Regulatory Framework & Compliance Flashcards
7 cards from real CCM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Regulatory Framework & Compliance flashcards as text
Under Export Administration Regulations (EAR), an 'Export Control Classification Number' (ECCN) is used to:
Answer: Determine whether a product requires an export license
ECCNs classify items on the Commerce Control List and determine whether a license is needed to export specific products to certain destinations.
A 'liquidated damages' clause in a commercial contract serves what primary purpose?
Answer: To pre-establish damages for a specific breach
Liquidated damages clauses establish in advance a specific amount payable upon breach, particularly useful when actual damages would be difficult to calculate.
Which U.S. regulation requires contractors with federal contracts above $750,000 to disclose credible evidence of fraud, conflicts of interest, or overpayments?
Answer: FAR 52.203-13 Contractor Code of Business Ethics
FAR 52.203-13 mandates mandatory disclosure of credible evidence of certain violations to the contracting officer and the Office of Inspector General.
The 'Buy American Act' in federal procurement primarily requires:
Answer: Preference for domestically manufactured goods in U.S. government purchases
The Buy American Act gives preference to domestic end products in federal government purchases unless exceptions apply.
In the context of anti-money laundering (AML) compliance, what is a 'Suspicious Activity Report' (SAR)?
Answer: A report filed with FinCEN when a financial transaction raises AML concerns
SARs are filed with the Financial Crimes Enforcement Network (FinCEN) when institutions detect transactions that may involve money laundering or other illicit activity.
Which principle in contract law holds that a party who breaches a contract cannot benefit from their own wrongdoing to avoid liability?
Answer: Prevention Doctrine
The Prevention Doctrine prevents a party from claiming the other side failed to perform a condition when the claiming party itself prevented that performance.
Under the Federal Acquisition Regulation (FAR), 'cost realism analysis' is primarily conducted when evaluating:
Answer: Cost-reimbursement contract proposals
Cost realism analysis is performed on cost-reimbursable contracts to assess whether proposed costs reflect a realistic understanding of the work.