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Gov Contracting
Gov Contracting
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GOVLMS Business Infrastructure
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Answers
1
The SBA provides microloan funds directly to entrepreneurs.
False
True
2
What does FEDRamp stand for?
D. None of the above
B. Federal Risk and Acquisition Management Pgm
A. Federal Risk and Authorization Management Pgm
C. Federal Risk and Analog Marketing Pgm
3
What is considered a strong personal credit score?
A. 500 or higher
C. 800 or higher
None of the above
B. 700 or higher
4
Businesses can use microloans for:
B. Inventory or supplies
D. All of the above
A. Working capital
C. Furniture
5
_____ Federal Govt can take advantage of adv info tech to reduce procurement costs while increasing efficiency.
C. Cloud computing
D. IT Development
B. Google forms
A. Dropbox
6
Alaska Native Corporation (ANC) means any _____ corporation organized under the laws of state of Alaska.
D. All of the above.
B. Village
A. Regional
C. Group
7
What does UCC stand for?
A. Unfiltered Commercial Corporation
C. Uniform Commercial Corporation
D. Unfiltered Commercial Code
B. Uniform Commercial Code
8
Who should NOT be a member of your advisory board?
D. Someone who refuses to give out confidential information to others
B. Someone who can obtain feedback from outside 5he company
A. Someone who is willing to set aside time to strategize
C. Someone who is unwilling to sign a non-disclosure agreement
9
When is a surety bond required?
C. Any construction contract valued at $150,000 or more
A. Any construction contract valued at $10,000 or more
B. Any construction contract valued at $100,000 or more
D. Any construction contract valued at $200,000 or more
10
What does "P+P+P+P=P" stand for?
B. Prop+Prep+Promo+Perform=Profit
D. Profit+Promo+Prop+Prep=Perf
C. Prep+Promo+Propo+Perf=Profit
A. Prep+Proposal+Perf+Profit=Promo
11
A _is a document signed by the contractor & the surety company to assure the owner the contract will be completed.
C. Surety Bond
D. Guarantee bond
A. Guarantee
B. Promise
12
What is the name of the form that all employees must fill out to verify their Employment eligibility?
D. I-7
C. I-8
B. I-9
A. I-10
13
What state level certification is offered for Women Owned Small Business?
C. WBE
B. WOB
A. WEB
D. WEE
14
Consumer Credit Protection Act protects:
D. None of the above
A. Employees from discharge by employers because their wages are garnished
B. Employers from having to garnish an employee's wages
C. Both A and B are correct
15
Only _____ organizations are eligible for the SBIR/STTR awards.
D. Proprietorship
C. For-profit
A. Non-profit
B. Partnership
16
What is a prime recipient?
A. The recipient of a mentor
D. The entity directly receiving a prime contract
B. The entity directly receiving goods from a subcontractor
C. The entity directly receiving a federal award
17
Who is eligible to receive SBIR & STTR awards?
B. Must qualify as a small business concern
D. All of the above
A. Must be a business
C. Must meet the standards of the GWAC
18
_____ is America's only source solely dedicated to procuring goods and services for government.
A. NSA
C. GSA
D. FSA
B. ASA
19
What is a DUNS number?
D. None of the above
B. Unique number identifies each physical location of bus
A. Unique number that identifies you
C. Unique number identifies physical location of employees
20
What is an NHO?
D. National Hawaiian Organization
B. Native Horticulture Organization
C. Native Hawaiian Organization
A. National Horticulture Organization
21
Posters that you are required to post in offices can be hand-typed and designed however you want.
False
True
22
What is form 941?
D. None of the above
A. Employer's Annual Federal Tax Return
C. Employer's Quarterly Federal Tax Return
B. Employer's Monthly Federal Tax Return
23
What is a mission statement?
D. All of the above
A. Your Purpose statement
C. A memorable phrase
B. A powerful phrase
24
To participate in contract opportunities within the DOD you will need to know your:
D. Both A and B are correct
C. DIN codes
A. NAICS codes
E. Both B and C are correct
B. Fed Supply Group /class codes
25
What non-profit research institutions qualify for the STTR program?
