FAR PART 2 A

Question 1

What does FAR stand for?

Answer 1

Federal Acquisition Regulation

Question 2

Which part of the FAR deals with definitions?

Answer 2

Part 2

Question 3

True or False: FAR Part 2 provides definitions for key terms used in federal procurement.

Answer 3

True

Question 4

Fill in the blank: FAR Part 2 defines a __________ as a contract that is a binding agreement between two or more parties.

Answer 4

contract

Question 5

What is the definition of ‘Acquisition’ according to FAR Part 2?

Answer 5

The acquiring by contract with appropriated funds of supplies or services.

Question 6

Multiple Choice: Which of the following is NOT a type of contract defined in FAR Part 2? A) Fixed-price, B) Cost-reimbursement, C) Time and materials, D) Open-ended

Answer 6

D) Open-ended

Question 7

What does the term ‘Contracting Officer’ mean in FAR Part 2?

Answer 7

A person with the authority to enter into, administer, and terminate contracts.

Question 8

True or False: A ‘Small Business’ is defined in FAR Part 2 as a business concern that is independently owned and operated.

Answer 8

True

Question 9

What is the meaning of ‘Procurement’ in the context of FAR Part 2?

Answer 9

The process of obtaining supplies or services.

Question 10

Multiple Choice: Which term refers to the dollar amount at which a contract is awarded? A) Contract Ceiling, B) Contract Value, C) Contract Amount, D) Contract Price

Answer 10

D) Contract Price

Question 11

Fill in the blank: FAR Part 2 defines a __________ as an agreement between two or more parties to exchange goods or services.

Answer 11

contract

Question 12

What is the significance of ‘Simplified Acquisition Threshold’ in FAR Part 2?

Answer 12

It is the dollar threshold for using simplified acquisition procedures.

Question 13

True or False: The term ‘Service’ encompasses both labor and materials provided in FAR Part 2.

Answer 13

True

Question 14

What does ‘Market Research’ mean according to FAR Part 2?

Answer 14

The process of collecting and analyzing information about the market for supplies and services.

Question 15

Multiple Choice: Which of the following is a key purpose of definitions in FAR Part 2? A) To confuse users, B) To ensure clarity and consistency, C) To limit contract types, D) To increase procurement costs

Answer 15

B) To ensure clarity and consistency

Question 16

What does ‘Cost-Reimbursement Contract’ mean in FAR Part 2?

Answer 16

A contract under which the contractor is reimbursed for allowable costs incurred in performance.

Question 17

Fill in the blank: A __________ is a person authorized to make decisions regarding the procurement process.

Answer 17

Contracting Officer

Question 18

True or False: FAR Part 2 includes definitions for both terms and acronyms used in procurement.

Answer 18

True

Question 19

What does ‘Sole Source’ mean in the context of FAR Part 2?

Answer 19

A procurement method where a contract is awarded without competition.

Question 20

Multiple Choice: Which of the following is a type of contract that allows for the contractor to receive payment based on the cost of labor and materials? A) Fixed-price, B) Cost-plus, C) Time and materials, D) Both B and C

Answer 20

D) Both B and C

Question 21

What is the definition of ‘Commercial Item’ according to FAR Part 2?

Answer 21

Any item that is sold in substantial quantities to the general public.

Question 22

True or False: The definitions in FAR Part 2 are binding and must be adhered to in federal procurement.

Answer 22

True

Question 23

What does ‘Breach of Contract’ refer to in FAR Part 2?

Answer 23

A violation of any of the agreed-upon terms and conditions of a binding contract.

Question 24

Fill in the blank: A ‘__________’ is an organizational unit that has the authority to make purchases.

Answer 24

Contracting Activity

Question 25

Multiple Choice: Which term is used to describe the legal process of obtaining goods and services for the government? A) Acquisition, B) Procurement, C) Contracting, D) All of the above

Answer 25

D) All of the above

Question 26

What does 'Performance-Based Contracting' mean in FAR Part 2?

Answer 26

A contracting approach that focuses on the results to be achieved rather than the methods of performance.

Question 27

True or False: FAR Part 2 is applicable only to federal agencies.

Answer 27

True

Question 28

What is meant by 'Contract Modification' in FAR Part 2?

Answer 28

A written change to the terms of a contract.

Question 29

Fill in the blank: A __________ is a government document that outlines the requirements for a procurement.

