Question 57: Under what circumstances may a subcontractor secure a guaranteed lo

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Question 57: Under what circumstances may a subcontractor secure a guaranteed loan? (a)Under no circumstances (b)Generally,under the same circumstances as prime contractors (c)Up to 50% of receivables (d)Up to 50% of inventory and work in process (e)Up to 70% of receivables

Question 58: Which of the following statements is untrue about the Changes clause? (a)The right of the contracting officer to issue a “change order” is not a matter of implied right or statute (b)The Changes clause provides that the contracting officer may issue a “change order” without the consent of the contractor (c) The Changes clause provides for an equitable adjustment in the price or delivery schedule (d) Government prefers to issue unilateral changes rather than negotiate changes with the contractor

Question 59: The Changes clause provides that, “any claim by the contractor for adjustment under this clause must be asserted within ______ from the date of receipt by the contractor or notification of the change.” (a)24 hours (b)10 days (c)2 weeks (d)30 days

Question 60: There are two basic types of cost-plus-fixed-fee contracts. ______ describes the scope of work to be done in general terms and which obligates the contractor to devote a specified level of effort for a stated period of time for the conduct of research and development activities. (a)Completion Form (b)TermForm

Question 61: The Government is normally required to purchase the initial supply of spare parts from the: (a)Original prime contractor (b)Manufacturer who actually fabricates the parts (c)Neither of the above

Question 62: is an element to be considered in spare parts pricing but does not affect end item pricing. (a)Assembly labor (b)Start-up costs (c)Engineering documentation (d) Development engineering

Question 63: Production costs of contract data are largely: (a)Labor costs (b)Material and processing costs (c)Neither of the above

Question 64:When the contractor submits a termination inventory schedule, the most important factor which must be represented correctly is: (a)Quantity of items (b)Allocability (c)The acquisition cost of the items (d)An accurate description of the items

Question 72:The cost actually incurred and recorded in accomplishing the work within a given time period is called the: (a)Cost Variance. (b)Budget at Completion (c)Actual Cost of work performed (d)Budgeted Cost for work performed

Question 73:To trigger a formal schedule or cost performance analysis, the program office establishes: (a)Variance thresholds (b)Scheduled review points (c)End of contract assessments (d)Periodic depending on performence achevement

Question 74:The most important and critical part of earned value is: (a)The accurate determination of the actual cost of the work performed (b)A realistic approach to work package planning and BCWS values for milestones (c)The use of a computerized system collecting data and calculating performance (d) The determination of cost performance compared to the originally developed plans

Question 75: _____ is responsible for evaluating the reasonableness of the offered prices. (a)Contracting officer (b)Price analyst (c)Engineer (d)Contract auditor (e)None of the above

Question 76:Cost estimates are submitted by contractors in connection with: (a)Modification and change proposals (b)Prices of spare parts (c)Rates for time and material contracts (d) estimated and final costs of cost type contracts (e) All of the above

Explanation / Answer

57.) (b)Generally,under the same circumstances as prime contractors.

59.) (d)30 days.

60.) (a)Completion Form.

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