Cfcm study questions Study guides, Class notes & Summaries

What is the FAR system? - for acquisitions by all executive branches What is the FAR system? - The FAR and all agency acquisition regulations that implement or supplement the FAR What is the vision for federal acquisition? Timely $PS Policy and Trust - deliver on a timely basis the best value product or service to the customer, while maintaining the public's trust and fulfilling public policy objectives FAR 1.102(a) What are the guiding principles? CQT for the PS - Satisfy the c...

Claim - ANSWER A written demand or written assertion by one of the contracting parties seeking, as a matter of right, the payment of money in a sum certain, the adjustment or interpretation of contract terms, or other relief arising under or relating to the contract. NOT exceeding $100,000 Once incorporated in a contract, a general wage determination normally remains effective for the life of the contract, unless - ANSWER the contracting officer exercises an option to extend the term of the...

CFCM Study Questions and Answers (Latest Update 2024)

CFCM Study Questions with Correct Answers Graded A 2024

How often are statutory acquisition-related dollar thresholds in the FAR adjusted for inflation? (a) Annually (b) Bi-annually (c) Every five years (d) Only as required correct answer: (c) Every five years (FAR 1.109) A form of written approval signed by an authorized official that is required by statute or regulation as a prerequisite to taking certain contract actions is defined as: (a) A ratification (b) Determination and Findings (c) The Contracting Officer's Final Decision ...

1) If a policy, procedure, strategy, or practice is in the best interest of the government and is not specifically addressed in the FAR or prohibited by law, executive order, or regulation government members of the team ________________. a. Should not even consider it as an option b. Should not assume it is prohibited c. Seek direction in Agency supplements to the FAR d. Should consider it prohibited 1. Answer (b), reference CFCM Study Guide, page 2 Role of the Acquisition team. 2)...

CFCM Study Questions and answers 2024

Which of the following is NOT a reason to contract for Advisory and Assistance services? - Obtain work of a policy, decision-making, or managerial nature which is the direct responsibility of agency officials Which of the following contract types is prohibited by the Federal Acquisition Regulation for federal agencies and prime contractors? - cost-plus-a-percentage-of-cost The Contract Disputes statute covers - claims by a contractor against the Government. Performance-based contracts -...

CFCM Study Questions

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