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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