Exam (elaborations)
CFCM Exam Practice Test Questions and Answers Graded A+
- Course
- Institution
CFCM Exam Practice Test
[Show more]
Content preview
CFCM Exam Practice TestWhat is a Certificate of Competency - answer A certificate issued by the SBA stating
that the holder is responsible for the purpose of receiving and performing a specific
Government contract
Except as specifically permitted by executive agencies, the fast payment procedure may
not be used for individual purchasing instruments exceeding what amount? -
answer$35,000
What can a contractor access online at www.fedbizopps.gov? - answer The government
wide point of entry
Size Standards - answerFAR 19.102(b)(3): "(Small business size standards are applied
by) Specifying the size standard in the solicitation so that offerors can appropriately
represent themselves as small or large"
When may an agency be required to use simplified acquisition procedures? -
answerWhen the value of the contract is $100,000
How is the publication of a paid advertisement in a newspaper authorized? -
answerFAR 5.502 "Authority to approve the publication of paid advertisements in the
newspaper is vested in the head of each agency. This approval authority may be
delegated" Must be a written authorization from the head of the agency.
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? - answerOption
If a prospective contractor is qualified and eligible to receive award, but lacks adequate
financial resources to perform the contract, can the contractor be determined
responsible? - answerIf the contractor presents evidence of the ability to obtain
adequate financial resources, the contractor may be determined responsible.
This is not a method for simplified acquisition - answerAdvanced Agreement
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? - answerNot
considered a responsible source
What law specifies how agencies shall make their records available upon public
request, imposes strict time standards for agency responses, and exempts certain
records from public disclosure - answerFreedom of Information Act
, Who is responsible for printing, publishing, and distributing the Federal Acquisition
Regulation? - answerThe FAR Secretariat, as authorized by GSA
Which FAR part prescribes policies and procedures unique to the acquisition of
commercial items? - answerFAR Part 12
Which of the following is necessarily rue about a cost that is assignable or chargeable to
one of the most cost objectives on the basis of relative benefits received or other
equitable relationship? - answerThe cost is allocable
A defense subcontractor provides a gift of vehicles to a prime contractor, and in return
the prime contractor awards the subcontractor a valuable military subcontract. What will
happen next? - answerThe prime contractor and the subcontractor are subject to civil
and criminal penalties
A mineral required for production in performance of a contract is not mined in the United
States, but can be acquired from another country. How does the Buy American statute
apply in this case? - answerThe mineral can be acquired from a foreign source if it is in
the best interest of the Government.
Which contract types allow for disallowing costs during the course of performance, after
the costa have been incurred? - answerCost reimbursement contracts, the cost-
reimbursement portion of fixed-price contracts, letter contracts that provide for
reimbursement of costs, and time and material and labor-hour contracts provide for
disallowing costs during the course of performance after the costs have been incurred.
When it is in the best interest of the Government to consider award to other than the
highest technically rated offeror, which of the following should the Government use to
select the source? - answerA tradeoff process
The obtaining of opinions, special knowledge, or skills from noted experts would be
included in what kind of service? - answerAdvisory and assistance service
Who is authorized to execute contract modifications on behalf of the Government -
answerOnly a contracting officer acting within the scope of his or her authority
Which FAR part prescribes policies and procedures for contracting for supplies and
services under the Federal Supply Schedule program - answerFAR 38
If hazardous materials are expected to be used during contract performance, what must
the apparent successful offeror do prior to contract award? - answerFurnish hazardous
material data on a Material Safety Data Sheet
A failure in estimating, accumulating, or reporting costs to comply with applicable cost
accounting standards is called what? - answerNoncompliance
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76658 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now