Budget Planning & Reporting Flashcards
7 cards from real Government Procurement Certification practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Budget Planning & Reporting flashcards as text
Under FAR 15.404-1, when is a cost or price analysis required for a contract action?
Answer: Whenever adequate price competition is absent
A cost or price analysis is required when adequate price competition does not exist to validate that the price is fair and reasonable.
What does the term 'budget crosswalk' mean in federal acquisition budget planning?
Answer: A mapping that reconciles budget data across different classification systems or formats
A budget crosswalk is a reconciliation table that maps budget data between different structures (e.g., program elements to object classes) to ensure consistency.
Which federal law requires agencies to annually report on the reliability of their financial statements through an audit process?
Answer: Chief Financial Officers (CFO) Act of 1990
The CFO Act of 1990 established CFO positions across major agencies and mandated annual audited financial statements to improve financial management accountability.
In earned value management (EVM), a Schedule Performance Index (SPI) of 0.80 indicates that the project is:
Answer: 20% behind schedule
An SPI of 0.80 means the project is accomplishing only $0.80 worth of planned work for every $1.00 scheduled, indicating it is 20% behind schedule.
A contracting officer is preparing a pre-award budget estimate for a cost-plus-fixed-fee (CPFF) contract. Which cost element is NOT typically included in the total estimated cost?
Answer: Contractor profit above the fixed fee
On a CPFF contract, the fixed fee replaces profit — the government cannot add additional contractor profit on top of the negotiated fixed fee.
What is the purpose of an 'object class' in federal budget reporting?
Answer: To categorize expenditures by type of resource purchased (e.g., personnel, supplies, contracts)
Object classes (e.g., 11.1 Full-time permanent, 25.2 Other services) categorize spending by the nature of the goods or services purchased, enabling government-wide comparability.
Under the Federal Funding Accountability and Transparency Act (FFATA), what minimum dollar threshold triggers a contractor's obligation to report subaward data on SAM.gov?
Answer: $25,000
FFATA requires prime contractors to report first-tier subcontract awards of $25,000 or more in the Federal Funding Accountability and Transparency Act Subaward Reporting System (FSRS).