100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CFCM STUDY QUESTIONS AND ANSWERS LATEST DOWNLOAD 2024/2025 ALL ANSWERS 100% CORRECT DETAILED BEST RATED A+ FOR SUCCESS $27.49   Add to cart

Exam (elaborations)

CFCM STUDY QUESTIONS AND ANSWERS LATEST DOWNLOAD 2024/2025 ALL ANSWERS 100% CORRECT DETAILED BEST RATED A+ FOR SUCCESS

 6 views  0 purchase
  • Course
  • CFCM STUDY
  • Institution
  • CFCM STUDY

CFCM STUDY QUESTIONS AND ANSWERS LATEST DOWNLOAD 2024/2025 ALL ANSWERS 100% CORRECT DETAILED BEST RATED A+ FOR SUCCESS

Preview 4 out of 38  pages

  • August 12, 2024
  • 38
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CFCM STUDY
  • CFCM STUDY
avatar-seller
bestScience
CFCM STUDY QUESTIONS AND ANSWERS LATEST
DOWNLOAD 2024/2025 ALL ANSWERS 100% CORRECT
DETAILED BEST RATED A+ FOR SUCCESS

If a specific strategy, practice, policy, or procedure is in the best interests of the Government
and is not addressed in the FAR, nor prohibited by law (statute or case law), Executive order
or other regulation, then the strategy, practice, policy or procedure: (FAR 1.102)
(a) Should be approved by the next highest authority above the contracting officer
(b) Must be approved by two independent councils that coordinate revisions to the FAR
(c) Is a permissible exercise of authority
(d) Is not within the authority of the contracting officer - CORRECT ANSWERS (c) Is a
permissible exercise of authority


Who are the principal customers for the product or service provided by the Federal
Acquisition System? (FAR 1.102-2)
(a) Procurement officials, acting on behalf of the American taxpayer
(b) Quality assurance personnel, acting on behalf of the procurement officials
(c) Users and line managers, acting on behalf of the American taxpayer
(d) Finance personnel, acting on behalf of the American taxpayer - CORRECT ANSWERS (c)
Users and line managers, acting on behalf of the American taxpayer


When selecting contractors to provide products or perform services, the Government will
use contractors who: (FAR 1.102-2)
(a) Have always provided the product or service in similar acquisitions
(b) Have demonstrated an ability to provide the lowest cost product or service
(c) Have submitted a full business plan to demonstrate their current capabilities
(d) Have a track record of successful past performance or who demonstrate a current
superior ability to perform - CORRECT ANSWERS (d) Have a track record of successful past
performance or who demonstrate a current superior ability to perform


In order to satisfy the customer in terms of cost, quality, and timeliness, which of the
following is NOT something that should be done: (FAR 1.102-2)
(a) Take into account the perspective of the user of the product or service
(b) Communicate with the commercial sector to determine capabilities available
(c) Consult with at least 2 other procurement professionals who have conducted similar
acquisitions

,CFCM STUDY QUESTIONS AND ANSWERS LATEST
DOWNLOAD 2024/2025 ALL ANSWERS 100% CORRECT
DETAILED BEST RATED A+ FOR SUCCESS
(d) Promote competition - CORRECT ANSWERS (c) Consult with at least 2 other
procurement professionals who have conducted similar acquisitions


In order to satisfy the customer in terms of cost, quality, and timeliness, which of the
following is NOT something that should be done: (FAR 1.102-2)
(a) Take into account the perspective of those in your chain of command
(b) Communicate with the commercial sector to determine capabilities available
(c) Perform in a timely, high quality, and cost-effective manner
(d) Plan in advance, yet be flexible to accommodate unforeseen mission needs - CORRECT
ANSWERS (a) Take into account the perspective of those in your chain of command


An essential consideration in every aspect of the Federal Acquisition System is: (FAR 1.102-2)
(a) Maintaining low cost at all times
(b) Maintaining high efficiency at all costs
(c) Maintaining the public's trust
(d) Maintaining your reputation through difficult situations - CORRECT ANSWERS (c)
Maintaining the public's trust


To achieve efficient operations, the System must shift its focus to: (FAR 1.102-2)
(a) Risk avoidance
(b) Risk management
(c) Risk allowance
(d) Risk measurement - CORRECT ANSWERS (b) Risk management


