What is the purpose of the Federal Acquisition Regulations (FAR)?

• To regulate contract payments

• To establish uniform policies and procedures for acquisition

• To create standards for contract pricing

• To control federal budget allocations

True or False: FAR Part 2 provides official definitions for terms used throughout the FAR.

• True

• False

Which of the following is a prohibited business practice under FAR Part 3?

• Accepting gifts from contractors

• Conducting sealed bidding

• Simplified acquisitions

• Using cost-reimbursement contracts

FAR Part 4 establishes policies for the __________ of contracts and files related to government procurement.

• Documentation

• Termination

• Evaluation

• Negotiation

What is the primary goal of publicizing contract actions as outlined in FAR Part 5?

• To ensure transparency in government procurement

• To limit competition among contractors

• To expedite the procurement process

• To reduce the cost of government contracts

Which of the following methods of contracting does FAR Part 6 emphasize?

• Sole-source contracts

• Limited competition contracts

• Full and open competition

• Emergency acquisitions

What is one of the primary documents required for acquisition planning under FAR Part 7?

• Contracting Officer’s Guide

• Independent Government Estimate (IGE)

• Acquisition Plan

• Contractor Performance Evaluation

True or False: FAR Part 8 mandates the use of Federal Supply Schedules for many supplies and services.

• True

• False

Under FAR Part 9, what is the purpose of contractor responsibility determinations?

• To verify the lowest bid

• To ensure contractors are qualified and capable of performing

When should market research be conducted according to FAR Part 10?

• Only for contracts exceeding $10 million

• When requested by the Contracting Officer

• Before developing new acquisitions

• After contract award