Procurement and Contracting Quiz

What is the process of obtaining goods or services through a contract called?

• Award

• Acquisition

• Bid

• Contract

Which term describes the formal acceptance of a bid or proposal, resulting in a contract?

• Bid

• Acquisition

• Award

• Contract

What is a Blanket Purchase Agreement (BPA)?

• A legally binding agreement between two parties

• A simplified method of filling anticipated repetitive needs for supplies or services

• A document outlining a company's qualifications

• A unique identifier assigned to suppliers

What does the Commercial and Government Entity (CAGE) Code represent?

• A type of contract

• A unique identifier assigned to suppliers and contractors

• A document outlining a company's qualifications

• A contract type where the price is not subject to adjustments

What is the role of a Contracting Officer (CO)?

• To manage government procurement and property

• To administer, enter into, and terminate contracts

• To outline a company's qualifications

• To transfer funds electronically

What does the Federal Acquisition Regulation (FAR) provide?

• Standards for measuring costs in contracts

• Regulations specific to the Department of Defense

• The primary regulation for all federal executive agencies in their acquisition of supplies and services

• A contract type where the price is not subject to adjustments

What is the purpose of an Invitation for Bid (IFB)?

• To gather information about potential solutions

• To obtain pricing information

• To solicit bids when the government knows exactly what it needs

• To support small businesses and entrepreneurs

Which contract type pays the contractor for the labor hours worked?

• Multiple Award Schedule (MAS)

• Labor Hour (LH)

• Performance-Based Contracting (PBC)

• Subcontract

What does the North American Industry Classification System (NAICS) do?

• Classifies business establishments

• Oversees the president's vision implementation

• Collects contractor performance information

• Supports small businesses and entrepreneurs

What is the role of the Office of Management and Budget (OMB)?

• To streamline acquisition processes

• To oversee the implementation of the president's vision

• To provide federal agencies with access to products and services

• To describe the work to be performed under a contract