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CPCM 17 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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CPCM 17 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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CPCM 17 Exam | Questions And Answers Latest {2024- 2025} A+ Graded | 100% VerifiedThe term used when describing the process of the seller providing a portion of the purchase price to the
buyer to induce purchase or to influence future purchases is known as a/an - kickback
A contract phrase referring to the condition of property to be sold or leased, and generally pertains to a
disclaimer of liability is - as is
The cause, motive, price, or impelling influence that induces a contracting party to enter a contract is
known as - consideration
These are standards by which one should act based on values.moral behaviors - moral behaviors
Which of the following is an advantage to using a firm-fixed-price contract? - Fair and reasonable price
can be established at outset.
Which of the following is an advantage to using a fixed-price incentive contract - A profit is earned or
lost based on the relationship that the contract's final negotiated cost bears to the total target cost.
Which of the following is an advantage to using a cost-plus-incentive-fee contract? - he performance
incentives are clearly identified and objectively measured.
What is an essential element of a time and materials contract? - A ceiling price is established at time of
award.
This type of contract provides for acquiring supplies or services on the basis of direct labor hours at
specified fixed hourly rates that include wages, overhead, and materials at cost. - Time and materials
letter contract - This is a preliminary written agreement to begin immediately manufacturing supplies or
performing services.
, When there are equal low bids the contracting officer should award the contract to the bidder that - is a
small business in a labor surplus area.
Which of the following is NOT an example of a competitive acquisition method - Commercial item
acquisition
Negotiation is a method of contracting that - may be done competitively or noncompetitively.
Cost reimbursement contracts typically do NOT include - 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. - 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. - fixed price with award fee
Direct labor is - 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. - accrual accounting
The need for acquisition planning occurs - once a need or requirement has been identified.
Concerning acquisition planning, which of the following statements is true - 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? - negotiation
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