B. Dom non-profit research orgs
E. Both A and C are correct
C. Federally funded R&D centers
A. Non-profit colleges
D. All of the above
26
Uniform Commercial Code (UCC) is adopted by all 50 states to _____.
B. Create uniformity in government contracting
C. Establish stds 4 contractors leaving govt mkt to the commercial mkt
D. Harmonize mkting & adverting commercial comp w social media strategies
A. Harmonize law of sales and other commercial txns across USA
27
Any contract awarded, using other than sealed bidding procedures, is considered a ______.
C. Set aside
D. Surety bond
B. Micro purchase
A. Negotiated contract
28
What does BAA stand for?
C. Broad Agency Announcements
B. Broad Agency Association
D. Better Business Announcements
A. Better Business Association
29
___ percent of federal contract dollars are set aside for small businesses.
D. 43
C. 33
A. 13
B. 23
30
An ANC is:
C. A certification offered to small businesses
B. An Alaska Native Corporation
A. A guideline for all small businesses to follow
D. None of the above
31
What is assistance data?
C. Loans
B. Direct payments
A. Direct grants
D. All of the abovve
32
In order to participate in the SBIR pgm the business must be:
C. Employing no more than 500 employees
B. > 50% owned by a US citizen or permanent resident
A. A for-profit business located in the US
D. All of the above
33
What are the uses of a General Small Business Loan (7a)?
B. Purchase real estate, land or building
C. Refinance existing business debt under certain conditions
D. All of the above
A. Provide working capital for operational expenses, AP, inventory
34
A Vision statement must be:
A. A powerful and memorable phrase
C. A statement used to train your employees
D. Both A and B are correct
B. The Big Picture statement
35
Which of the following is NOT a Workers' Compensation Act for federal employees?
B. The Federal Employees' Compensation Act
C. The Longshore and Harb9r Workers' Compensation Act
D. American Working Farmers' Compensation Act
A. The Energy Employees Occupational Illness Compensation Act
36
The overall audit plan at a major contractor should normally consider requirements for:
A. Completion of current year incurred costs only
B. Completion of prior year audits of incurred costs only
C. Completion of current year and prior year audits of incurred costs
D. None of the above.
37
___ a highly competitive pgm encouraging domestic small biz to engage in Fed Research or R&D that can be commercialized.
C. SBIR pgm
D. All of the above
A. FSRS pgm
B. SBA pgm
38
B Corporations are for-profit companies that strive to make social or environmental change
True
False
39
A startup accelerator pgm that provides tech startups with $50,000 in seed funding, office space, and weekly networking:
B. Amplify
A. 500 Startups
C. Capital Innovators
D. None of the above
40
A firm must register in _____ to participate as a seller in the Federal space.
C. FAR
D. DHEC
A. SAM
B. DAR
41
What are the key stakeholders in FEDRamp?
A. DHS
B. The FedRamp JAB
E. All of the above
C. PMO
D. The Executive Dept and Agencies
42
What is form 941?
A. Employer's Annual Federal Tax Return
C. Employer's Quarterly Federal Tax Return
D. None of the Above
B. Employer's Monthly Federal Tax Return
43
_____ assist women by helping them start and run successful businesses.
B. Women's Business Association
A. Women's Business Recruiters
C. Women's Business Communications Starter
D. Women's Business Centers
44
Which of the following is NOT a form you should file:
C. State Quarterly Payroll Tax Return
A. State Quarterly Tax and Wage Report
B. State Sales and Use Tax
D. State Quarterly Employee Tax List
45
You need to obtain a DUNS number before you can:
C. Bid on furniture and other essentials for your business
D. Bid on government proposals
A. Open your business
B. Bid at auctions
46
What is an EIN?
D. None of the above
C. Employer Internet Notifications
B. Employer Identification Number
A. Easy Interest Notification
47
Which act requires Longshore & Maritime Industry that Worker's Compensation is awarded & available eligible employees?
