CPI Project Management & Funding 3

Question 1

A subrecipient on a federal grant fails to submit required financial reports. Who bears primary responsibility for monitoring subrecipient compliance?

Accepted Answer

The PI as pass-through entity representative

Answer

Under 2 CFR 200.332, the pass-through entity (and the PI as its representative) is responsible for monitoring subrecipient performance and compliance.

Question 2

A PI discovers mid-project that a co-investigator must reduce effort from 20% to 5% due to a competing obligation. What must occur if the sponsor requires prior approval for significant changes?

Accepted Answer

Submit a prior approval request to the sponsor before the change takes effect

Answer

Most federal sponsors require prior approval for significant reductions in key personnel effort, typically defined as a 25% or greater reduction from the committed level.

Question 3

Which financial management principle requires that expenditures on a grant be reasonable, allocable, and consistent with the project's scope?

Accepted Answer

Cost allowability standards under 2 CFR 200

Answer

2 CFR 200 establishes that allowable costs must be reasonable, allocable to the project, and consistent with applicable policies and award terms.

Question 4

A PI receives a clinical trial industry contract specifying a fixed price per-patient payment. How should unspent funds at study closeout typically be handled?

Accepted Answer

Returned to the sponsor per contract terms

Answer

Industry-sponsored clinical trial contracts typically require any unspent funds at closeout to be returned to the sponsor unless the contract states otherwise.

Question 5

A PI is planning a grant-funded international conference trip. Which of the following must be complied with for federally funded travel?

Accepted Answer

The Fly America Act, requiring use of U.S.-flag air carriers

Answer

The Fly America Act (49 U.S.C. 40118) requires that federally funded international travel be conducted on U.S.-flag air carriers unless a specific exception applies.

(CPI) Certified Principal Investigator Practice Test

(CPI) Certified Principal Investigator Practice Test

CPI Project Management & Funding 3