Federal Contract Management Certification

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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