Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CPCM > CPCM > Flashcards

CPCM Flashcards

1
Q

The statement “The probability of a delivery failure is only 10%, but the impact on our mission would be catastrophic” is an example of

A

Components of risk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

the accounting codes that are created following the award of a contract?

A

They are used to track project performance; They distinguish between accounting categories with different overhead burdens; Use of the codes is necessary to comply with the law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Similar to a basic agreement, but may also include terms and conditions intended to describe the types of goods and services that may be ordered in the future, to define pricing methods that will apply, or to define ordering or delivery procedures

A

Basic ordering agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

A type of contract that provides for payment of allowable incurred costs, to the extent prescribed in the contract.

A

Cost Reimbursement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

General announcement of an agency’s research interests, including criteria for selecting proposals and soliciting the participation of all offerors capable of satisfying the agency’s needs

A

Broad agency announcement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A type of contract providing for a fixed hourly rate, including overhead and profit and material at cost plus handling charges; used when it is impossible to estimate schedule and costs at the time of contract award

A

Time-and-materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A formal invitation to submit a price for goods and/or services as specified

A

Request for quotations (RFQ)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

A document used to obtain price, delivery, other market information, or capabilities for planning purposes when the buyer does not presently intend to issue a solicitation.

A

Request for information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A formal invitation that contains a scope of work and seeks a formal response, describing both methodology and compensation, to form the basis of a contract

A

Request for Proposal (RFP)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The method of solicitation for the sealed bid process. This method must describe the requirements of the buyer clearly, accurately, and completely.

A

Invitation for bid (IFB)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A single buyer of a single item (or lot of items) receives decreasing offers from prospective sellers.

A

Reverse auction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The right of an employer to use, without payment of royalties, an invention conceived by an employee in the course of employment or through the use of the employer’s facilities if the employee was not hired to perform such work

A

Shop rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

That part of a contractor’s written plan for the development or production of an end item outlining the subsystems, major components, assemblies, subassemblies, and parts intended to be manufactured, test treated, or assembled by the seller and those the seller intends to procure from another source

A

Make-or-buy program

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Business arrangement in which all elements of the transaction, including mutual assent, exchange of consideration, capacity to contract, and legal purpose, are determined and defined between the parties at the time of contract formation.

A

Sales contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Includes inventions, trademarks, patents, industrial designs, copyrights, and technical information including software, data designs, technical know-how, manufacturing information and know-how, techniques, technical data packages, manufacturing data packages, and trade secrets

A

Intellectual property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A royalty-free, nonexclusive, and irrevocable license to reproduce, translate, publish, use, and dispose of written or recorded material, and to authorize others to do so

A

Copyright

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Permits the usage of software, patents, trademarks, or technology by another entity without transferring ownership rights.

A

Licensing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

A government grant of exclusive rights to an inventor that prohibits others from making, using, or selling an invention

A

Patent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A documented business arrangement in which the buyer and seller agree to use a performance work statement, performance- based metrics, and a quality assurance surveillance plan to ensure contract requirements are met or exceeded

A

Performance-based acquisition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A process between buyers and sellers seeking to reach mutual agreement on a matter of common concern through fact-finding, bargaining, and persuasion

A

Negotiation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A formal invitation to submit general and/or specific information concerning the potential future purchase of goods and/or services.

A

Request for information (RFI)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

A buyer’s announcement of interest, including criteria for selecting proposals, and selecting offerors capable of meeting the requirements

A

Prequalification

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A contracting approach under which the need for a system is satisfied in successive acquisitions of interoperable increments.

