Practice Test Geeks(CFCM) Certified Federal Contracts Manager Practice Test
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Contract Planning & Formation Flashcards

7 cards from real CFCM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Contract Planning & Formation flashcards as text

  1. Under the Truth in Negotiations Act (TINA), certified cost or pricing data are required when a contract exceeds what threshold?

    Answer: $2 million

    TINA (implemented via FAR 15.403-4) requires submission of certified cost or pricing data for negotiated contracts expected to exceed $2 million, subject to exceptions.

  2. A contractor's Certificate of Current Cost or Pricing Data certifies that data submitted is accurate, complete, and current as of:

    Answer: The date of agreement on price

    FAR 15.406-2 requires the certificate to cover data as of the date of price agreement (or another date agreed upon by the parties), not the proposal submission date.

  3. Which of the following is an exception to the requirement for certified cost or pricing data under FAR 15.403-1?

    Answer: Prices are based on adequate price competition

    FAR 15.403-1(b)(1) exempts acquisitions where adequate price competition establishes price reasonableness, eliminating the need for certified cost data.

  4. The Small Business Act set-aside threshold requires that acquisitions with an anticipated value exceeding $10,000 but not exceeding $250,000 be:

    Answer: Reserved exclusively for small business concerns

    FAR 19.502-2(a) mandates that acquisitions between $10,000 and $250,000 are automatically set aside for small business concerns when there is a reasonable expectation of two or more small business offers.

  5. In a sealed bid procurement, a bid may be withdrawn before bid opening by:

    Answer: Written or telegraphic notice received before bid opening

    FAR 14.303(a) allows bidders to withdraw or modify bids by submitting written or telegraphic notice received before the time set for opening.

  6. Which contract type places maximum financial risk on the contractor?

    Answer: Firm-Fixed-Price (FFP)

    Under a Firm-Fixed-Price contract, the contractor bears all cost risk because the price is not subject to adjustment based on actual costs incurred.

  7. A determination that an offeror is 'responsible' under FAR 9.104-1 requires the contracting officer to confirm that the offeror has:

    Answer: Adequate financial resources and a satisfactory performance record

    FAR 9.104-1 lists standards including adequate financial resources, satisfactory past performance, integrity, and ability to comply with delivery schedules as elements of contractor responsibility.