IIA-CGAP Exam Practice Test Instant Access

Question 1

___________ is a contract for a supply that does not procure or specify a firm quantity of supplies (other than a minimum or maximum quantity), and that provides for the issuance of orders for the delivery of supplies during the period of the contract. Where as _________ is a contract that may be used to acquire supplies and/or services when the exact times and/or exact quantities of future deliveries are not known at the time of contract award.

ADelivery order, indefinite quantity

BCost-plus-fixed-fee is, Cost-plus-incentive-fee

CCost-reimbursement, Cost sharing

DCost-plus-incentive-fee, Cost sharing

Answer : A

Question 2

Government entities generally have the authority and responsibility to issue and require adherence to their policies and regulations relating to contracts. Accounting and control considerations for contracts include the following given below please choose the correct option:

ADevelopment and approval of a pre-award form to ensure unobligated funds equal to the estimated amount of the contract.

BSpecifications or statement of work describing goods and services to be obtained (including quality standards).

CSettlement of any advances of money and inventories of property in a manner consistent with agency policy or contract conditions.

DAll of the above.

ENone of the above.

Answer : D

Question 3

Some forms or documents that may assist in the contracting process are given below please choose the correct option:

AProcurement request or authorization --- prepared by internal managers.

BProposal --- submitted by interested, prospective contractors.

CContract document --- executed only by authorized internal procurement personnel.

DA & B only.

EAll of the above.

Answer : E

Question 4

Examples of standards language in contracts cover the following areas please choose the correct option:

AConflict of interest disclosure.

BAnti-kickback or non-bribery clause.

CProperty rights of the end product.

DB & C only.

EAll of the above.

Answer : E

Question 5

________can be defined as Contractual agreements can end either naturally (i.e., by reaching the termination date or delivery of the final product) or by other means. Where as ______can be define as the contractor shall maintain adequate accounting records and supporting documents to verify the amounts, recipients, and uses of all payments and funds received in conjunction with the contract for a designated period of time:

AAnti-kickback or non-bribery clause, Right to audit

BConflict of interest disclosure, Anti-kickback or non-bribery clause

CContract termination, Right to audit

DRight to audit, Property rights of the end product

Answer : C

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IIA Certified Government Auditing Professional CGAP Exam Practice Test

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