Question 41: Which of the following is an indication of potential defective pric

Question

Question 41: Which of the following is an indication of potential defective pricing fraud? (a) Failure to correct known system deficiencies which lead to defective pricing (b) Using a vendor other than the one proposed (c) Changed dates (d) Indications of falsification or alteration of supporting data (e) All of the above

Question 42: Pricing is a process of accumulating cost data. (a) Static (b) Dynamic

Question 43: The initiates the internal detail cost estimating process at the cost kick- off meeting. (a) Program manager (b) Proposal manager (c) Auditor (d) Both (a) and (b)

Question 44: Which of the following types of contracts represents the least cost responsibility for the contractor? (a) Cost plus fixed fee (b) Firm fixed price (c) Fixed price incentive (d) Fixed price redetermination

Question 45: A Cost Plus Fixed Fee Completion Form type of contract should be used when: (a) There is no confidence that the scope of work has been defined (b) There is no confidence in the cost estimate (c) No research and development work is contemplated (d) Hardware is being developed, or where a final report of research is required

Question 46: Contractors receive no fee under: (a) Fixed price incentive contracts (b) Performance incentive contracts (c) Cost contracts (d) CPFF Completion Form contracts

Question 48: If a change takes place because of a new Cost Accounting Standard, or a change in a disclosed accounting practice, the contractor: (a) Must agree to an equitable adjustment if a contract cost is affected (b) Must negotiate with the contracting officer the cost/price impact of the change (c) Must agree to an adjustment in the contract price or cost allowance if he fails to comply with Cost Accounting Standards and such failure results in increased costs paid by the United States (d) All of the above

Question 49: Only the has authority to waive all or any part of the CAS clauses. (a) Contracting Officer (b) Secretary of Defense (c) Cost Accounting Standards Board (d) Comptroller General

Question 50: The auditor may review a Disclosure Statement for: (a) Adequacy (b) Allocability (c) Reasonableness (d) Mathematical errors (e) Allowability

Question 51: Which of the following statements about the Disclosure Statement is untrue? (a) It is a formal description of the contractor’s accounting system (b) It is actually a benchmark for determining contract compliance (c) It describes the accounting system the contractor intends to use to account for costs on a contract (d) Once the Disclosure Statement is submitted by a contractor, it may not be changed

Question 53: The multiyear procurement system is compatible with: (a) Sealed bidding (b) Two-step sealed bidding (c) Negotiation (d) All of the above (e) Only (a) and (b) above

Question 54: If a multiyear contract is terminated for default, the Government’s rights include: (a) The remaining items to be procured (b) The entire multiyear quantity (c) Only those items already procured (d) None of the above

Question 55: Under fixed-price-type contracts, the contractor is generally paid as items are delivered. (a) Progress payments (b) Guaranteed loans (c) Advance payments (d) Partial payments (e) None of the above

Question 56: Partial payments may be used in conjunction with: (a) Progress payments (b) Guaranteed loans (c) Advance payments (d) All of the above (e) None of the above

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) Term Form

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

Explanation / Answer

Answer for Question 41:

Therefore, the correct answer is option a. Failure to correct known system deficiencies which lead to defective pricing.

Answer for Question 42:

Therefore, the correct answer is static.

Answer for Question 43:

Therefore, the correct answer is a. Program manager.

Answer for Question 44:

Therefore, the correct answer is a. Cost plus fixed fee.

Answer for Question 45:

Therefore, the correct answer is b. There is no confidence in the cost estimate.

Answer for Question 46:

Therefore, the correct answer is (d) CPFF Completion Form contracts.

Answer for Question 48:

Therefore, the correct answer is (d) All of the above.

Answer for Question 49:

Therefore, the correct answer is (c) Cost Accounting Standards Board.

Answer for Question 50:

Therefore, the correct answer is (a) Adequacy.

Answer for Question 51:

Therefore, the correct answer is (a) It is a formal description of the contractor’s accounting system.

Answer for Question 53:

Therefore, the correct answer is (d) All of the above.

Answer for Question 54:

Therefore, the correct answer is (c) Only those items already procured.

Answer for Question 55:

Therefore, the correct answer is (a) Progress payments.

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