Federal Contract Management Certification

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Business Finance

Question Description

Seeking a recent Villanova University's Federal Contract Management Certification graduate who already completed this course and have the answers to the bi-weekly assessments below: Week Five (5) -Test Two (2).doc 

1. Question:Contractor risk increases in which type of contract

A

Time and material

B

Fixed-price 

C

Cost reimbursable

D

Cost plus incentive fee

2. Question:What type of contract puts more risk on the government?

A

Time and material

B

Fixed-price

C

Cost reimbursable 

D

Cost plus fixed fee

3. Question:Government contracting differs from commercial contracting because:

A

The basis of the law governing government contracts is different from the law governing commercial contracts

B

The forums for resolving disputes are different for government contracts than for commercial contracts

C

Certain terms are required in government contracts that are not required in commercial contracts

D

All of the above

4. Question:The enabling statute that allows the Department of Defense Agencies to procure goods and services is:

A

The DOD FAR Supplemental Regulations

B

The Armed Services Procurement Act of 1947

C

The Federal Property and Administrative Services Act of 1949

D

The Federal Procurement Law of 1944

5.  Question:The leading authority and forum for bid protests is:

A

The GSA Board of Contract Appeals

B

The GAO

C

The Federal Courts

D

The Procurement Agency

6. Question:Which type of contract would have the most financial risk for the buyer?

NOTE:Cost reimbursement types of contracts has more risk to Buyer

A

Fixed-price incentive (FPI)

B

Time-and-materials

C

Cost-plus-fixed-fee (CPFF)

D

Cost-plus-award-fee (CPAF)

7. Question:The English common law is the basis for federal government procurement law.

A

True

B

False

8. Question:What type of specification outlines the functional requirements for an application?

A

Design specifications

B

Performance specifications

C

Purchase-order descriptions

D

Contract proposal specification

9. Question:Which of the following statements is TRUE?

A

Cost growth occurs when final actual cost to perform the work described in the contract exceeds the initial estimated cost to perform the work

B

Cost overruns are caused by changes to the contract

C

In a cost-reimbursement contract, the seller will not be reimbursed for cost overruns

D

In a firm-fixed price contract, the seller will not be reimbursed for cost overruns

10. Question:A fixed-price-incentive-firm target (FPIF) contract has a target cost of $100,000, a target profit of $15,000, a target price of $115,000, a ceiling price of $132,000, and a share arrangement of 80/20. If the seller does the work for $80,000 actual cost, how much profit does the buyer pay the seller?

A

$21,000

B

$11,000

C

$15,000

D

$19,000

11. Question:An option is a unilateral right in a contract, by which:

A

The contractor may cancel a contract with 55 days notice

B

Industry offers certain government agencies special discounts for government furnished property

C

The government may elect to purchase additional supplies or services

D

Industry informs the government of its intent to bid on future separate contracts

12.  Question:While it is permissible to protest prior to award, a contractor is more likely to succeed if they protest afterward.

A

True

B

False

13.  Question:The contracting officer must obligate funds to a contract before the government becomes liable under a contract.

A

True

B

False

14. Question:What type of contract requires the contractor to share in the costs of the contract?

A

Time and material

B

Fixed-price

C

Cost reimbursable

D

Fixed-price plus incentive fee

15.  Question:Which type of contract would have the most financial risk for the seller?

A

Cost-sharing

B

Cost-plus-fixed-fee

C

Fixed-price incentive

D

Firm-fixed-price

16.  Question:Which of the following would NOT be included in the definition of “contracts?"

A

Letter awards

B

Cooperative agreements

C

Basic ordering agreement task orders/delivery orders

D

Construction procurement

17. Question:Which of the following is a permissible use of the "full and open after exclusion of certain sources" exception?

A

Sole source

B

Urgency of the need

C

Need to develop alternative suppliers

D

None of the above

18. Question:The Anti-Deficiency Act makes it illegal for:

A

A contractor to bribe a contracting officer

B

A contracting officer to spend funds that are not obligated to a contract

C

A contracting officer to ratify the acts of his subordinates

D

A contractor to work on a contract until funds are obligated to the contract

19. Question:In order to be compliant with the Truth in Negotiations Act, the cost or pricing data MUST be:

A

Current

B

Complete

C

Accurate

D

All of the above

20. Question:A design specification can be:

A

A description of how an item should perform

B

A drawing

C

A conceptual idea

D

All of the above


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Final Answer

Fznegoenvaf (326)
University of Maryland

Anonymous
Awesome! Made my life easier.

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