Government Procurement Certification Federal Regulations & Compliance 3

Question 1

FAR Subpart 4.7 requires contractors to retain contract-related records for a minimum of how many years after final payment?

Accepted Answer

3 years

Answer

FAR 4.703 requires contractors to retain records for at least 3 years after final payment on most contracts.

Question 2

Which regulation governs contractor cost accounting practices and disclosure on large negotiated contracts?

Accepted Answer

FAR Part 30 / Cost Accounting Standards (CAS)

Answer

FAR Part 30 implements the Cost Accounting Standards (CAS), requiring covered contractors to follow and disclose their accounting practices.

Question 3

Under FAR 52.203-13 (Contractor Code of Business Ethics and Conduct), a contractor must report a 'credible evidence' of a violation within:

Accepted Answer

30 days

Answer

FAR 52.203-13(b)(3) requires disclosure of credible evidence of violations within 30 days of the contractor becoming aware.

Question 4

The Procurement Integrity Act prohibits a procurement official from disclosing contractor bid or proposal information. Violations can result in a civil penalty up to:

Accepted Answer

$100,000 per violation

Answer

41 U.S.C. 2105 establishes a civil penalty of up to $100,000 per violation of the Procurement Integrity Act.

Question 5

Under FAR Part 19, a 'small business' set-aside is mandatory when the contracting officer determines that award to small business is:

Accepted Answer

Likely at a fair market price with at least two small businesses expected to bid

Answer

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.

Government Procurement Certification Practice Test

Government Procurement Certification Practice Test

Government Procurement Certification Federal Regulations & Compliance 3