CFCM Standards & Best Practices 4

Question 1

What is the primary purpose of a Contractor Purchasing System Review (CPSR) conducted by DCMA?

Accepted Answer

To assess whether the contractor's purchasing system is efficient and compliant with FAR requirements

Answer

A CPSR evaluates whether a contractor's purchasing system provides reasonable assurance that the contractor performs its subcontracting in compliance with FAR and contract requirements.

Question 2

Under FAR Part 12, which statement best describes the standard commercial terms and conditions concept for commercial item contracts?

Accepted Answer

The government may tailor or omit clauses that are inconsistent with customary commercial practice

Answer

FAR Part 12 allows the government to use contract terms and conditions consistent with customary commercial practice, and authorizes tailoring of clauses to avoid imposing requirements inconsistent with commercial standards.

Question 3

What is the best practice for documenting a sole source justification under FAR 6.303-1?

Accepted Answer

Justification and Approval (J&A) must be signed by the appropriate authority before award

Answer

FAR 6.303 requires a written Justification and Approval (J&A) signed by the appropriate authority (based on dollar threshold) before the contract is awarded.

Question 4

Which performance standard is MOST appropriate when the government cannot define precise requirements but needs flexibility in how outcomes are achieved?

Accepted Answer

Performance work statement (PWS) with measurable outcomes

Answer

A Performance Work Statement defines required outcomes and measurable standards rather than prescribing methods, giving contractors flexibility while ensuring accountability.

Question 5

Under Cost Accounting Standards (CAS), when must a contractor file a Disclosure Statement (DS-1)?

Accepted Answer

When the contractor first receives a CAS-covered contract of $50 million or more, or when total CAS-covered awards exceed $50 million

Answer

CAS 9903.202-1 requires a Disclosure Statement when a contractor first receives a CAS-covered contract of $50 million or more, or when total CAS-covered awards in an accounting period exceed $50 million.

(CFCM) Certified Federal Contracts Manager Practice Test

(CFCM) Certified Federal Contracts Manager Practice Test

CFCM Standards & Best Practices 4