Free FAR Compliance Questions and Answers

Question 1

Which FAR Part governs the requirement for certified cost or pricing data?

Accepted Answer

FAR Part 15.403

Answer

FAR Part 12

Answer

FAR Part 22

Answer

FAR Part 36

Question 2

What is the threshold for requiring certified cost or pricing data as of recent FAR updates?

Accepted Answer

$2 million

Answer

$750,000

Answer

$1 million

Answer

$5 million

Question 3

What is the purpose of submitting certified cost or pricing data?

Accepted Answer

To ensure fair and reasonable pricing

Answer

To allow early payment

Answer

To enable subcontractor negotiation

Answer

To comply with wage determination

Question 4

What form is typically used to submit certified cost or pricing data?

Accepted Answer

SF 1411

Answer

SF 30

Answer

SF 1449

Answer

DD 254

Question 5

Which of the following is NOT an exception to the requirement for certified cost or pricing data?

Accepted Answer

Cost-reimbursement contract

Answer

Commercial item acquisition

Answer

Price competition

Answer

Waiver granted by head of the contracting activity

Question 6

What does 'certified' mean in the context of cost or pricing data?

Accepted Answer

Accurate, complete, and current

Answer

Reviewed by a third-party

Answer

Signed by the program manager

Answer

Audited annually

Question 7

What government office often evaluates submitted cost data?

Accepted Answer

DCAA

Answer

GAO

Answer

IRS

Answer

OMB

Question 8

What is the consequence of submitting defective certified cost or pricing data?

Accepted Answer

Contract price adjustment and penalties

Answer

Award bonuses

Answer

Disqualify the proposal

Answer

Increase payment rate

Question 9

Which of the following would be considered cost or pricing data?

Accepted Answer

Vendor quotes

Answer

Annual reports

Answer

Press releases

Answer

Public website info