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Question 1

If defective pricing is discovered after award:

Options :

A : The Government has no recourse

B : The contractor determines the amount of increase and bills the Government

C : The Government is entitled to a price adjustment if the amount is significant

D : A 15% penalty applies to any overpayment attributable to the contractor-s error

Answer: C

Question 2

Which of the following is an example of a contract under which contractors could be authorized to use Government supply sources?

Options :

A : Government firm-fixed price contract

B : Contract under the Javits-Wagner-O'Day Act

C : A negotiated contract with a contractor that has no other Government cost-reimbursement type contracts

D : Time and materials contracts for repair of commercial equipment

Answer: B

Question 3

There are two value engineering approaches, the:

Options :

A : Contractor approach and the Government program

B : Government approach and the contractor program

C : Incentive approach and the mandatory program

D : Mandatory approach and the incentive program

Answer: C

Question 4

Which of the following is the name of GSA's electronic system which allows ordering activities to post requirements, obtain quotes, and issue orders electronically:

Options :

A : GSA Advantage!

B : GSA Stock

C : E-Buy

D : Customer Supply Center

Answer: C

Question 5

The contracting officer's certification can serve as approval of the justification for other than full and open competition for a proposed contract NOT exceeding

Options :

A : $25,000

B : $550,000

C : 1,500,000

D : $5,000

Answer: B