A

Modular contracting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

A form of pricing that includes a ceiling beyond which the buyer bears no responsibility for payment

A

Fixed price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

A contract that is definitive in all respects except pricing. The agreement or contract specifies a predetermined index, formula, or algorithm for the calculation of price at the point of sale

A

Framework pricing arrangement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

A concept that establishes cost elements as management goals to achieve the best balance between life cycle cost, acceptable performance, and schedule; cost is a design constraint during the design and development phases

A

Design-to-cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

A cost-reimbursement type of contract with a provision for a fee that is adjusted by a formula in accordance with the relationship between total allowable costs and target costs

A

Cost-plus-incentive-fee contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

An explicit arrangement under which the seller bears some of the burden of reasonable, allocable, and allowable contract cost.

A

Cost sharing contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

A specific pricing arrangement, or combination of pricing arrangements, employed for the performance of work under the contract

A

Contract type

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

A contract that provides for a price that is not subject to any adjustment by reason of costs experienced by the seller in the performance of the contract

A

Firm fixed price contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

The contracted party tasked with fulfilling the requirement for goods and/or services

A

Seller

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

The method of solicitation for the sealed bid process.

A

Invitation for bids

33
Q

An agent in a principal-agent relationship whose power and authority are limited to accomplishing a specific and limited assignment

A

Special agent

34
Q

An agent in a principal-agent relationship provided with broad authority to act on behalf of the principal

A

Universal agent

35
Q

An agency has just described its requirements for an acquisition. The contract manager begins reviewing historical information on similar prior acquisitions, contacting customers of potential sources for past performance information, and reviewing catalogs published by potential sources. What is the contract manager doing?

A

Performing market research

36
Q

Under which of the following contract types does the contractor have the greatest incentive to control costs and perform effectively?

A

Firm fixed price

37
Q

A brief statement of the goal to be achieved, the end product desired, or the basic purpose of a requirement is called what?

A

Objective

38
Q

Which of the following contract types poses the most risk to the buyer?

A

Time and Materials

39
Q

Patent, copyright, and trademark are forms of what?

A

Intellectual property

40
Q

An extremely detailed SOW that describes the required materials, production processes, and specifications is a:

A

Design SOW

41
Q

In which of the following cases would sealed bidding NOT be appropriate?

A

Discussions with the responding offerors will be necessary

42
Q

A company is seeking new accounting software. That software must be compatible with already existing software the company uses for personnel management, etc. as well as existing IT equipment. Information about this compatibility requirement should likely be included in which section of the Acquisition Plan?

A

Conditions or constraints

43
Q

Property acquired by the buyer under the terms of a contract is called what?

A

Owner property

44
Q

What would a contracting professional find at https://sam.gov?

A

The System for Award Management

45
Q

GSA directs and manages a series of prenegotiated IDIQ contracts that can be used by authorized sources to issue orders for required goods or services. What are these contracts called?

A

Federal Supply Schedules

46
Q

What two elements of the Statement of Work explain how the quantity, quality, frequency, or other appropriate measures of the seller’s work effort will be evaluated?

A

Performance standards and reporting requirements

47
Q

Which of the following is a recommended practice when using incentive contracts?

A

Use a combination of positive and negative incentives

48
Q

Which of the following describes a fixed-price redetermination (prospective) contract?

A

The contractor is paid a sum of $500,000 for the first 12 months of work on the contract and then agrees to a price of $700,000 for the next 12 months of the contract

49
Q

The need for solicitation planning occurs

A

once a need or requirement has been identified.

50
Q

Which of the following contract types poses the most risk to the seller?

A

Firm Fixed Price

51
Q

The Pre-Award competency is divided into two “domains.” Which of these is the domain of the seller?

A

Develop offer

52
Q

Which of the following is true of an RFQ?

A

The RFQ may be followed by a purchase order that is an offer by the buyer

53
Q

Which of the following is a difference between a Request for Quotations and a Request for Proposals?

A

An RFQ is not an offer

54
Q

Which of the following contract types establishes a price that is not subject to any adjustment based on the contractor’s actual cost to perform the contract?

A

Firm fixed price

55
Q

Negotiating contract type and negotiating prices are closely related and should be considered together. What is the objective this should achieve?

