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CFCM Exam Study Guide with Questions and Answers| Latest Update| Verifed
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CFCM Exam Study Guide withQuestions and Answers| Latest
Update| Verifed
Which FAR part prescribes policies and procedures for contracting supplies and services under
the Federal Supply Schedule program (directed & managed by the GSA)? - ✔✔FAR 38
If hazardous materials are expected to be used during contract performance, what must the apparent
successful offeror do prior to contract award? - ✔✔Furnish hazardous material data on a Material
Safety Data Sheet (FAR 23.302(d))
A failure in estimating, accumulating, or reporting costs to comply with applicable cost accounting
standards is called what? - ✔✔Noncompliance (FAR 30.001)
Who is authorized to sign a contract on behalf of the United States? - ✔✔Only the Contracting
Officer (FAR 4.101)
A cash fund of a fixed amount established by an advance of funds, without charge to an appropriation,
from an agency finance or disbursing officer to a duly appointed cashier for disbursement as needed
from time to time in making payment in cash for relatively small purchases is a/an:
(a) Third-party draft
(b) Petty Cash
(c) Imprest fund
(d) Voucher - ✔✔Imprest fund (FAR 13.001)
The Government's policy is to try to resolve all contractual issues in controversy by what?
- ✔✔Mutual agreement at the CO's level (FAR 33.204)
Certificate of Competency - ✔✔issued by the SBA stating that the holder is responsible for
the purpose of receiving and performing a specific government contract (FAR 19.601(a))
, Except as specifically permitted by executive agencies, the fast payment procedure may not be used for
individual purchasing instruments exceeding what amount? - ✔✔$35,000 (FAR 13.402(a))
What can a contractor access online at www.fedbizopps.gov? - ✔✔Government-wide Point of
Entry (GPE) (FAR 5.201(d))
How is the publication of a paid advertisement in a newspaper authorized? - ✔✔By the head of
each agency (FAR 5.502) Approval may be delegated
The unilateral right in a contract by which the Government may elect to purchase additional supplies
or services called for by the contract is called what? - ✔✔Option (FAR 2.101)
If a prospective contractor is qualified and eligible to receive an award, but lacks adequate financial
resources to perform the contract, can the contractor be determined responsible? - ✔✔If the
contractor presents evidence of the ability to obtain adequate financial resources , the contractor may
be determined responsible. (FAR 9.104(a), 9.104-1(a), and 9.104-3(a))
For a contract exceeding the simplified acquisition threshold, an offeror (other than an individual)
that does not agree to provide a drug-free workplace is what? - ✔✔Not considered a responsible
source (FAR 23.504(a))
What is NOT a method for simplified acquisition? - ✔✔Advance Agreement (FAR 13.301,
13.302, 13.303)
Example methods for simplified acquisition - ✔✔PO, BPA, Gov't wide P-Card (FAR 13.301,
13.302, 13.303)
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