CFCM Practice Exam All Answers Correct
Key Procurement Concepts and Answers
1. Certificate of Competency: - A certificate issued by the Small Business Administration (SBA) stating that the holder is responsible
for the purpose of receiving and performing a specific Government contract.
2. ...
CFCM Practice Exam All Answers Correct
Key Procurement Concepts and Answers
1. Certificate of Competency:
- A certificate issued by the Small Business Administration (SBA) stating that the holder is responsible
for the purpose of receiving and performing a specific Government contract. ✅
2. Freedom of Information Act (FOIA):
- This law specifies how agencies must make their records available upon public request, imposes strict
time standards for responses, and exempts certain records from public disclosure. ✅
3. Required Elements in a Broad Agency Announcement (BAA):
- Not a required element: An estimate of the level of effort required. ✔️
- Required elements include:
- A description of the agency's research interest.
- The criteria by which proposals will be selected.
- The period of time during which proposals will be accepted.
4. Contractor Invention Assignment to Government:
- A contractor may be required to assign title to an invention made under a federal R&D contract if the
contractor does not have a place of business in the United States. ✅
5. Contract Type for Construction:
- The contract type generally used to acquire construction is Firm-Fixed-Price. ✅
6. FAR Part 2:
- This part specifies the definitions for words and terms that are to be used unless another FAR part
provides a different definition. ✅
, 7. Acquisition Team Role:
- A true statement: The procurement policies and procedures used by members of the Acquisition
Team are outlined in the FAR. ✅
8. Market Research Indications:
- If market research indicates that commercial or nondevelopmental items might not be available, the
agency shall reevaluate the need and determine whether the need can be restated to permit
commercial or nondevelopmental items to satisfy the agency's needs. ✅
9. World Trade Organization Government Procurement Agreement:
- True statements about acquisitions under this agreement must comply with specific international
standards regarding transparency, fairness, and non-discrimination in procurement.
10. Maximum Fee for R&D under Cost-Plus-Fixed-Fee Contract:
- The maximum fee that may be negotiated is 15 percent of the contract's estimated cost, excluding
fee. ✅
11. Emergency Acquisition Flexibilities:
- Not justified by: The acquisition is to replace Government property that was involved in a crime. ✔️
- Justified by:
- The acquisition is in support of a contingency operation.
- The acquisition is to facilitate defense against a nuclear attack against the United States.
- The President has issued a major disaster declaration.
12. Functions of the General Services Administration (GSA):
- Not a function: Managing schedule contracting for military items. ✔️
- Functions include:
- Authorizing other agencies to award schedule contracts.
- Management of U.S. Federal property.
- Publicizing regulations governing the acquisition of real property.
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