Federal Acquisition Regulation (FAR)
The primary rulebook for all U.S. federal executive agency acquisitions of supplies and services.
Fixed-Price with economic price adjustment
Provides for upward or downward revision of the state contract price upon the occurrence of specified contingencies. <br></br> (FAR 16.203)
Cost Plus Percentage of Cost
Which of the following contract types is prohibited by the FAR? <br></br> (FAR 16.102)
The contractor absorbs the difference as a loss.
What occurs when the final cost exceeds the price ceiling in a fixed-price incentive fee type contract? <br></br> (FAR 16.403)
Firm-Fixed-Price
Contracts place maximum risk and full responsibility for all costs and resulting profit and loss upon the Contractor. <br></br> (FAR 16.202)
Reasonable contractor risk and the greatest incentive for efficient and economical performance.
The objective when negotiating contract type and price is to negotiate one that will result in: <br></br> (FAR 16.103)
Cost Plus Fixed Fee
Which of the following contract types puts the most risk on the buyer? <br></br> (FAR 16.101)
Indefinite Delivery Indefinite Quantity (IDIQ) contracts
The Government prefers to issue multiple awards for which of the following contract types? <br></br> (FAR 16.5)
Letter Contract
What type of contract is a written preliminary contractual instrument that authorizes the contractor to begin immediately manufacturing supplies or performing a service? <br></br> (FAR 16.603)
Basic Ordering Agreements
Written instruments of understanding that contain terms and conditions that apply to future orders, a description of supplies and services to be provided, and methods for pricing, issuing, and delivering future orders. <br></br> (FAR 16.703)
80%
What is the customary progress payment rate for a large business concern? <br></br> (FAR 32.501-1)
Satisfactory contract performance
Payment from the government will be based on receipt of a proper invoice and ______________. <br></br> (FAR 32.905(a))
Advance payments
What is the least preferred method of contract financing? <br></br> (FAR 32.106)
Private financing without government guarantee, customary contract financing, loan guarantees, unusual contract financing, and advance payments.
Which of the below is the correct order of preference under FAR Part 32: Contract Financing? <br></br> (FAR 32.106)
Anti-Deficiency Act
No officer or employee of the Government may create or authorize an obligation in excess of funds available, otherwise they have violated the: <br></br> (FAR 32.702)
$1,000
A contractor may assign monies due or to become due under a government order/contract only when the contract value totals ________ or more. <br></br> (FAR 32.802)
30th
Payment by the government is made on the ________ day after the designated billing office receives a proper invoice. <br></br> (FAR 32.904(b))
Delivery payments
What is a payment for accepted supplies or services, including payments for accepted partial deliveries? <br></br> (FAR 32.001)
15%
A Commercial Advance Payment shall not exceed what percentage of the contract price? <br></br> (FAR 32.202-1(b)(6))
85%
What is the customary progress payment percentage rate for small business concerns? <br></br> (FAR 32.501-1)
Loan Guarantee for defense production
Which contract financing arrangement places the obligation on the agency? <br></br> (FAR 32.303)
Qualified products list
Which term means a list of products that have been examined, tested, and have satisfied all applicable requirements? <br></br> (FAR 9)
Suspension is for a temporary period pending the completion of an investigation and any ensuing legal proceedings. Debarment is for a fixed period, generally not exceeding three years, but may be extended up to five years for violations of the Drug-Free Workplace Act of 1988.
What is the difference between Debarment and Suspension? <br></br> (FAR 9.406/9.407)
Certificate of Competency
If a Small Business concern’s offer that would otherwise be accepted is to be rejected because of a determination of non-responsibility, the Contracting Officer shall refer the matter to the Small Business Administration (SBA), who will decide whether or not to issue a: <br></br> (FAR 9.104-3)
(FAR 9.304)
(FAR 9.404)
(FAR 9.505)
(FAR 16.301-3)
(FAR 28.001)
(FAR 28.103-3(a))
(FAR 28.102-1(a))
(FAR 28.001)
(FAR 28.001(4))
(FAR 28.001(6))
(FAR 28.001)
(FAR 28.203-2(a))
(FAR 49.105-2)
(FAR 49.109-4)
(FAR 16.603)
