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This comprehensive study guide offers 150+ verified questions and answers to help students prepare for the cfcm final exam. the guide covers key topics from the far (federal acquisition regulation), including performance and payment bonds, cost accounting standards, dispute resolution, and contract protests. it's a valuable resource for students seeking to improve their understanding and performance on the exam.
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Which of the following statements is NOT true?
inventions made under government contracts.
and limits its demands for delivery of that data.
copyright owners before including copyrighted works, owned by others, in data to be delivered to the government.
that the prospective contractor may infringe a patent. ANS:->>> d. Generally, the government will refuse to award a contract on the grounds that the prospective contractor may infringe a patent. FAR 27. Performance and payment bonds are required or may be required for
exceeding $2,000.
contracts exceeding the SAT when necessary to protect the governments interests. ANS:->>>d. construction contracts exceeding $150,000 and services and supply contracts exceeding the SAT when necessary to protect the governments interests.
FAR 28.102-1(a), 28.103-1(a), 28.103-2(a) Cost Accounting Standards Board rules and regulations apply to
The head of the agency may waive the applicability of Cost Accounting Standards (CAS) for a particular contract or subcontract when one of these conditions exists:
the sale of commercial items, and has no contracts/subcontracts subject to CAS.
the sale of commercial items, and has no contracts/subcontracts subject to CAS.
the sale of commercial items.
business.
prudent person in the conduct of competitive business. FAR 31.201- 3 What definition best describes alternative dispute resolution?
ANS:->>> b. Procedures voluntarily used to resolve issues in controversy. FAR 33. The government's policy is to try to resolve all contractual issues in controversy by
agreement at the CO's level. FAR 33. After receiving the GAO's written notice that a protest has been filed, an agency must give notice
reasonable prospect of receiving an award.
work.
receiving award and begin compiling the information necessary to report to the GAO.
protest to the contractor or all parties who appear to have a reasonable prospect of receiving an award. FAR 33. Does a $75,000 claim resulting from a reduction of $350,000 and an increase of $275,000 require certification?
FAR 33.104(c)(2) The CO shall consider all protests and seek legal advice
agency.
directly with the GAO, the U.S Court of Claims, or the agency. ANS:->>>d. whether protests are submitted before or after award and whether filed directly with the GAO, the U.S Court of Claims, or the agency. FAR 33. A protest based upon improprieties in a solicitation must be filed before bid opening or the closing date for receipt of proposals. in all other cases, protests must be filed
known of the basis of the protest, whichever is earlier.
known of the basis of the protest, whichever is earlier.
calendar days of the time the protester knew or should have known of the basis of the protest, whichever is earlier. FAR 33. The responsibility for selecting the appropriate type of contract for an R&D requirement belongs to the
35.006(b) The methodologies contracting officers shall use in acquiring construction contracts and architect-engineer services, respectively, are
Prior to entering into a contract for information technology, an agency should analyze
The following are examples of types of risk for the acquisition of information technology EXCEPT
ANS:->>>c. contract administration. FAR 39.
Subject to the fiscal regulations of the agencies and applicable interagency agreements, the requesting agency shall reimburse the servicing agency for rendered contract administration and audit services in accordance with the
FAR 42.002(b) Which of the following is NOT true with regard to production surveillance?
prohibited from using contractor production control or data management systems.
progress and to identify any factors that may delay performance.
performance plans, schedules, controls, and industrial processes and the actual performance under them.
surveillance. ANS:->>>a. In conducting production surveillance, the CAO personnel are prohibited from using contractor production control or data management systems.
similar reliable data.
otherwise specifically prohibited.
revised by mutual agreement.
are established by a single agency and are binding on all agencies unless otherwise specifically prohibited. FAR 43. Which of the following is NOT true with respect to suspension of work or stop work orders?
period of time under a construction or architectural and engineering contract.
officer.
reimbursement supply, research, development, or service contract.
contracting officer to order a suspension. ANS:->>>d. Government delay of work may be used as a justification for the contracting officer to order a suspension. FAR 42.1302, 42.1303, 42.
Which of the following is NOT defined as government property?
government under the terms of the contract.
property and software. FAR 45. A person holding himself or herself out to the general public to provide transportation for compensations is a
A latent defect is a defect that
contract end items.
reimbursement type contracts and reimbursing the contractor for the expense. ANS:->>>a. by acting as a self-insurer. FAR 46.803(a) A contract should not normally be terminated for convenience but should be permitted to run to completion when the price of the undelivered balance of the contract is less than
FAR 49.101(c) What is the heart of a settlement for a contract terminated for convenience?
terminated portions.
ANS:->>>b. business judgement.
FAR 49.201(a) How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation?
A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actions is defined as a
Contracting Officers below the level of shall be selected and appointed.
FAR 1.108(f) Unauthorized commitments are agreements that are NOT binding soley because
development
the government will not obtain benefit
authority to enter into it ANS:->>>d. the government representative who made the agreement lacked the authority to enter into it FAR 1. The simplified acquisition threshold for any contract in support of contingency operations to be awarded and performed, or purchase to be made, outside the U.S. is
Which of the following is a commercial item?
was developed exclusively at private expense and sold in substantial quantities, on a competitive basis, to multiple state and local governments.
public.
commercial marketplace.
purchases. ANS:->>>a. A nondevelopmental item, if the procuring agency determines the item was developed exclusively at private expense and sold in substantial quantities, on a competitive basis, to multiple state and local governments. FAR 2. Consolidating two or more requirements for supplies or services, previously provided or performed under separate small contracts, into a solicitation for a single contract that is likely to be unsuitable for award to a small business concern is defined as