Cfcm Study Questions 140 Correctly Answered Questions Latest Update

What is covered by FAR Part 3? (a) Definitions of Words & Terms (b) Administrative Matters (c) The Federal Acquisition Regulation System (d) Improper Business Practices and Personal Conflicts of Interest {Ans: (d) Improper Business Practices and Personal Conflicts of Interest}What is an agreement that is not binding solely because the Government representative who made it lacked the authority to enter into that agreement on behalf of the Government? (FAR 1.602-3) (a) Ratification (b) Deviation (c) Unauthorized commitment (d) Illegal contracting action {Ans: (c) Unauthorized commitment}Which of the following is NOT a consideration appointing officials must make when selecting contracting officers? (FAR 1.603-2) (a) The complexity and dollar value of the acquisitions to be assigned (b) The likelihood of acceptance as an authority figure by the Acquisition Team (c) The candidate's experience, training, and education (d) The candidate's business acumen, judgment, character, and reputation {Ans: (b) The likelihood of acceptance as an authority figure by the Acquisition Team}In the absence of direction (in regards to an item not being specifically addressed in the FAR or other laws), what should the Acquisition team do? (FAR 1.102-4) (a) Feel free to innovate and use sound business judgment, consistent with