Answer 29

solicitation

Question 30

Multiple Choice: Which of the following is a benefit of using the definitions provided in FAR Part 2? A) Greater ambiguity, B) Increased clarity, C) Longer procurement processes, D) Higher costs

Answer 30

B) Increased clarity

Question 31

What does 'Termination for Convenience' mean according to FAR Part 2?

Answer 31

The right of the government to terminate a contract without cause.

Question 32

True or False: 'Subcontractor' is defined in FAR Part 2 as an entity that performs part of the work under a contract.

Answer 32

True

Question 33

What is the meaning of 'Bid' in the context of FAR Part 2?

Answer 33

An offer submitted in response to a solicitation.

Question 34

Fill in the blank: A '__________' is a procurement method where the government solicits proposals from multiple sources.

Answer 34

competitive acquisition

Question 35

Multiple Choice: Which of the following contracts is typically used for research and development? A) Fixed-price, B) Cost-reimbursement, C) Indefinite delivery, D) All of the above

Answer 35

B) Cost-reimbursement

Question 36

What does 'Indefinite Delivery Contract' mean in FAR Part 2?

Answer 36

A contract that provides for an indefinite quantity of supplies or services during a fixed period.

Question 37

True or False: FAR Part 2 includes definitions for terms related to both contracting and procurement.

Answer 37

True

Question 38

What is the definition of 'Negotiated Procurement' according to FAR Part 2?

Answer 38

A method of procurement in which proposals are solicited and negotiated with one or more sources.

Question 39

Fill in the blank: A __________ is a formal request for proposals from potential suppliers.

Answer 39

solicitation

Question 40

Multiple Choice: Which term refers to a person or entity that submits a bid or proposal? A) Offeror, B) Bidder, C) Contractor, D) All of the above

Answer 40

D) All of the above

Question 41

What does 'Best Value' mean in the context of FAR Part 2?

Answer 41

A method of selecting a contractor based on the best combination of price and performance.

Question 42

True or False: 'Contract Administration' is the process of managing the performance of a contract.

Answer 42

True

Question 43

What is the meaning of 'Labor Standards' in FAR Part 2?

Answer 43

Regulations that establish minimum wage and working conditions for laborers.

Question 44

Fill in the blank: The __________ is the person responsible for overseeing the procurement process.

Answer 44

Contracting Officer

Question 45

Multiple Choice: Which of the following is NOT a factor in determining the appropriate contract type? A) Risk, B) Price, C) Duration, D) Size of the contractor

Answer 45

D) Size of the contractor

Question 46

What does 'Conflict of Interest' refer to in FAR Part 2?

Answer 46

A situation where a person has competing interests that may influence their decision-making.

Question 47

True or False: FAR Part 2 defines 'Contractor' as an entity that provides goods or services under a government contract.

Answer 47

True

Question 48

What is the definition of 'Incentive Contract' according to FAR Part 2?

Answer 48

A contract that provides for an incentive to the contractor to perform better than the minimum requirements.

Question 49

Fill in the blank: A __________ is a document issued by the government to request bids or proposals.

Answer 49

solicitation

Question 50

Multiple Choice: Which term is used to describe the process of reviewing and evaluating bids or proposals? A) Bid Review, B) Proposal Evaluation, C) Source Selection, D) Bid Comparison

Answer 50

C) Source Selection

Question 51

What does 'Administrative Contracting Officer' mean in FAR Part 2?

Answer 51

A contracting officer responsible for the administration of contracts after award.

Question 52

True or False: 'Contractor Performance Assessment Reporting System (CPARS)' is a tool mentioned in FAR Part 2.

Answer 52

True

Question 53

What is the meaning of 'Subcontract' in the context of FAR Part 2?

Answer 53

An agreement between a contractor and another party to perform part of the work under a contract.

Question 54

Fill in the blank: A __________ is a method of procurement that emphasizes performance outcomes over process.

Answer 54

Performance-Based Contract

Question 55

Multiple Choice: Which of the following defines 'Best Value' in procurement? A) Lowest price, B) Best combination of price and quality, C) Fastest delivery, D) Most experienced contractor

Answer 55

B) Best combination of price and quality

Question 56

What does 'Cost Sharing' mean according to FAR Part 2?

Answer 56

A method of funding where both the government and the contractor share the costs of a project.