Chapter 19 MC

Question 1

Bidder conferences are used to:

Answer 1

Answer questions about the project prior to submittal of proposals.

Question 2

During contract negotiations, the goal of the seller is to:

Answer 2

Negotiate a contract where the profit margin is commensurate with the risk the contractor is expected to incur.

Question 3

Which of the following contract types has the greatest risk with the seller?

Answer 3

Firm-fixed-price

Question 4

Which of the following contract types has the greatest risk with the buying?

Answer 4

Cost-plus-incentive-fee

Question 5

During contract negotiations, the goal of the buyer is to:

Answer 5

Get the highest quality results for the lowest price.

Question 6

____ source contracting is when multiple suppliers exist but only one is selected to receive the contract.

Answer 6

Single

Question 7

____ source contracting is when there exists only one supplier in the marketplace to satisfy the requirements of the contract.

Answer 7

Sole

Question 8

Companies that give part of a procurement contract to multiple suppliers do so to:

Answer 8

Promote and maintain competition, Reduce reliance on just one supplier, minimize procurement risk

Question 9

What are the 3 types of specifications discussed in the text?

Answer 9

Design Spec
Performance Spec
Functional Specs

Question 10

For long term projects, such as weapon system projects contracted by DoD, the type of contract can change form life cycle phase to life cycle phase. T/F

Answer 10

True

Question 11

Which of the following is generally not part of “Conducting the Procurements”

Answer 11

Perform a make or buy analysis.

Question 12

The cost of renting a piece of equipment is $200 per day and the leasing cost $5000 plus $100 per day. The breakeven cost between renting and leasing occurs at ?

Answer 12

50 Days

Question 13

Which of the following is generally not included in a solicitation package?

Answer 13

Past bidding history of qualified vendors

Question 14

Which of the following would be included in a scoring model for evaluating bidders?

Answer 14

Overall bid price, financial strength, intellectual property rights

Question 15

In which of the following would the price of a possible contact not be included?

Answer 15

RFI,

Price is included in RFQ, RFP, and IFB

Question 16

Hygiene Factors is?

Answer 16

How and where contract negotiations will take place.

Question 17

A covenant providing restrictions on certain proprietary knowledge is called?

Answer 17

Nondisclosure clause

Question 18

Failure to exercise one’s activity in such a manner that a reasonable person would do in a similar situation is?

Answer 18

Negligence

Question 19

An intentional relinquishment of a legal right is?

Answer 19

Waiver

Question 20

The type of contract where all of the seller’s costs are reimbursed and the seller will also receive a percentage of the profit pool based upon how well the buyer likes the end result is a?

Answer 20

Cost plus reward fee

Question 21

Which type of cost plus contact provides the seller with a guaranteed dollar value profit rather than as a percentage?

Answer 21

Cost plus fixed fee

Question 22

Which type of contract has a sharing ratio and a ceiling on the profit?

Answer 22

Cos plus incentive fee

Question 23

Which type of contact has a point of total assumption?

Answer 23

Fixed price incentive fee

Question 24

What is the responsibility of a contact administrator?

Answer 24

Inspections and audits, performance reporting, approval of waivers

Question 25

Billing the cost of repairs against a financially closed out project is called?

Answer 25

Back charging