Part 8 - Planning Project Procurements

Question 1

1. Which statement best describes the “Time and Materials” contract?

A. The buyer pays the seller one fixed price.

B. The buyer pays the seller for time and expenses of project work.

C. The buyer pays the seller a fee, plus a percentage of profit.

D. The buyer pays the seller their allowable costs plus a fee.

Answer 1

1.

Correct Answer: B

Question 2

1. Which statement best describes the “Time and Materials” contract?

A. The buyer pays the seller one fixed price.

B. The buyer pays the seller for time and expenses of project work.

C. The buyer pays the seller a fee, plus a percentage of profit.

D. The buyer pays the seller their allowable costs plus a fee.

Answer 2

1.

Correct Answer: B

Question 3

2. In which contract does the buyer reimburse the seller’s allowable costs (defined by the contract) plus a fee?

A. Firm fixed price plus incentive contract.

B. Cost plus incentive fee contract.

C. Time and materials contract.

D. Cost plus fixed fee contract.

Answer 3

2.

Correct Answer(s):   
 B

D

Question 4

3. In which contract does the buyer reimburse the seller’s allowable costs (defined by the contract) plus a predefined fee?

A. Firm fixed price plus incentive contract.

B. Cost plus incentive fee contract.

C. Time and materials contract.

D. Cost plus fixed fee contract.

Answer 4

3.

Correct Answer: D

Question 5

4. Which is used to evaluate each seller’s proposal and make comparisons among different proposals?

A. Procurement documents

B. Procurement statements of work

C. Teaming agreements

D. Source selection criteria

Answer 5

4.

Correct Answer: D

Question 6

5. Which document provides a description of the work authorized to be performed by a supplier?

A. Project plan

B. Procurement statement of work

C. Responsibility assignment matrix

D. Work breakdown system

Answer 6

5.

Correct Answer: B

Question 7

6. Which document includes the invitation for bid and request for proposal?

A. Procurement statements of work

B. Procurement document

C. Requirements documentation

D. Procurement management plan

Answer 7

6.

Correct Answer: B

Question 8

2. In which contract does the buyer reimburse the seller’s allowable costs (defined by the contract) plus a fee?

A. Firm fixed price plus incentive contract.

B. Cost plus incentive fee contract.

C. Time and materials contract.

D. Cost plus fixed fee contract.

Answer 8

2.

Correct Answer(s):   
 B

D

Question 9

3. In which contract does the buyer reimburse the seller’s allowable costs (defined by the contract) plus a predefined fee?

A. Firm fixed price plus incentive contract.

B. Cost plus incentive fee contract.

C. Time and materials contract.

D. Cost plus fixed fee contract.

Answer 9

3.

Correct Answer: D

Question 10

4. Which is used to evaluate each seller’s proposal and make comparisons among different proposals?

A. Procurement documents

B. Procurement statements of work

C. Teaming agreements

D. Source selection criteria

Answer 10

4.

Correct Answer: D

Question 11

5. Which document provides a description of the work authorized to be performed by a supplier?

A. Project plan

B. Procurement statement of work

C. Responsibility assignment matrix

D. Work breakdown system

Answer 11

5.

Correct Answer: B

Question 12

6. Which document includes the invitation for bid and request for proposal?

A. Procurement statements of work

B. Procurement document

C. Requirements documentation

D. Procurement management plan

Answer 12

6.

Correct Answer: B