Federal Regulations & Compliance 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 Federal Regulations & Compliance flashcards as text
FAR Subpart 4.7 requires contractors to retain contract-related records for a minimum of how many years after final payment?
Answer: 3 years
FAR 4.703 requires contractors to retain records for at least 3 years after final payment on most contracts.
Which regulation governs contractor cost accounting practices and disclosure on large negotiated contracts?
Answer: FAR Part 30 / Cost Accounting Standards (CAS)
FAR Part 30 implements the Cost Accounting Standards (CAS), requiring covered contractors to follow and disclose their accounting practices.
Under FAR 52.203-13 (Contractor Code of Business Ethics and Conduct), a contractor must report a 'credible evidence' of a violation within:
Answer: 30 days
FAR 52.203-13(b)(3) requires disclosure of credible evidence of violations within 30 days of the contractor becoming aware.
The Procurement Integrity Act prohibits a procurement official from disclosing contractor bid or proposal information. Violations can result in a civil penalty up to:
Answer: $100,000 per violation
41 U.S.C. 2105 establishes a civil penalty of up to $100,000 per violation of the Procurement Integrity Act.
Under FAR Part 19, a 'small business' set-aside is mandatory when the contracting officer determines that award to small business is:
Answer: Likely at a fair market price with at least two small businesses expected to bid
FAR 19.502-2 mandates set-aside when there is a reasonable expectation of receiving offers from at least two responsible small businesses at fair market price.
Which executive agency administers the System for Award Management (SAM.gov) where contractors must be registered?
Answer: GSA
The General Services Administration (GSA) administers SAM.gov, the official federal contractor registration database.
Under the Service Contract Act (SCA), contractors providing services must pay covered workers at least the:
Answer: Prevailing wage and fringe benefits determined by the Department of Labor
The SCA (41 U.S.C. 6701 et seq.) requires payment of prevailing wages and fringe benefits as determined by DOL wage determinations.