Certified Professional Property Administrator (CPPA) Module 3 Practice Test

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• In standards policy, which year marks the revision of OMB Circular A-119 to bolster private-public partnership?
• What does AMD stand for?
• What is the records retention period for non-Federally sponsored projects from the disposal/retirement date of the assets?
• Which of the following is NOT listed as a determinant of the scale and complexity of a warehouse system for stocking consumables?
• What is the desired result of Business System Analysis?
• During an audit for payment, which costs are allowable on a CR contract?
• Which goal focuses on adherence to laws and regulations?
• Which of the following is NOT a way of adding value?
• Which statement describes a requirement for Capital Investment requests regarding documentation?
• Which of the following is one of the six property management goals?
• What does ASTM E2135-04, Standard Terminology for Property and Asset Management define?
• Which statement best describes property management goals?
• Which of the following is NOT a Type of Cost-Reimbursement (CR) contract?
• What is the primary purpose of performing an ABC analysis in inventory management?
• Which statement about a Cost-Plus-Fixed-Fee contract is true?
• Which of the following is information the property manager can provide to maximize the effective acquisition of assets?
• What must the contract types accommodate?
• What is the formula for determining ROP?
• Which category typically requires the most management attention due to high dollar value?
• What is ROQ and when does it take place?
• What is the main difference between a Grant and a Cooperative Agreement?
• What standards are guidelines, established by the organization, for determining in what quantity, when and when items or categories are required?
• Which activity is essential to identifying underutilized property that can be reassigned or pooled to improve efficiency?
• When would a 100% wall-to-wall inventory be required for consumable inventory?
• What does consumables management deal with primarily?
• Which of the following is NOT listed as an attribute of a voluntary consensus standards body?
• What does Category A account for in the ABC plan in a stock account?
• What characterizes a Fixed-Price-Incentive (FPI) contract?
• Which FAR part specifically governs Government Property?
• What is value-added?
• Which statement is true about ROQ?
• Which statement best describes the relationship between property management goals and organizational goals?
• What options might a property manager suggest to upper management during Capital Budget review and why?
• What must the Property Manager do to justify the replacement of items when further expenditure of funds for maintenance is uneconomical?
• What is Lead Time?
• Which of the following is NOT a fixed-price contract type?
• What describes Insured Items in the stock plan?
• Under what authority are local government or commercial business contracts awarded?
• At which step is the depreciation projection created?
• What is requirements determination?
• What is JFMIP-SR-00-4?
• To ensure balance, not more than ____________ of the membership comes from any single category?
• In Federal Government contracting, what prohibits CPPC contracts between prime contractors and subcontractors?
• Which data element identifies the financial account used for charging the capital project?
• What did OMB Circular A-119 accomplish?
• Property management aims to:
• What are parts of a contract?
• What basis is used for cost reduction and productivity improvement prioritization?
• Which of the following is a valid prioritization basis category?
• JFMIP was established in which year?
• What is the records retention period for Federal Government Property from the date of final payment to the vendor?
• What does the general areas of interest of Committee E53 include?
• When should the ROPs and ROQs be reviewed for Category A?
• Which of the following is a common type of agreement often listed alongside contracts and grants?
• What is at the heart of adding value to an organization?
• Where are the 12 approved standards of E53 committee published?
• What is the outcome of proper planning and controlling consumable inventory?
• Which statement best describes the role of ROP and ROQ in the ABC plan?
• Which two departments work together to project the depreciation expense of existing assets and those approved for the next and subsequent fiscal years?
• Which option represents a basic Cost-Reimbursement contract type that reimburses costs?
• Expendables are defined as:
• Which document established a framework guiding federal agencies to engage with voluntary standards and private sector participation?
• Which goal among the six most directly addresses regulatory adherence?
• Which statement best describes risk distribution in a Firm-Fixed-Price contract?
• ROQ often based on?
• The overall objective when selecting a contract type is to diminish risk and increase benefits to which parties?
• What type of organizations often have warehouses that stock consumable items?
• Regular inventories are conducted with frequency and sampling rate based on which factors?
• How is property management defined?
• For TC E53, what agencies are currently included for classifications?
• What is the purpose of the ASTM International Bylaws?
• In a Cost Sharing (CS) contract, does the vendor receive a fee?
• What is the primary focus of property management?
