CLC 056: Analyzing Contract Costs Exam (contains 73 questions)

CLC 056: Analyzing Contract Costs Exam (contains 73 questions)

1.) Which of the following must be true to properly classify a cost as an “other direct cost”?

2.) Which of these statements below is correct regarding the criteria for classifying a special test equipment cost as an "other direct cost”?

3.) What is the most common base for calculating the General and Administrative (G&A) overhead rate?

4.) What two costs elements are required [Identify the process of [Remediation to calculate an indirect cost rate?

5.) In which of the following phases does the contractor determine actual indirect cost rates?

6.) Which of the following situations would you most likely employ linear regression techniques?

7.) Which regression method would be used when there is more than one independent variable?

8.) Identify the situation where you would use simple linear regression.

9.) Which variable is also considered the independent variable?

10.) Which of the following situations would the use of improvement curve analysis likely be useful in evaluating proposed costs?

11.) What is the first step in conducting improvement curve analysis?

12.) Given the following improvement curve data, calculate the cost objective for unit #64.

•   Labor hours for unit #32: 42,000 hours

•   Labor hours for unit #1: 79,000 hours

•   Rate of improvement: 20%

•   Improvement curve slope: 80%

13.) Which of the following are factors used in calculating the Facilities Capital Cost of Money (FCCOM) amount?

14.) Which of the following statements is [Identify the factors [Remediation true concerning profit/fee calculations?

15.) When calculating profit/fee, how is the “performance risk (composite)” calculated?

16.) What would be the maximum fee you might negotiate for a cost plus fixed fee contract for advisory and assistance services contract?

17.) Which of the following factors is critical to a successful negotiation?

18.) What is the negotiation term that reflects each party emphasizing the long term effects and benefits as well as both parties defining their interests to be achieved in conjunction with the outcome?

19.) What is an important driver to a successful negotiation?

20.) What is the single most important decision the Contracting Officer must make to mitigate cost risk?

21.) Each Price Negotiation Memorandum must contain which of the following?

22.) According to FAR 15.4, which of the following is one of the two most preferred price analysis techniques?

23.) What is Certified Cost or Pricing Data subsequently found to have been inaccurate, incomplete, or noncurrent known as?

24.) Which of the following situations are considered exempt from the submission of Certified Cost or Pricing Data?

25.) When the Contracting Officer has relied on certified cost or pricing data in the price determination, which of the following statements is true?

26.) Which of the following situations would exempt a contract or subcontract from CAS coverage?

27.) Which contract clause is inserted in contracts that are subject to full CAS coverage?

28.) What is the definition of a [Identify the purpose of a [Remediation Disclosure Statement?

29.) A cost is allowable if it is: 

30.) A cost is allocable if it:

31.) Which of the following is the best method for [Determine if a cost is [Remediation determining if a proposed cost is reasonable?

32.) When is it most appropriate to document or model a contractor’s proposal?

3.) When is it most appropriate to document or model a contractor’s proposal?

34.) The cost accounting systems that are used by a contractor manufacturing a number of identical units for multiple customers are:

35.) The purpose of an audit is to:

36.) How may you request an audit?

37.) Select the item below that would likely be categorized as a Direct Material cost.

38.) Which of the following is true about analyzing summary cost estimates?

39.) Identify when cost analysis is required.

40.) Identify the correct definition of “Cost Realism Analysis.”

41.) Which of the following is known as a “Questioned Cost”?

42.) Which sampling technique is used to focus on high-value items?

43.) Which of the following is an effective use of stratified sampling?

44.) When material prices may vary significantly from current inventory values, which estimating method should be used?

45.) You are preparing to negotiate a service task for routine maintenance of Government equipment. A sample of 25 records for similar maintenance tasks indicates that the average time required to perform similar maintenance tasks has been six hours and 40 minutes. How can you use this

46.) When given a set of data that appears to contain outliers, which measure of central tendency is most appropriate to use?

47.) When calculating the confidence interval, why is the sample standard deviation used to derive the standard error of the mean?

48.) How do you apply the decrement factor if you find that the contractor appears to have overestimated the proposal price?

49.) Given the following data, calculate the sample median. Sample data: 17, 16, 17, 16, 17, 18, 18

50.) Which of the following would be a proper method of determining the reasonableness of a contractor’s proposed labor hour estimate?

51.) Which of these situations warrants the use of a round-table estimate?

53.) Which of the following is a grouping of all positions that share the same title and pay level?

54.) Which of the following is a grouping of all positions that share the same title and pay level?

55.) For which of the following procurements would you require certified cost or pricing data?

Analyzing Contract Costs Exam (contains 18 questions)

1.  Which of the following is an indirect cost pool?

2. Identify the formula for calculating indirect cost rates.

3. 3.) Which regression method assumes a linear relationship between the dependent and independent variables?

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