FAC Socioeconomic Programs & Small Business 2

Question 1

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

Accepted Answer

Small Business Act Section 8(d)

Answer

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.

Question 2

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

Accepted Answer

Tracking a prime contractor's progress toward subcontracting goals

Answer

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

Question 3

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

Accepted Answer

51%

Answer

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

Question 4

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

Accepted Answer

Set-aside

Answer

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

Question 5

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

Accepted Answer

35%

Answer

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

(FAC) Federal Acquisition Certification Practice Test

(FAC) Federal Acquisition Certification Practice Test

FAC Socioeconomic Programs & Small Business 2