Take the quiz, then click on the link below to check your answers.

True or False

Check the Appropriate Answer

1. In order to calculate direct labor hourly wage rates from annual salary figures always divide the annual salary by 1880 hours.

True __________ or False__________

2. To calculate your firms wrap rate, simply add-up all of your indirect rates and use the sum thereof as your rate.

True _____or False ________

3. The government will accept all cost elements in your cost proposal as long as you can prove that they are reasonable and are associated with the Statement of Work.

True_______ or False________

4. Under contracts awarded under the Service Contract Act (SCA), employees working on such contracts are not entitled to holiday pay, unless they work the day before and day after the holiday.

True________ or False_______

5. In structuring your indirect rate budget, all unallowable cost must be removed from individual cost pools and from the associated allocation base.

True________ or False________

6. All government contracting firms must abide by the Cost Accounting Standards (CAS) set forth in the FAR.

True___________ or False__________

7. Burdened Rates are generally used to bill the Government for services rendered.

True ___________ or False___________

Multiple Choice

Circle All That May Apply

1. Which of the following types of contracts are associated with IFB’S?

• a. CPFF
• b. FFP
• c. FPEPA
• d. IDIQ
• e. None of the above

2. Which of the following type’s contracts are associated with IFQ’S?

• a. T&M
• b. FFP
• c. CPIF
• d. CPFF
• e. None of the above

3. The maximum profit that may be charged to a cost-plus-fixed-fee contract is:

• a. 5%
• b. 10%
• c. 15%
• d. 18%
• e. None of the above

4. When an RFP contains an SF 1449 as the cover form, it indicates what method of government procurement?

• a. Simplified Acquisition
• b. Sealed Bid Acquisition
• c. Commercial Acquisition
• d. Negotiated Acquisition

Check your answers>>>

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