A. The Longshoring and Harbor Workers' Compensation Act
D. None of the above
B. The Longshoring and Maritime Workers' Compensation Act
C. The Maritime Workers' Compensation Act
48
Where can you go to see what the government spends the most money on?
C. USAfunding.gov
B. USAspending.gov
D. USAleasing.gov
A. USApatent.gov
49
The _____ loan program is the SBA's most common loan program.
C. Accessible Small Business
A. General Small Business
B. Applied Small Business
D. Major Small Business
50
Corporations/Companies, the Annual Federal Income Tax Returns and Annual State Income Tax Returns ahould be filed by:
C. Mar 15th
A. Jan 15th
D. Apr 15th
B. Feb 15th
51
____ occurs when an employee diverts company monies into their own pocket or account.
D. Lying
C. Dishonesty
A. Dishevelment
B. Embezzlement
52
The 8(a) program assists:
A. Native American tribally owned businesses
D. All of the above
B. Native Hawaiian organizations
C. Socially and economically disadvantaged businesses
53
Disability insurance, provided on behalf of businesses, is:
C. Not required in any states
B. Required in some states
D. None of the above
A. Required in all states
54
Which of the following is a goal of the Government Business Incubator Program?
C. Build financial resource capacity
D. All of the above
B. Build out government business infrastructure
A. Obtain a Course Completion Certificate
55
What is the form 940?
B. Annual Federal Unemployment Report
D. Annual Federal Employment Report
C. Annual Federal Employment Return
A. Annual Federal Unemployment Return
56
Two companies that come together and form another company to pursue a contracting opportunity
D. Working
A. Joint Venture
C. Priming
B. Teaming
57
How many crucial questions are there that you should ask yourself before beginning government contracting?
B. 10
C. 5
D. 1
A. 15
58
As part of your long term business strategy, you should prime directly with:
A. Vendors
C. Government Agencies
D. None of the above
B. Employees
59
An ANC is:
A. A guideline for all small businesses to follow
D. None of the above
B. An Alaska Native Corporation
C. A certification offered to small businesses
60
To prevent employees from committing crimes, you should:
E. Both A and B are correct
D. All of the above
B. Check police reports
C. Conduct lie detector test
A. background checks
61
Why is it important to have a state sales tax number?
A. To collect sales tax on goods you sell online
D. None of the above
B. To purchase items by paying a discounted sales tax on them
C. Wholesalers will sell products at inflated prices w/o a sales tax num
62
A joint venture involves working with ___ partnership(s) through a newly formed company.
D. None of the above
B. 2 or more
A. 1
C. 3 or more
63
What does "P+P+P+P=P" stand for?
B. Proposal +Preparation+Promotion+Performance=Profit
D. Profit+Promotion+Proposal+Preparation=Performance
C. Preparation+Promotion+Proposal+Performance=Profit
A. Preparation+Proposal+Performance+Profit=Promotion
64
Your business plan should project _____ years ahead
D. 10 or more
C. 2-3
A. 3-5
B. 5-7
65
What is a transaction (in terms of federal contracting)?
B. Any modifications made to a federal contract
D. Both B and C are correct
E. Both A and B are correct
A. Making a purchase with a federal contractor
C. Any modifications made to a grant
66
Which of the following is a goal of the SBIR program?
B. Meet Federal research and development needs
D. All of the above
A. Stimulate technological innovation
C. Increase private commercial innovations derived Federal R&D funding
67
DCAA auditors are required to have adequate contractor proposals/submittals prior to _________ an audit
B. Starting
A. Submitting
D. Filing
C. Reviewing
68
Which of the following is a goal of the SBIR program?
B. Meet Federal research and development needs
C. Increase private commercial of innovations Fed research & dev funding
D. All of the above
A. Simulate technological innovation
69
A firm's profile in SAM must be updated at least once every _____ months for the profile to stay active.
A. 3
C. 9
B. 6
D. 12
70
What are the 7 keys to success in the government market?
