CPCM 17 Test Questions and Answers All Correct
The Service Contract Act - Answer-This legislation requires contractors and subcontractors performing services on covered federal or District of Columbia contracts over a certain dollar threshold to pay service employees in various classes no less tha...
CPCM 17 Test Questions
and Answers All Correct
The Service Contract Act - Answer-This legislation requires contractors and
subcontractors performing services on covered federal or District of Columbia contracts
over a certain dollar threshold to pay service employees in various classes no less than
the monetary wage rates and to furnish fringe benefits found prevailing in the locality or
in a collective bargaining agreement:
service Contract Act and Davis-Bacon Act - Answer-A determination by the Department
of Labor that a certain scale of wages is the prevailing wage for a locality is called a
"wage determination" and is issued under the:
Performance work statement - Answer-What is the portion of a contract describing the
actual work to be done in terms of desired performance results, often including specific
measurable objectives?
Performance statement of work - Answer-A document that defines requirements in
terms that relate to the minimum acceptable standard or ranges of performance is
called a:
Ad valorem - Answer-This term describes a customs duty usually charged on the value
only of goods that are dutiable, irrespective of quality, weight, or any other
considerations:
Offset agreement - Answer-One of the various industrial and commercial compensation
practices required of defense contractors by foreign governments as a condition for the
purchase of defense articles/services in either government-to- government or direct
commercial sales is called:
Which of the following must a contracting professional consider when negotiating an
international contract? - Answer-Import issues, export issues, and currency differences.
Countertrade is: - Answer-A requirement imposed by a country on a foreign exporter to
purchase materials in the receiving country
Export-Import Bank - Answer-This is an independent U.S. government agency that
provides loans, loan guarantees, and credit risk insurance coverage to U.S. exporters
and foreign importers.
, When there are equal low bids the contracting officer should award the contract to the
bidder that - Answer-is a small business in a labor surplus area.
Which of the following is NOT an example of a competitive acquisition method -
Answer-Commercial item acquisition
Negotiation is a method of contracting that - Answer-may be done competitively or
noncompetitively.
Cost reimbursement contracts typically do NOT include - Answer-cost redetermination
contracts.
This type of contract provides for the partial reimbursement of the contractor's allowable
costs with no allowances for profit or fees. - Answer-cost-sharing contracts
This type of contract is sometimes used when it is difficult to include other incentives
because contractor performance cannot be measured objectively. It establishes a fixed
price, including normal profit that will be paid for satisfactory contract performance. It
also establishes an additional fee the contractor can earn for higher performance. -
Answer-fixed price with award fee
Direct labor is - Answer-all work that is obviously related and specifically and
conveniently traceable to specific products.
This type of accounting recognizes important concepts—such as receivables due from
customers, payables due to vendors, interest due from investments, and other matching
concepts—as a means of providing an accurate picture of a company's financial
position. - Answer-accrual accounting
The need for acquisition planning occurs - Answer-once a need or requirement has
been identified.
Concerning acquisition planning, which of the following statements is true - Answer-It
should be viewed as a team effort, including the talents and input from contracting
personnel, customers, finance experts, technical experts, and legal counsel.
Which of the following tools and techniques are NOT used in procurement planning? -
Answer-negotiation
The company submitting the lowest ___________ and ___________ bid wins the
contract award. - Answer-responsive; responsible
What is the term describing a market structure where a single buyer purchases a good
or service? - Answer-monopsony
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