Federal Contract Management Certification

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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