Practice Test Geeks(FCC) Federal Contracting Certification Practice Test
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Ethics, Risk Management & Reporting Flashcards

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Read the first 7 Ethics, Risk Management & Reporting flashcards as text

  1. Under FAR 52.203-13, contractors with contracts over $5 million and a performance period of 120 days or more must establish which of the following?

    Answer: A written code of business ethics and conduct within 30 days of contract award

    FAR 52.203-13 requires covered contractors to establish a written code of business ethics and conduct within 30 days of contract award.

  2. Which federal law makes it a criminal offense for a contractor employee to knowingly make a false claim against the United States government?

    Answer: The False Claims Act (31 U.S.C. § 3729)

    The False Claims Act (31 U.S.C. § 3729) imposes civil and criminal liability on individuals who knowingly submit false or fraudulent claims to the federal government.

  3. A contractor discovers that a subcontractor has been billing for materials never delivered. What is the contractor's obligation under FAR 52.203-13?

    Answer: Timely disclose the violation to the agency Inspector General and contracting officer

    FAR 52.203-13 requires timely disclosure of credible evidence of contract fraud to the agency Inspector General and contracting officer.

  4. In the context of federal contractor risk management, what does 'residual risk' mean?

    Answer: Risk that remains after mitigation controls have been applied

    Residual risk is the level of risk that remains after mitigation strategies and controls have been implemented.

  5. What is the primary purpose of the Procurement Integrity Act (41 U.S.C. § 2101-2107)?

    Answer: To prohibit the disclosure of contractor bid or proposal information and source selection information

    The Procurement Integrity Act prohibits the unauthorized disclosure of contractor bid/proposal information and source selection information during the acquisition process.

  6. A federal contractor's employee is offered a gift valued at $15 by a government employee. Under the Standards of Ethical Conduct for Employees of the Executive Branch, what applies?

    Answer: Government employees are prohibited from soliciting gifts but may accept unsolicited gifts under $20

    Under 5 CFR Part 2635, government employees may accept unsolicited gifts from outside sources valued at $20 or less per occasion, not exceeding $50 per year from any single source.

  7. Which risk response strategy involves shifting the financial consequences of a risk to a third party, such as through insurance?

    Answer: Risk transfer

    Risk transfer shifts the financial impact of a risk to a third party (e.g., insurance, performance bonds, indemnification clauses) without eliminating the risk itself.