Practice Test Geeks(FAC) Federal Acquisition Certification Practice Test
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FAC Contract Administration & Performance Flashcards

6 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 6 FAC Contract Administration & Performance flashcards as text

  1. Under FAR Part 4, how long must federal contractors generally retain records related to contract performance after final payment?

    Answer: 3 years

    FAR 4.703 generally requires contractors to retain records for 3 years after final payment, though some cost-reimbursement records require longer retention.

  2. What is the primary role of the Defense Contract Audit Agency (DCAA) in contract administration?

    Answer: To perform contract audits and advise on financial and accounting matters

    DCAA provides audit and financial advisory services to DoD and other federal agencies to ensure contractor accounting systems and costs comply with requirements.

  3. Which action signifies formal contract closeout under FAR 4.804?

    Answer: Completion of all actions including final payment, audit, and property disposition

    Contract closeout is complete only after all administrative actions—final audit, payment, property return, and release of claims—have been completed.

  4. A contractor submits a Request for Equitable Adjustment (REA) after receiving a Change Order. Under FAR 43.204, when must the REA be submitted?

    Answer: As soon as practicable, before final payment

    FAR 43.204 requires REAs to be submitted as soon as practicable after the facts justifying the adjustment are known, but no later than before final payment.

  5. What distinguishes an Undefinitized Contract Action (UCA) from a fully definitized contract?

    Answer: A UCA authorizes work to begin before the contract's price, terms, or scope are fully negotiated

    An UCA allows the government to authorize performance before all terms are finalized, which creates financial risk if definitization is delayed.

  6. Under FAR 42.302, which of the following is NOT a typical contract administration function delegated to an ACO?

    Answer: Awarding new contracts above the simplified acquisition threshold

    Awarding new contracts is a function of the Procuring Contracting Officer (PCO), not a post-award administration function assigned to the ACO.