• What was the first tangible step toward achieving a consensus standardization policy for the property industry in 2000?
• When is equipment replacement forecast advisable?
• What does the process of substitutions, additions, or cost increases entail with respect to the capital plan?
• To effectively facilitate Use and Replacement Standards, what must the Property Manager conduct?
• Which statement best describes Category C items?
• Prior to the generation of purchase requisitions for capital investment items involving substitution, additions, or cost increases, what action needs to take place?
• Which of the following is a TC E53 classification?
• The capital planning process begins with which activity?
• Sample inventories for Category A items are conducted how?
• After the overall direction has been established, which group develops internal lists of required capital equipment for integration into the department plan?
• What is an advantage of having a central warehouse for consumables?
• According to OMB A-119, what are voluntary consensus standard bodies?
• What does the NTTAA encourage?
• What is an advantage of Cost-Reimbursement (CR) contracts?
• End of Period and Closure refers to which time frame?
• Which item must a property manager be aware of to determine requirements effectively?
• During the resource allocation process, to whom does the Property Management Office provide concise, complete monthly updates?
• Contract wise, what is the most important part of the job for a Property Manager?
• Which component ensures that what, how much, and when stock should be reordered?
• Which statement best describes the two conditions under the prioritization of support for potential work under new contracts?
• Which two departments collaborate on depreciation projections for existing assets and those approved for the next fiscal years?
• Which statement describes Grants?
• Property Management works with which department to project the depreciation expense of existing assets and those approved for the next and subsequent fiscal years?
• What factors make the ABC Plan work?
• Which of the following is NOT a duty of the Technical Committee E53?
• What are some of the common types of agreements?
• Which goal aligns with meeting performance standards and quality assurance?
• A Cost Contract is primarily used for which activity?
• Which fixed-price type includes an incentive feature?
• A successful consumable program typically starts with establishing what?
• Which additional feature should goals include to ensure timely completion?
• When should the Closeout Letter be received?
• Which are three considerations when stocking consumables?
• Which of the following is NOT a fixed-price contract type?
• How does a carry-over item affect a department's current projected allocation of funds?
• How many approved standards does the 70 members of the E53 committee have jurisdiction over?
• What is a Cost-Plus-Incentive-Fee (CPIF) contract?
• Federal Government contracts are awarded under the authority of which regulation?
• In the ABC selective stock plan, when should items in Category C be ordered?
• When is written notice to the Contracting Officer to exceed the cost ceiling to complete the contract required?
• Which is an advantage of Firm-Fixed-Price contracts?
• Which item is NOT typically included in the business process for most organizations?
• What mechanism does COTCO use to manage standards development and maintenance?
• Under environment, health, and safety prioritization, which best describes its addressed priorities?
• What describes a Profit-Sharing Contract?
• Which of the following best describes the scope of Committee E53?
• What does a Fixed-Price contract with Economic Price Adjustment (FP-EPA) provide?
• Which of the following is included in the scope of Committee E53?
• Contracts are divided into what two broad families?
• In NPMA terminology, what does 'property' refer to?
• When does the Depreciation Projection distribution begin and how is the process described?
• Which item is NOT listed as a data element on the final list of approved capital projects?
• For federal government contracts, which regulatory framework governs the contract?
• When should items in Category A be ordered and why?
• Which of the following is an advantage of a Firm-Fixed-Price contract?
• Which step in the requirements determination process involves Department Submissions?
• Where does the greatest financial risk fall in a Firm-Fixed-Price (FFP) contract?
• Which category's sample inventories are conducted most frequently?
• What does Category B account for in the ABC plan in a stock account?
• What is a fixed-price contract with retroactive price redetermination?
• What was Committee E53 charged with as their first task once established via a partnership between the NPMA and ASTM International?
• Which goal is primarily about avoiding delays by completing tasks promptly?
• What is a Blanket Purchase Agreement commonly viewed as?
• What level should the Safety Stock be for Category A stock account?
• In the context of voluntary consensus standards, 'consensus' means?
• Who makes required adjustments to the individual department allocations during the Capital Budget Review and communicates them to the coordinating office?
• What are replacement standards?
• Between Firm-Fixed-Price (FFP) and Cost-Plus-Fixed-Fee (CPFF), which is easiest to understand and administer, and why?
• If a goal is to reduce expenses while maintaining service levels, which goal is this?