A. Relations, Perform, Prop, Certs, Contracts, Image, Reg
D. None of the above
B. Relations, Perform, Prop, Certs, Image, Reg, Co-opetition
C. Co-opetition, Perform, Prop, Certs, Image, Reg, Admin
71
What is a sub-award?
A. A contract made by prime to sub
B. A grant made by prime to sub
E. Both A and B
D. All of the above
C. The lesser award given to sub after prime award
72
A good equity-based crowdfunding website is:
A. Crowdfunder.com
C. Indiegogo.com
B. Kickstarter.com
D. None of the above
73
What is known as the Goddess of Government contracting?
B. ASKIN ROPP-CC
C. ASERIM COPP-RR
D. ZEUS
A. ASERIM ROPP-CC
74
What can be done using eBuy?
C. Request large dollar items
B. Seek information
D. All of the above
A. Receive quotes on millions of products & services
75
What does UCC stand for?
A. Unfiltered Commercial Corporation
C. Uniform Commercial Corporation
D. Unfiltered Commercial Code
B. Uniform Commercial Code
76
The govt uses many contract methods to buy from businesses. Which is one of those contracting methods?
A. Micro-purchases
C. Sealed bidding
B. Contract negotiations
D. All of the above
77
As a part of your team, you should incorporate a ____ to advertise for your company.
A. Contract Manager
C. Brand Manager
B. Proposal Writer
D. Compliance Manager
78
What are NIGP codes
A. National Institute of Governmental Purchasing Codes
D. None of the Above
C. National Institute of Governmental Pricing Codes
B. National Institute of Governmental Products Codes
79
Only U S businesses are eligible to participate in the STTR program.
False
True
80
Which is a biz development pgm to assist socially & economically disadvantaged small businesses?
A. 5(a)
B. 6(a)
D. 8(a)
C. 7(a)
81
What does DCAA stand for?
D. None of the above
A. Defense Contract Audit Agency
B. Defense Contract Audit Association
C. Direct Contract Audit Association
82
What are G-WACs?
C. Government Wide Acquisition Contracts
B. Government Wide Association Corporations
A. Government Wide Association Contracts
D. Government Wide Acquisition Corporations
83
The DoD issues ___SBIR and ___STTR agency BBA's for proposals annually.
B. 3,2
A. 2,3
C. 2,2
D. 3,3
84
What act was created to specifically protect military service members from discrimination? Past, present, or future
C. USEMFA
A. USERRA
D. USEAAR
B. USERAA
85
Which of the following is the patent that you can obtain for inventing an asexually reproducing new plant?
D. Plant Patent
C. Herbivorous Patent
B. Design Patent
A. Utility Patent
86
Circumstances that may lead to requesting an audit plan include:
B. A contract termination
D. All of the above
C. A new proposal, new contract, or established contract change
A. A customer's request for an audit
87
What date must form 940 and the W-3 forms be submitted by?
B. Jan 1st
D. Jan 31st
A. Dec 1st
C. Dec 31st
88
_____ percent of all federal spending is set aside for WOSB.
D. 20
A. 5
B. 10
C. 15
89
What is co-opetition?
C. Both A and B are correct
A. Working with your competitors to gain a contract
D. None of the above
B. Lowering your prices to beat your competitors to get a contract
90
The most common FAR section used by small businesses is:
A. Subpart 8.4-Federal Supply Schedules
E. All of the above
B. Part 13-Simplified Acquisitions
D. Pt 19-Small Bus Set Asides & Certs
C. Pt 15 - Contracting by Negotiation
91
Davis-Bacon Act: contractors on federally funded contracts in excess of __ for construction or repair public buildings
C. 4 years
D. $4,000
A. 2 years
B. $2,000
92
What does RFP stand for?
C. Request for Product
D. Referral for Packaging
A. Request for Proposal
B. Referral by Preference
93
All of the following invest in or provide investors for startups, EXCEPT:
B. Dream It
C. Amplify
D. Workit
A. 500 Startups
94
What is the form 940?
B. Annual Federal Unemployment Report
C. Annual Federal Employment Return
D. Annual Federal Employment Report
A. Annual Federal Unemployment Tax Return
