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Socioeconomic Programs & Small Business 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 Socioeconomic Programs & Small Business flashcards as text

  1. Which federal law requires large business prime contractors to submit subcontracting plans when contract value exceeds certain thresholds?

    Answer: Small Business Act Section 8(d)

    Section 8(d) of the Small Business Act requires that large prime contractors submit subcontracting plans with goals for small and small disadvantaged businesses when contract value exceeds applicable thresholds.

  2. What is the Individual Subcontracting Report (ISR) used for in federal contracting?

    Answer: Tracking a prime contractor's progress toward subcontracting goals

    The ISR (SF-294) is submitted semi-annually by prime contractors to report actual subcontracting dollars and progress toward their approved subcontracting plan goals.

  3. Service-Disabled Veteran-Owned Small Businesses (SDVOSBs) must be at least what percentage owned and controlled by service-disabled veterans?

    Answer: 51%

    An SDVOSB must be at least 51% unconditionally owned and controlled by one or more service-disabled veterans.

  4. Under FAR Part 19, what term describes the process by which a contracting officer reserves an acquisition exclusively for small businesses?

    Answer: Set-aside

    A set-aside reserves an entire acquisition or a portion of it exclusively for small business participation, restricting competition accordingly.

  5. Which SBA program certifies small businesses located in HUBZones and requires that at least what percentage of employees reside in a HUBZone?

    Answer: 35%

    To maintain HUBZone certification, a business must ensure that at least 35% of its employees reside in a HUBZone.

  6. What database must vendors register in to be eligible to receive federal contracts, and also serves as the primary repository for socioeconomic certifications?

    Answer: System for Award Management (SAM.gov)

    SAM.gov (System for Award Management) is the official registration system contractors must use to be eligible for federal awards and where socioeconomic certifications are verified.

  7. What is the purpose of the Mentor-Protégé Program under the SBA's 8(a) Business Development Program?

    Answer: To allow large businesses to form joint ventures with 8(a) firms for contract awards

    The SBA Mentor-Protégé Program allows 8(a) participants to form joint ventures with approved mentors (typically large businesses) to compete for federal contracts they could not pursue alone.