• Consumables management in large organizations typically involves which of the following?
• Which department houses the National Institute of Standards and Technology (NIST)?
• To be effective as a Property Manager administering their portion of a contract, what is essential?
• Consumable management has two equally important objectives. Which option best captures these two objectives?
• Which department retains the final projection for depreciation along with supporting details to be made available for review by audit agencies and parent organizations?
• Centralized purchasing in a central warehouse offers which benefit?
• If items improve productivity or are needed for new business, to which priority category should they be placed?
• Capital items are defined as which of the following?
• Which facet of contract property management is most associated with closeout actions like receiving the Closeout Letter?
• Which statement best describes the overall purpose of stocking consumables in a centralized warehouse?
• When managers develop lists for Developing Requirements, what do these lists contain?
• What is the obvious disadvantage of a central warehouse for consumables?
• When are Cost-Reimbursement contracts suitable?
• In a Firm-Fixed-Price, Level-of-Effort (FFP-LOE) contract, what is required and how is payment determined?
• Which statement is true about the out-year depreciation before budget data formulation?
• Which statement best describes a key objective of capital planning in relation to current commitments?
• What does the acronym OMB stand for?
• Which statement best describes CPFF contracts?
• In a Firm-Fixed-Price (FFP) contract, which party bears the maximum risk and full responsibility for all costs and any resulting profit or loss?
• What action needs to be determined by the requesting department when making a decision on substitution, addition, or cost increase and how it will affect the Capital Investment Plan?
• Which publication or authority assigns the supervision of standards activities to COTCO?
• A consumables program cannot exist without which of the following components?
• What are the two types of Fixed-Price Redetermination contracts?
• The memorandum of understanding between ANSI and NIST was signed in what year?
• Which data elements are listed on the final list of approved capital projects provided to the respective departments that are required when purchase requisitions are initiated?
• What two actions can reduce costs relative to productivity gains?
• Under prioritization of environment, health, and safety, which statements are stated?
• Which classification is explicitly listed for TC E53?
• What is Safety Stock?
• The NTTAA promotes participation of federal representatives in standards bodies to ensure standards meet needs of which sectors?
• What is the main determination when selecting which contract is best?
• Which statement reflects typical tools used in Business System Analysis?
• What happens to funds allocated for a potential new contract if the contract does not develop?
• Which of the following is a responsibility of COTCO with respect to standards development and maintenance by TCs?
• After equipment and general-purpose facility item requirements have been determined, what is the next step in the Determination of Capital Items?
• The majority of information identified during requirements determination is compiled as part of which process?
• Which goal would most directly affect the health and safety of residents and staff?
• Which goal requires coordination and cooperation among the property management team?
• What is Re-order Point (ROP)?
• What does the depreciation projection involve?
• What does the ABC plan measure?
• A Cost Contract is used for which work?
• Which statement correctly describes where the capital planning process begins?
• What determines whether an item is capitalized or expensed?
• When may Cost-Reimbursement contracts be used?
• What does the acronym JFMIP stand for?
• Which of the following is listed as a prioritization basis category?
• What is the role of upper management in relation to adjustments to department allocations during the Capital Budget Review?
• For Category C stock, what level of safety stock is expected given the low dollar investment?
• What is the primary purpose of the depreciation projection in the capital budget process?
• What does a fixed-price contract with prospective price redetermination provide?
• What basis is given at the department level to prioritize the necessary investment items?
• When was ASTM E2135-04 published?
• Which statement is true about ROP?
• What should be used when 'use or replacement standards' have not be established?
• Under what conditions is a CPFF contract typically used?
• Which statement describes the purpose of periodic analysis of new personal property items?
• Which combination correctly describes fixed-price contracts?
• Which goal emphasizes collaboration among staff to achieve objectives?
• What is the OMB definition of the term 'standard'?
• In a Firm-Fixed-Price contract, the greatest financial risk falls on which party?
• What does the acronym FFP stand for?
• Which step follows Department Submissions in the process outline?
• Which organization is responsible for promoting voluntary consensus standards and conformity assessment systems in the United States?
• Which contract type is most suitable when contingencies require price protection, allowing price to adjust accordingly?
• What is the purpose of a consumables tracking system?
• Which two organizations partnered to establish TC E53 on Property Management Systems?
