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
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A
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Time and material
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B
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Fixed-price
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C
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Cost reimbursable
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D
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Cost plus incentive fee
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2. Question:What type of contract puts more risk on the government?
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A
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Time and material
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B
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Fixed-price
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C
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Cost reimbursable
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D
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Cost plus fixed fee
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3. Question:Government contracting differs from commercial contracting because:
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A
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The basis of the law governing government contracts is different from the law governing commercial contracts
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B
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The forums for resolving disputes are different for government contracts than for commercial contracts
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C
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Certain terms are required in government contracts that are not required in commercial contracts
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D
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All of the above
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4. Question:The enabling statute that allows the Department of Defense Agencies to procure goods and services is:
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A
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The DOD FAR Supplemental Regulations
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B
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The Armed Services Procurement Act of 1947
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C
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The Federal Property and Administrative Services Act of 1949
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D
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The Federal Procurement Law of 1944
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5. Question:The leading authority and forum for bid protests is:
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A
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The GSA Board of Contract Appeals
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B
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The GAO
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C
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The Federal Courts
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D
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The Procurement Agency
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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
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A
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Fixed-price incentive (FPI)
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B
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Time-and-materials
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C
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Cost-plus-fixed-fee (CPFF)
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D
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Cost-plus-award-fee (CPAF)
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7. Question:The English common law is the basis for federal government procurement law.
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8. Question:What type of specification outlines the functional requirements for an application?
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A
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Design specifications
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B
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Performance specifications
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C
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Purchase-order descriptions
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D
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Contract proposal specification
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9. Question:Which of the following statements is TRUE?
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A
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Cost growth occurs when final actual cost to perform the work described in the contract exceeds the initial estimated cost to perform the work
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B
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Cost overruns are caused by changes to the contract
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C
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In a cost-reimbursement contract, the seller will not be reimbursed for cost overruns
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D
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In a firm-fixed price contract, the seller will not be reimbursed for cost overruns
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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?
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A
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$21,000
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B
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$11,000
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C
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$15,000
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D
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$19,000
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11. Question:An option is a unilateral right in a contract, by which:
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A
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The contractor may cancel a contract with 55 days notice
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B
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Industry offers certain government agencies special discounts for government furnished property
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C
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The government may elect to purchase additional supplies or services
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D
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Industry informs the government of its intent to bid on future separate contracts
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12. Question:While it is permissible to protest prior to award, a contractor is more likely to succeed if they protest afterward.
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13. Question:The contracting officer must obligate funds to a contract before the government becomes liable under a contract.
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14. Question:What type of contract requires the contractor to share in the costs of the contract?
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A
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Time and material
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B
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Fixed-price
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C
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Cost reimbursable
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D
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Fixed-price plus incentive fee
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15. Question:Which type of contract would have the most financial risk for the seller?
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A
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Cost-sharing
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B
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Cost-plus-fixed-fee
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C
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Fixed-price incentive
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D
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Firm-fixed-price
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16. Question:Which of the following would NOT be included in the definition of “contracts?”
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A
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Letter awards
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B
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Cooperative agreements
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C
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Basic ordering agreement task orders/delivery orders
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D
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Construction procurement
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17. Question:Which of the following is a permissible use of the “full and open after exclusion of certain sources” exception?
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A
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Sole source
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B
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Urgency of the need
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C
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Need to develop alternative suppliers
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D
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None of the above
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18. Question:The Anti-Deficiency Act makes it illegal for:
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A
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A contractor to bribe a contracting officer
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B
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A contracting officer to spend funds that are not obligated to a contract
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C
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A contracting officer to ratify the acts of his subordinates
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D
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A contractor to work on a contract until funds are obligated to the contract
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19. Question:In order to be compliant with the Truth in Negotiations Act, the cost or pricing data MUST be:
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A
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Current
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B
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Complete
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C
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Accurate
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D
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All of the above
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20. Question:A design specification can be:
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A
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A description of how an item should perform
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B
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A drawing
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C
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A conceptual idea
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D
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All of the above
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