COR Government-Furnished Property & Equipment 2

Question 1

Which of the following is NOT a type of Government property as defined in FAR Part 45?

Accepted Answer

Contractor's commercial tooling used exclusively on a Government contract

Answer

Government-Furnished Material (GFM)

Answer

Government-Furnished Equipment (GFE)

Answer

Contractor-Acquired Property titled to the Government

Question 2

A contractor's property management system must include all of the following elements EXCEPT:

Accepted Answer

Contractor's profit and loss statements for GFP usage

Answer

Acquisition and receiving controls

Answer

Records of all Government property

Answer

Physical inventory procedures

Question 3

How often must contractors typically conduct a physical inventory of Government property?

Accepted Answer

Annually or as required by contract terms

Answer

Monthly

Answer

Quarterly

Answer

Only at contract closeout

Question 4

When the COR observes a contractor using Government-Furnished Equipment for work NOT covered under the contract, what should the COR do?

Accepted Answer

Document the observation and report it to the contracting officer for appropriate action

Answer

Instruct the contractor to stop immediately and confiscate the equipment

Answer

Issue a stop work order to the contractor

Answer

Assess a financial penalty equal to the rental value of the equipment

Question 5

Government-Furnished Material (GFM) differs from Government-Furnished Equipment (GFE) primarily in that GFM is:

Accepted Answer

Material intended to be incorporated into or consumed during contract performance, not reused after contract end

Answer

More expensive than GFE

Answer

Always owned by a third-party agency

Answer

Subject to different FAR clauses than GFE

Question 6

Which agency is responsible for approving a contractor's property management system under DCSA/DCMA oversight?

Accepted Answer

The Defense Contract Management Agency (DCMA)

Answer

The program office that awarded the contract

Answer

The COR assigned to the contract

Answer

The General Services Administration (GSA)

Question 7

What is 'Contractor-Acquired Property' (CAP) in the context of Government contracts?

Accepted Answer

Property acquired by the contractor under a contract in which the Government has title or will acquire title upon contract completion

Answer

Property the contractor owns and uses on its own projects

Answer

Property the Government acquires from a contractor after default

Answer

Commercial-off-the-shelf items purchased with appropriated funds