CFCM Contract Planning & Formation 4

Question 1

Under the Truth in Negotiations Act (TINA), certified cost or pricing data are required when a contract exceeds what threshold?

Accepted Answer

$2 million

Answer

TINA (implemented via FAR 15.403-4) requires submission of certified cost or pricing data for negotiated contracts expected to exceed $2 million, subject to exceptions.

Question 2

A contractor's Certificate of Current Cost or Pricing Data certifies that data submitted is accurate, complete, and current as of:

Accepted Answer

The date of agreement on price

Answer

FAR 15.406-2 requires the certificate to cover data as of the date of price agreement (or another date agreed upon by the parties), not the proposal submission date.

Question 3

Which of the following is an exception to the requirement for certified cost or pricing data under FAR 15.403-1?

Accepted Answer

Prices are based on adequate price competition

Answer

FAR 15.403-1(b)(1) exempts acquisitions where adequate price competition establishes price reasonableness, eliminating the need for certified cost data.

Question 4

The Small Business Act set-aside threshold requires that acquisitions with an anticipated value exceeding $10,000 but not exceeding $250,000 be:

Accepted Answer

Reserved exclusively for small business concerns

Answer

FAR 19.502-2(a) mandates that acquisitions between $10,000 and $250,000 are automatically set aside for small business concerns when there is a reasonable expectation of two or more small business offers.

Question 5

In a sealed bid procurement, a bid may be withdrawn before bid opening by:

Accepted Answer

Written or telegraphic notice received before bid opening

Answer

FAR 14.303(a) allows bidders to withdraw or modify bids by submitting written or telegraphic notice received before the time set for opening.

(CFCM) Certified Federal Contracts Manager Practice Test

(CFCM) Certified Federal Contracts Manager Practice Test

CFCM Contract Planning & Formation 4