Socioeconomic Programs & Small Business Flashcards

What is the government-wide goal for prime contract awards to small businesses as a percentage of total eligible prime contract dollars?

Answer: 23%

The government-wide goal for small business prime contract awards is 23% of eligible prime contract dollars, as established by statute.

Which small business program is designed to assist firms owned and controlled by socially and economically disadvantaged individuals?

Answer: 8(a) Business Development Program

The 8(a) Business Development Program, administered by the SBA, assists small businesses owned and controlled by socially and economically disadvantaged individuals.

What does HUBZone stand for in the context of federal small business programs?

Answer: Historically Underutilized Business Zone

HUBZone stands for Historically Underutilized Business Zone, a program that encourages economic development in designated geographic areas.

Under the Women-Owned Small Business (WOSB) Federal Contract Program, what percentage of the business must be owned and controlled by women?

Answer: At least 51%

To qualify as a WOSB, the business must be at least 51% owned and controlled by one or more women who are U.S. citizens.

Which entity is primarily responsible for determining size standards for small business programs in federal procurement?

Answer: Small Business Administration (SBA)

The SBA establishes and maintains size standards that define whether a business qualifies as 'small' for federal contracting purposes.

What is the threshold at or below which contracting officers must set aside acquisitions exclusively for small businesses (absent a waiver)?

Answer: $150,000

FAR 19.502-2 requires that acquisitions between $3,500 and $150,000 be set aside for small business, and acquisitions above $150,000 must be set aside when there is a reasonable expectation of receiving offers from at least two responsible small businesses.

When a contracting officer awards a contract under the 8(a) program on a sole-source basis, what is the maximum dollar threshold for non-manufacturing service contracts?

Answer: $7 million

For 8(a) sole-source awards, the threshold is $4 million for most contracts and $7 million for manufacturing contracts; non-manufacturing services follow the $4 million limit.