IIA-CGAP Practice Questions| TestInsights

Question 1

_________ is a contract that provides for payment of allowable incurred costs to the extent prescribed in the contract. Where as ___________ a cost-reimbursement contract in which the contractor receives no fee and is reimbursed only for an agreed-upon portion of its allowable costs:

ACost sharing, Cost-plus-incentive-fee

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

CCost-reimbursement, Cost sharing

DCost-plus-incentive-fee, Cost sharing

Correct : C

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ACost sharing, Cost-plus-incentive-fee

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

CCost-reimbursement, Cost sharing

DCost-plus-incentive-fee, Cost sharing

Question 2

________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

Correct : C

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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

Question 3

Privatization can be defined as the process of returning to the private sector property or functions previously owned or performed by government. All of the Following are basic forms of government privatization EXCEPT:

ASale of government assets (such as selling public housing units to tenants).

BPrivate financing of public facilities (examples are toll highways in Virginia and California).

CVoucher privatization - shares of ownership are distributed to all citizens, usually for free or at a very low price.

DPrivate provision of services (such as trash collection, prisons, or auditing).

Correct : C

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ASale of government assets (such as selling public housing units to tenants).

BPrivate financing of public facilities (examples are toll highways in Virginia and California).

CVoucher privatization - shares of ownership are distributed to all citizens, usually for free or at a very low price.

DPrivate provision of services (such as trash collection, prisons, or auditing).

Question 4

Following are the advantages of privatization listed below please choose the correct option:

AIncreased potential for corruption and fraud as services are outsourced to multiple firms.

BReduced control over services as services are outsourced to multiple firms.

CLimited numbers of potential vendors (increased costs).

DMore responsiveness to service consumers and more metrics to measure performance as profit incentives are introduced.

Correct : D

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AIncreased potential for corruption and fraud as services are outsourced to multiple firms.

BReduced control over services as services are outsourced to multiple firms.

CLimited numbers of potential vendors (increased costs).

DMore responsiveness to service consumers and more metrics to measure performance as profit incentives are introduced.

Question 5

_______ can be defined as Bids shall be evaluated without discussions. Evaluations should be fairly apparent since price and price-related factors are the prevalent criteria. Where as________ can be defined as bidders must submit sealed bids to be opened at the time and place stated in the solicitation for the public opening of bids:

APublicizing the invitation for bids, Preparation of invitations for bids.

BEvaluation of bids, Submission of bids

CPreparation of invitations for bids, Submission of bids

DAll of the above.

Correct : B

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APublicizing the invitation for bids, Preparation of invitations for bids.

BEvaluation of bids, Submission of bids

CPreparation of invitations for bids, Submission of bids

DAll of the above.

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