What is the fourth guiding principle/performance standard laid out by FAR 1.102-2?
(a) Fulfill target procurement goals
(b) Fulfill required prerequisites in all acquisitions
(c) Fulfill pertinent information protection guidelines
(d) Fulfill public policy objectives - CORRECT ANSWERS (d) Fulfill public policy objectives

,CFCM STUDY QUESTIONS AND ANSWERS LATEST
DOWNLOAD 2024/2025 ALL ANSWERS 100% CORRECT
DETAILED BEST RATED A+ FOR SUCCESS
Why is the Federal Acquisition Team defined in the Guiding Principles of the Federal
Acquisition System beginning with the customer and ending with the contractor? (FAR
1.102-3)
(a) To make all participants pull their fair share of the workload
(b) To create a meaningful organizational chart and division of labor for each acquisition
(c) To encourage teamwork, unity of purpose, and open communication
(d) To reduce ambiguity in which party will accomplish which task - CORRECT ANSWERS (c)
To encourage teamwork, unity of purpose, and open communication


Which member of the Acquisition Team must have the authority, to the maximum extent
practicable and consistent with law, to determine the application of rules, regulations, and
policies on a specific contract? (FAR 1.102-4)
(a) The program manager
(b) The technical representative
(c) The contracting officer
(d) The customer - CORRECT ANSWERS (c) The contracting officer


In the absence of direction (in regards to an item not being specifically addressed in the FAR
or other laws), what should the Acquisition team do? (FAR 1.102-4)
(a) Feel free to innovate and use sound business judgment, consistent with the law and
within the limits of their authority
(b) Defer all ideas to the contracting officer, who will be the final authority on these types of
issue
(c) Take the issue up their chain of command so that adequate guidance will be given
(d) Contact at least 5 other Acquisition teams who have performed a similar acquisition to
hear their thoughts - CORRECT ANSWERS (a) Feel free to innovate and use sound business
judgment, consistent with the law and within the limits of their authority


Which laws outline the development of the FAR System? (FAR 1.103)
(a) Office of Federal Procurement Policy Act of 1972 (Pub. L. 93-200), as amended by Pub. L.
94-81
(b) Office of Federal Procurement Policy Act of 1974 (Pub. L. 93-400), as amended by Pub. L.
96-83

, CFCM STUDY QUESTIONS AND ANSWERS LATEST
DOWNLOAD 2024/2025 ALL ANSWERS 100% CORRECT
DETAILED BEST RATED A+ FOR SUCCESS
(c) Office of Federal Procurement Policy Act of 1976 (Pub. L. 93-600), as amended by Pub. L.
98-85
(d) Office of Federal Procurement Policy Act of 1978 (Pub. L. 93-400), as amended by Pub. L.
98-85 - CORRECT ANSWERS (b) Office of Federal Procurement Policy Act of 1974 (Pub. L.
93-400), as amended by Pub. L. 96-83


Which of the following list is NOT a member who prescribes the FAR System? (FAR 1.103)
(a) Secretary of Defense
(b) Administrator of General Services
(c) Administrator of the Federal Aviation Administration
(d) Administrator of National Aeronautics and Space Administration - CORRECT ANSWERS
(c) Administrator of the Federal Aviation Administration


Which acquisitions does the FAR apply to? (FAR 1.104)
(a) All commercial acquisitions
(b) All acquisitions as defined by Part 2 of the FAR
(c) All acquisitions as defined by Part 3 of the FAR
(d) All acquisitions that fulfill public policy objectives - CORRECT ANSWERS (b) All
acquisitions as defined by Part 2 of the FAR


What is covered by FAR Part 1?
(a) Definitions of Words & Terms
(b) Administrative Matters
(c) The Federal Acquisition Regulation System
(d) Competition Requirements - CORRECT ANSWERS (c) The Federal Acquisition Regulation
System


What is the purpose of the FAR? (FAR 1.101)
(a) To effectively manage contractors seeking to do business with the government
(b) To codify and publish uniform policies and procedures for acquisition by all executive
agencies

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 bestScience. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $27.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

76658 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$27.49
  • (0)
  Add to cart