
general
public
as
well
What
is
a
commercially
available
off
the
shelf
(COTS)
item?
-
ANS
supply
that
is
a
commercial
product,
sold
in
substantial
quantities,
offered
to
the
Gov
without
any
modifications
needed
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