CON 3990 EXAM PRACTICE KIT WITH COMPLETE QUESTIONS AND CORRECT ANSWERS RATED A+
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Course
CON 3990
Institution
CON 3990
CON 3990 EXAM PRACTICE KIT WITH
COMPLETE QUESTIONS AND CORRECT
ANSWERS RATED A+
What is the Micro-purchase threshold for supplies? Correct
Answer $10k
All incentive contracts (schedule or performance) must also
include what? Correct Answer Cost incentive or constraint
What requires funds...
CON 3990 EXAM PRACTICE KIT WITH COMPLETE QUESTIONS AND CORRECT ANSWERS RATED A+ What is the Micro -purchase threshold for supplies? Correct Answer $10k All incentive contracts (schedule or performance) must also include what? Correct Answer Cost incentive or constraint What requires funds to be used only for needs or services in the year of the appropriations obligation period? Correct Answer Bona Fide Needs Rule What contract types can be used for commercial item purchases? Correct Answer FFP or FPEPA What is the Simplified Acquisition Threshold for commercial products and services? What is it for non -commercial? Correct Answer $7.5M - commercial $250k for non -commercial True or False: The Gov shall use electronic commerce whenever practicable or cost -effective Correct Answer True What is the purpose of a contract file? (4) Correct Answer Provide background/basis for decisions Supporting actions taken Provide information for reviews and investigations Furnishing essential facts in the event of a litigation Can contract files be combined if appropriate? Correct Answer Yes At what level are contract files maintained and why? Correct Answer Maintained at the organizational level to ensure effective documentation of contract actions accessibility by principal users minimal establishment of duplicate and working files safeguarding classified docs conformance with agency regs When is a SAP contract file closed out? Correct Answer When the KO receives evidence of receipt of property or final payment When is a FFP (not SAP) contract file closed out? Correct Answer Should be closed out within 6 months after date KO receives evidence of physical completion When should contract files required settlement of indirect cost rates be closed out? Correct Answer Within 36 months of the month the KO receives evidence of physical completion When should all other (not SAP, FFP, or indirect cost rate) contract files be closed? Correct Answer Within 20 months of the month the KO receives evidence of physical completion When is a contract considered physically complete? Correct Answer the KTR has completed required deliveries and Gov has inspected and accepted the supplies The contractor has performed all services and the Gov has accepted the services and all option provisions, if any, have expired or the Gov gives the KTR notice of termination What are the steps to close out a contract file? Correct Answer 1) Contract admin office is responsible for initiating, reviewing contract fund status, and deobligating excess funds 2)KO issues a contract completions statement 3) KO files completed statement and signed copy send to admin office How long are contract documents retained after closeout? Correct Answer 6 years after final payment What does a KO need prior to commencement of negotiations for a sole source contract, commencement of negotiations for a contract resulting from an unsolicited proposal, or award without providing for full and open competition? Correct Answer Justification and Approval which justifies the actions in writing, certifies the accuracy and completeness of the justifications and obtains the approval required The KO shall not award a sole -source contract for an amount exceeding $25M unless Correct Answer they have a signed Justification and Approval A J&A should include Correct Answer Description of action being approved Description of supplies or services required + estimated value statutory authority permitting other than full and open comp demonstrate why specific KTR is required (instead of comp) efforts made to solicit offers from other sources determination of fair and reasonable anticipated cost description of market research conducted list of sources that expressed interest statement of how agency may remove comp barriers in the future KO certification What are the thresholds for J&A approval Correct Answer under $750 - KO approval over $750k and under $100M - HCA over $100M - senior procurement executive
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