• When should items in Category B be ordered?
• What is an important feature of a cost-reimbursement contract?
• When the requisition is based on the approval of a written justification, what is the disposition of the justification?
• Taken individually, consumables items represent insignificant amounts of money... taken together, what do consumables present?
• What is Cost-Plus-Fixed-Fee (CPFF) contract?
• What is the purpose of Unit of Measure and Unit of Issue?
• The strengthening of the private-public partnership was achieved by revising which circular and in what year?
• Which duty helps prevent conflicting standards?
• What is a sub-award?
• Who determines interpretations of standards within E53's scope, if applicable?
• In a Cost-Plus-A-Percentage-of-Cost (CPPC) contract, how is profit determined?
• Which Cost-Reimbursement contract type includes an incentive component?
• Which of the following is NOT typically a factor in choosing a contract type?
• In Cost Sharing (CS) contracts, how is the vendor compensated?
• Safety Stock definition?
• Insured Items can include all of the following characteristics except which?
• Which of the following is NOT listed as a value-added activity in the property function?
• Which statement about fixed-price contracts is true?
• Why might safety stock for Category C be large despite a low dollar investment?
• Which factors determine the type of agreement to be selected for a given project?
• Category B accounts for approximately what percent of dollar value and stock records?
• What is an effective way to find waste and identify opportunities in the property management function and the overall business process?
• Which metric defines the 'return' used in cost reduction and productivity improvement prioritization?
• What characterizes a Cost-Plus-Award-Fee (CPAF) Contract?
• Value-added is best described as?
• NTTAA bridged the gap between which groups?
• Category C makes up which portion of items in stock records?
• When a requisition is based on a written justification, where must the justification be placed?
• If property must be acquired to meet organizational objectives, who should be involved from the beginning in the planning process?
• Which goal focuses on managing expenses while maintaining service?
• Category C items typically receive what level of management attention due to their impact?
• Who is responsible for incorporating provisions into the contract covering control, use, disposition, etc., of contract-accountable property?
• Which of the following describes a role the Property Manager plays in resource allocation?
• What is a contract?
• During the resource allocation process, which action involves departments submitting a single list of requested projects?
• Which characteristic should property management goals have to be measurable and trackable?
• What is the most distinctive feature of a Cost-Reimbursement (CR) contract?
• Under a CPFF contract, which factor is most uncertain and contributes to cost risk?
• Requirement determination for consumable stock begins with which assessment?
• What should the capital budget review include according to property management?
• Which of the following best describes the overall cost objective of Property Management?
• What is the task of Property Management?
• Which act is known as the National Technology Transfer and Advancement Act of 1995 (NTTAA)?
• Which two items are necessary to maintain proper stock levels?
• Which of the following is part of the steps Business System Analysis generally incorporates?
• The MOU between ANSI and NIST aimed to strengthen which system?
• What is another name for Cost-Reimbursement (CR) contracts?
• What is the primary objective of property management?
• In a Fixed-Price-Incentive contract, the final price is influenced by the relationship between which two costs?
• Property requested should be compatible with which of the following?
• What level should the Safety Stock be for Category B stock account?
• Which code is used for public sector purchasing?
• What Lead Time is used for computing the ROP?
• Which items are not included in the ABC plan control?
• Contracts are divided into two broad families?
• What is the primary goal of the American National Standards Institute (ANSI)?
• Which goal is primarily associated with the speed of completing tasks?
• When should requisitions for capital equipment be submitted for inclusion into the next fiscal year's budget?
• Which item is not among the standard property management goals?
• In a Cost-Plus-Fixed-Fee (CPFF) contract, who bears the greatest financial risk?
• What is meant by boilerplate in contract practice?
• In the ABC stock plan, Category C accounts for what percentage of the dollar value and what percentage of items?
• Which step is the third in the process outline for requirements determination?
• For which description best matches the maintenance and replacement category?
• Who is responsible for developing written policies for marking, retention, and purging of documents in contract property management?
• Which statement about Life-Cycle Management is correct?
• What does NTTAA stand for?
• How often should ROPs and ROQs be reviewed for each category in the ABC Selective Stock Plan?
• What is a Bailment Agreement?
• What is considered a carry-over project?
• Approximately, how many members are on the E53 committee?
• What does the COTCO manage?
• Which principle guides the prioritization of needs in the planning process?