GCP Contract Administration & Procurement Flashcards
6 cards from real GCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 GCP Contract Administration & Procurement flashcards as text
What is the Small Business Administration's (SBA) role in federal contracting?
Answer: Setting small business size standards and advocating for small business participation in federal contracting
The SBA establishes size standards that define what qualifies as a small business and works to ensure small businesses receive a fair share of federal contracting opportunities.
In government contracting, the 'color of money' concept refers to:
Answer: Restrictions on how specific appropriated funds (O&M, RDT&E, Procurement) can be used
Each appropriation type (Operations & Maintenance, Research/Development, Procurement, etc.) has specific rules on what it can fund, which practitioners call 'color of money.'
What is the primary objective of a post-award conference with a newly awarded contractor?
Answer: Ensure mutual understanding of contract terms, roles, and responsibilities
A post-award conference aligns the government and contractor on contract requirements, administrative procedures, and key personnel roles to prevent misunderstandings.
Which document establishes the independent government cost estimate (IGCE) and why is it important?
Answer: It is an internal government estimate used to evaluate reasonableness of proposed prices
The IGCE is an internal government estimate developed before solicitation to assess price reasonableness and support budget planning.
Under the Anti-Deficiency Act, a government official may NOT:
Answer: Obligate or expend funds in excess of available appropriations
The Anti-Deficiency Act prohibits obligating or expending funds beyond what has been appropriated, authorized, and apportioned.
What is a 'Termination for Convenience' in government contracting?
Answer: The government's right to terminate a contract partially or fully when it is in the government's best interest, even without contractor fault
Termination for Convenience allows the government to end a contract at its discretion for any reason, with the contractor entitled to reasonable settlement costs.