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