FAC C Certification Exam 89 Questions And Answers
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Terms in this set
89
cost plus any fee or profit applicable to the contract type
price
The process of establishing a reasonable amount or amounts to be paid for supplies or services.
pricing
When contracting on a firm-fixed-price basis, what will usually satisfy the requirement to perform a price analysis?
a comparison of proposed prices
T/F: price to the government shall be evaluated in every source selection
true
acting with or showing care and thought for the future; judicious; wise
prudent
having the necessary ability, knowledge, or skill to do something successfully
competent
o What a contracting professional determines that a price is reasonable, what does that mean?
§ They made a decision that is judicious and wise
§ They made a decision based on their ability, knowledge or skill
§ They made a decision based on what a prudent and competent buyer would be willing to pay
§ They made a decision that is judicious and wise
§ They made a decision based on their ability, knowledge or skill
§ They made a decision based on what a prudent and competent buyer would be willing to pay
They made a decision based on what a prudent and competent buyer would be willing to pay
- used when certified cost or pricing data are not required.
- used to verify that the overall price offered is fair and reasonable.
- used to verify that the overall price offered is fair and reasonable.
price analysis
- used to evaluate the reasonableness of individual cost elements when certified cost or pricing data are required.
-used to evaluate data other than certified cost or pricing data to determine cost reasonableness or cost realism when a fair and reasonable price cannot be determined through price analysis alone.
-used to evaluate data other than certified cost or pricing data to determine cost reasonableness or cost realism when a fair and reasonable price cannot be determined through price analysis alone.
cost analysis
o Price Analysis is used... (select the 2 correct answers):
§ To evaluate the reasonableness of individual cost elements
§ When certified cost or pricing data are not required
§ To evaluate data other than certified cost or pricing data to determine cost reasonableness or cost realism
§ To verify that the overall price offered is fair and reasonable
§ To evaluate the reasonableness of individual cost elements
§ When certified cost or pricing data are not required
§ To evaluate data other than certified cost or pricing data to determine cost reasonableness or cost realism
§ To verify that the overall price offered is fair and reasonable
§ When certified cost or pricing data are not required
§ To verify that the overall price offered is fair and reasonable
§ To verify that the overall price offered is fair and reasonable