FAR Study Guide 2026
Everything you need to pass the FAR exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 FAR Exam Format at a Glance
📚 FAR Topics to Study (21)
✍️ Sample FAR Questions & Answers
1. What is 'should cost' analysis under FAR 15.407-4?
FAR 15.407-4 defines 'should cost' as a multidisciplined government team analysis determining what a program should cost, aimed at promoting efficient contractor operations.
2. CAS 412 and CAS 413 both address which type of deferred compensation cost?
CAS 412 addresses composition and measurement of pension cost, while CAS 413 covers adjustments and allocations of pension cost to segments and cost accounting periods.
3. Which regulation governs cost principles for federal contracts?
FAR Part 31, titled 'Contract Cost Principles and Procedures,' is the definitive regulation that governs the allowability, allocability, and reasonableness of costs incurred by contractors under federal contracts. It provides detailed guidance on which costs can be reimbursed by the government. Adherence to FAR Part 31 is critical for all cost-reimbursement type contracts and for pricing fixed-price contracts that require certified cost or pricing data.
4. In Certified Cost or Pricing Data Specialist, which system architecture & design practice BEST ensures system reliability?
Redundancy, regular testing, and documented recovery procedures create a robust environment that minimizes downtime and data loss.
5. Under FAR 52.215-10, what interest rate is applied to the amount of overpricing resulting from defective cost or pricing data?
FAR 52.215-10 applies the interest rate established by the Secretary of the Treasury to the amount of overpricing attributable to defective data, ensuring full financial recovery.
6. An incurred cost audit is typically performed:
An incurred cost audit is typically performed after the completion of a cost-reimbursement contract or at the end of a contractor's fiscal year. Its purpose is to verify the actual costs claimed by the contractor for reimbursement. This audit ensures that all submitted costs are allowable, allocable, and reasonable according to the contract terms and FAR Part 31 cost principles, leading to the final settlement of the contract.