A

Imposing a reasonable risk on the seller while incentivizing efficient, economical performance

56
Q

Which of the following is true about how contract types allocate risk between buyer and seller?

A

The contract type with the most risk to one party has the least risk for the other party

57
Q

What is the purpose of the SOW?

A

To provide potential offerors with a complete understanding of the requirement

58
Q

Which of the following lists of contract types is in order from least to greatest buyer risk?

A

Cost plus incentive fee, cost plus award fee, time and materials

59
Q

Which of the following is not a type of Indefinite Delivery Contract?

A

Indefinite Requirements

60
Q

A simple, straightforward, low-dollar-value acquisition may not require what?

A

A written acquisition plan

61
Q

In which of the following contract types is the contractor reimbursed for its costs associated with contract performance, and paid a fee that is negotiated at the outset and does not vary with actual cost?

A

Cost-Reimbursement Contracts The correct answer is: Cost-plus-fixed-fee

62
Q

Which part of the acquisition plan discusses proposed sources, the level of competition, the proposed contract type or types, and milestone dates for completion?

A

Plan of action

63
Q

Why are written Requests for Information (RFIs) less common now than they once were?

A

Much of the information typically included in a response to an RFI can now be found on the Internet

64
Q

The specificity of acquisition requirements affects the contract type selection. Which of the following statements is true?

A

The more specific the stated acquisition requirements, the less likely the buyer is to accept a cost reimbursement contract.

65
Q

Evaluation Procedures

A

Will impact the quality of proposals received

66
Q

Which of the following is a difference in the use of acquisition planning between the public and private sectors?

A

In the private sector, the use of a written acquisition plan is generally determined by company policy or best practices, or is done to coordinate efforts

67
Q

An acquisition of an IT system is divided into several smaller acquisition increments that provide an opportunity for subsequent increments to take advantage of advances in technology or respond to changing needs. This is an example of what?

A

Modular contracting

68
Q

A proposal submitted without being solicited is called a

A

Unsolicited Proposal

69
Q

Fowley Inc., SpectraCorp, and the Eleven Corporation all responded to the same government solicitation by submitting technical proposals for their products. The government evaluated these proposals on their technical merits and found that Fowley did not appear to have the technical capacity to perform. SpectraCorp and the Eleven Corporation were then asked to submit price bids, which were evaluated and the award made to the lowest bidder. What acquisition method was used here?

A

Two-step sealed bidding

70
Q

A written agreement that applies to future contracts between parties is a

A

Basic agreement

71
Q

A buyer who wanted to ensure that the contractor managed costs effectively would likely prefer which of the following types of contract?

A

Cost-plus-incentive-fee

72
Q

Discussion of make-or-buy decisions, estimated life cycle costs, and should-cost analysis during acquisition planning leads to the establishment of what?

A

Cost targets

73
Q

A non-disclosure agreement is a legally binding document that:

A

Requires the confidentiality and protection of proprietary information

74
Q

A basic agreement is what type of contract?

A

It is not a contract

75
Q

A small business set-aside is an allowable limitation on what?

A

Full and open competition

76
Q

What are government purchase cards used for?

A

As the method of contracting and the method of payment for transactions under the micropurchase threshold

77
Q

The Reynard-Muldrake Group provides physical security to a Centers for Disease Control laboratory housing biohazardous material. Because different materials are frequently moved in and out of the laboratory, Reynard-Muldrake’s costs include not only the wages of the guards, but also constant retraining of the guards it employs in safe practices around these materials. It’s not possible to accurately estimate the impact of training requirements on the total hours required. Which of the following contract types would be most appropriate for this contract?

A

Labor-hour

78
Q

What is the purpose of issuing a draft solicitation package?

A

To request suggestions and comments from potential offerors

79
Q

Concerning solicitation planning, which of the following statements is true?

A

It should be viewed as a team effort, including the talents and input from contracting personnel, customers, finance experts, technical experts, and legal counsel.

CPCM (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions