FAC Socioeconomic Programs & Small Business

Question 1

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

Accepted Answer

23%

Answer

20%

Answer

25%

Answer

30%

Question 2

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

Accepted Answer

8(a) Business Development Program

Answer

HUBZone Program

Answer

WOSB Program

Answer

SDVOSB Program

Question 3

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

Accepted Answer

Historically Underutilized Business Zone

Answer

High Utilization Business Zone

Answer

Highly Urbanized Business Zone

Answer

Historically Underfunded Business Zone

Question 4

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

Accepted Answer

At least 51%

Answer

At least 25%

Answer

At least 49%

Answer

100%

Question 5

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

Accepted Answer

Small Business Administration (SBA)

Answer

Office of Management and Budget (OMB)

Answer

General Services Administration (GSA)

Answer

Department of Commerce

Question 6

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

Accepted Answer

$150,000

Answer

$3,500

Answer

$10,000

Answer

$250,000

Question 7

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?

Accepted Answer

$7 million

Answer

$4 million

Answer

$22 million

Answer

$100 million