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Contracting Principles & Regulations Flashcards

7 cards from real FAC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Contracting Principles & Regulations flashcards as text

  1. Which FAR part establishes the policy that acquisition planning must begin as soon as an agency need is identified?

    Answer: FAR Part 7

    FAR Part 7 (Acquisition Planning) requires planning to begin as soon as a need is identified to promote competition and prevent unnecessary sole-source awards.

  2. Under the FAR, what is the simplified acquisition threshold (SAT) for most acquisitions as of recent regulations?

    Answer: $250,000

    The simplified acquisition threshold (SAT) is $250,000 for most acquisitions, allowing use of simplified acquisition procedures below this dollar value.

  3. A contracting officer discovers a vendor submitted a false certification during source selection. Which statute primarily addresses this fraud?

    Answer: The False Claims Act

    The False Claims Act imposes civil liability on parties who submit fraudulent claims to the government, including false certifications during contracting.

  4. What is the primary purpose of the Procurement Integrity Act (PIA)?

    Answer: To restrict disclosure of contractor bid/proposal information and restrict post-employment activities

    The PIA prohibits disclosure of contractor bid or proposal information and source selection information, and restricts certain post-government employment activities.

  5. Which of the following actions is NOT a proper basis for issuing a sole-source contract under FAR Part 6?

    Answer: A contractor offers the lowest possible price

    Price alone is never a valid justification for a sole-source award; competition is required unless one of the statutory exceptions in FAR 6.302 applies.

  6. Under TINA (Truth in Negotiations Act), at what dollar threshold must contractors submit certified cost or pricing data?

    Answer: $750,000

    TINA requires submission of certified cost or pricing data for negotiated contracts, modifications, and subcontracts exceeding $750,000, unless an exception applies.

  7. The Competition in Contracting Act (CICA) requires agencies to use which method of acquisition to the maximum extent practicable?

    Answer: Full and open competition

    CICA mandates full and open competition to the maximum extent practicable, ensuring all responsible sources can compete for federal contracts.