Con 2370 Simplified Acquisition Procedures Exam Questions (50 Terms) With Verified Definitions Updated 2024

T03.E02 You are the contracting officer for a firm-fixed-priced services contract valued at $195,400. Which one of the following statements about closeout is correct? {Ans: The contract is considered closed once you've received evidence of receipt of receipt of property and final payment.}T03.E01a You are the contracting officer for a noncommercial supply contract valued at $155,600. Which one of the following actions would be executed using a bilateral modification? {Ans: Making a negotiated equitable adjustment}T02.E01b You have a requirement for a purchase with an estimated value of $8,700. Which one of the following describes the competition requirement for this acquisition? {Ans: There is no requirement for competition if the price is considered reasonable.}T02.E01d You are the contracting officer for a requirement for a commercial product with and estimated value of $6,200. none of the exceptions in FAR 5.202 apply. Which one of the following correctly describes the requirement for publicizing this proposed contract action.? {Ans: There is no requirement to publicize this action}T01.E03 Which one of the following mandatory Government sources is the first priority for satisfying a requirement for supplies? {Ans: Inventories of the requiring agency}T03.E02 You are the contracting officer for a firm-fixed-priced