FAC Socioeconomic Programs & Small Business 1

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

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

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

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

Question 3

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

Accepted Answer

Historically Underutilized Business Zone

Answer

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

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

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.

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

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

(FAC) Federal Acquisition Certification Practice Test

(FAC) Federal Acquisition Certification Practice Test

FAC Socioeconomic Programs & Small Business 1