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CFCM Exam Practice Test with 100% correct answers Latest Update 2024
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CFCM Exam Practice Test with 100%correct answers Latest Update 2024
What 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 - answer-FAR 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"
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,When may an agency be required to use simplified
acquisition procedures? - answer-When the value of
the contract is $100,000
How is the publication of a paid advertisement in a
newspaper authorized? - answer-FAR 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? -
answer-Option
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? - answer-If the contractor
presents evidence of the ability to obtain adequate
financial resources, the contractor may be determined
responsible.
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,This is not a method for simplified acquisition - answer-
Advanced 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? - answer-Not 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 - answer-
Freedom of Information Act
Who is responsible for printing, publishing, and
distributing the Federal Acquisition Regulation? -
answer-The FAR Secretariat, as authorized by GSA
Which FAR part prescribes policies and procedures
unique to the acquisition of commercial items? -
answer-FAR Part 12
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, 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? - answer-The 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? - answer-The
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? - answer-The
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
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