Sample Test 7

1. Federal Procurement and Federal Assistance can both be used for solely supporting a nonfederal
party in the conduct of a public or private program.
a. True
b. False

2. The overall guiding principle of __________ is to have an acquisition system that can
satisfy customer's needs yet minimize administrative overhead without sacrificing integrity,
fairness, openness and public policy objectives.
a. Federal Commons
b. Grants.gov
c. Egrant
d. FAR
e. None of the above.

3. In order for a contractor to be awarded a federal contract, he must comply with the
provisions set forth by (choose all that apply):
a. Federal Commons
b. Grants.gov
c. FAR
d. Egrant
e. None of the above

4. Which of the following aims at deterring subcontractors from making payments and
contractors from accepting payments for the purpose of improperly obtaining or
rewarding favorable treatment in connection with a prime contract or a subcontract relating
to a prime contract?
a. The Anti-Kickback Act of 1986
b. The Anti-Corruption Act of 1986
c. The Anti-Kickback Act of 1988
d. The Anti-Corruption Act of 1988
e. None of the choices.

5. It is the ___________ that dictate the way in which a contractor must maintain its
accounting system.
a. CAS
b. GASB
c. GSP
d. IAS
e. None of the choices.

6. Which of the following acts would require that certain contracts contain a clause specifying
that no laborer or mechanic doing any part of the work contemplated by the contract would
be required or permitted to work more than a certain number of hours in any workweek?
a. Contract Work Hours and Safety Standards Act
b. Contract Work Safety Act
c. Contract Work Health Standards Act
d. Privacy Act of 1974
e. Freedom of Information Act
f. There is no such act.
g. None of the choices.

7. The Walsh-Healey Public Contracts Act deals with issues on (choose all that apply):
a. minimum wages
b. maximum hours
c. child labor
d. convict labor
e. safe and sanitary working conditions

8. When an agency contracts for the design, development, or operation of a system of records
on individuals on behalf of the agency to accomplish an agency function, the agency must
apply the requirements of which of the following acts?
a. Contract Work Safety Act
b. Contract Work Health Standards Act
c. Privacy Act of 1974
d. Privacy Act of 1978
e. Freedom of Information Act of 1982
f. None of the choices.

9. One may use what kind of clause to require that one party indemnify the other when certain
expenses are incurred?
a. indemnity
b. saving
c. liquidated damage
d. time is of the essence
e. costs are of the essence
f. None of the choices.

10. Which of the following is an important tool you may use to measure and track the flow of
cash into and out of your operation?
a. cash flow statement
b. balance sheet
c. profit account
d. trial balance
e. None of the choices.


ANSWERS:
1. b.; 2. d; 3. c. 4. a;5. a; 6. a; 7. ALL, 8. c; 9. a; 10. a.