Question 77: Failure to earn a “profit” on a particular contract may not necessa

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Question 77: Failure to earn a “profit” on a particular contract may not necessarily be a loss if the firm had no alternative uses for the resources employed on it. (T or F) Question 78: “Advertising costs” are never considered allowable costs. (T or F) Question 79: Preparing estimates for the initial research activity is the most difficult part of the estimating process. (T or F) Question 80: Reclassification of costs from indirect to direct is certain to send overhead rates down. (T or F) Question 81: The auditor is the only Government Acquisition Team member with general access to the offeror’s accounting records. (T or F) Question 82: A cumulative average learning curve can be accurately projected from a unit learning curve. (T or F) Question 83: Cost or pricing data are always required for standard commercial items. (T or F) Question 84: Some contractor accounting systems accumulate and record production engineering costs as part of manufacturing overhead. (T or F) Question 85: Capital equipment should be treated as a direct cost item. (T or F) Question 86: It is impossible to develop a standard method of summarizing hardware costs. (T or F) Question 87: A contract allowing a contractor to be reimbursed cost plus a percentage of cost is an acceptable method of Government contracting. (T or F) Question 88: The DCAA audits every contract. (T or F) Question 89: The cost proposal must always be submitted with the technical and management proposals. (T or F) Question 90: Cost data is not used to establish the price. It is used to justify it. (T or F) Question 91: The firm fixed price contract is the easiest and least costly to administer. (T or F) Question 92: The determination of currency is the most critical aspect of the adequacy test of a Disclosure Statement. (T or F) Question 93: The procedures for multiyear contracting are located in FAR 18.1. (T or F) Question 94: The Prompt Payment Act requires Federal agencies to pay interest on payment requests unless they pay the contractor within fifty days after any given payment’s due date. (T or F) Question 95: The issuance of a change order requires an adjustment in the contract price. (T or F) Question 96: Spare parts may be purchased under any type of contract. (T or F) Question 97: Partial payments to terminated subcontractors under a terminated prime contract can be made through other than the prime contractor. (T or F) Question 98: Contract changes may impact virtually all aspects of a contractor’s internal planning and control system. (T or F) Question 99: Estimating surveys are primarily made for the interest of the Government and rarely benefit the contractor. (T or F) Question 100: The DCAA has the authority, or inherent right, to audit or review any firm’s books and records before a contract is signed. (T or F)

Explanation / Answer

77) True

78) False. Advertising costs are allowable

79) True

80) True

81) True

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