Q.1
The fixed price contract is advantageous to the buyer because it:
A.
requires extremely well defined specifications
B.
requires formal procedures for scope changes
C.
contractor assumes financial and technical risk
D.
has a known cost
View Answer
Option: (C)
Q.2
The contract administration function includes:
A.
funding management
B.
managing relationships and interfaces
C.
performance control
D.
All of above
View Answer
Option: (D)
Q.3
The major type(s) of standard warranty(ies) that are used in the business environment is(are):
A.
express
B.
implied
C.
negotiated
D.
a and b
View Answer
Option: (D)
Q.4
A Unit Price (UP) contract provides:
A.
a reimbursement of allowable costs plus a fixed fee which is paid proportionately as the contract progresses
B.
a reimbursement of allowable cost of services performed plus an agreed upon percentage of the estimated cost as profit
C.
the supplier with a fixed price for delivered performance plus a predetermined fee for superior performance
D.
a fixed price where the supplier agrees to furnish goods and services at unit rates and the final price is dependent on the quantities needed to carry out the work.
View Answer
Option: (D)
Q.5
Which phase of the Acquisition Process Cycle does source qualifications reside?
A.
Pre-Award
B.
Award
C.
Post Award
D.
Origination
View Answer
Option: (B)
Q.6
From a contract management perspective, the project manager must consider the:
A.
acquisition process
B.
contract administration
C.
ecological environment
D.
offer, acceptance, and consideration
View Answer
Option: Both a and b
Q.7
A performance bond should always provide what part of the contract value
A.
10 percent
B.
50 percent
C.
25 percent
D.
100 percent
View Answer
Option: (D)
Q.8
Which contract type places the most risk on the seller?
A.
Cost plus percentage fee
B.
Cost plus incentive fee
C.
Cost plus fixed fee
D.
Firm fixed price
View Answer
Option: (D)
Q.9
What are the types of express guarantees?
A.
Design/ mechanical
B.
Field workmanship
C.
Common Work
D.
Length of service
View Answer
Option: both a and b
Q.10
What is the last item a project manager must do to finalize project close-out?
A.
Reassign the team
B.
Contract completion
C.
Archive the project records
D.
Complete lessons learned
View Answer
Option: (B)
