CMBOK Training CMS – P2 0 123456789101112131415 Welcome, ! You’re about to begin the CMBOK Training CMS – P2 quiz, which contains 15 questions.You will have 22 minutes 30 seconds to complete it, so make sure you’re ready! Best of luck — give it your best shot! ⏱️ Time’s up, !The CMBOK Training CMS – P2 quiz has ended.Your responses have been submitted automatically. Thank you for participating — we hope you did your best! Created by aboozarkordi CMBOK Training CMS – P2 1 / 15 1. A research contract pays the contractor for a specified level of effort over time rather than for a defined end product. Which fixed-price contract is this? A) FPIF B) FFP C) CPFF D) FPLOE Fixed-Price Level-of-Effort is used when effort, not outcome, is the deliverable. 2 / 15 2. A production contract establishes a target cost, target profit, sharing ratios, and a ceiling price. The buyer wants to motivate efficiency while limiting total exposure. Which contract type does this represent? A) FFP B) CPIF C) FP/EPA D) FPIF These elements define a Fixed-Price Incentive (Firm Target) contract. 3 / 15 3. A multi-year support contract allows price renegotiation at predefined future intervals based on updated cost data. Which contract type is indicated? A) FPPRR B) FPIF C) FPPR D) CPIF Fixed-Price with Prospective Redetermination resets prices for future periods only. 4 / 15 4. A cost-reimbursement contract includes a formula that adjusts contractor profit based on actual cost performance relative to a target. Which type is this? A) CPFF B) CPAF C) CPIF D) CPPC This is the defining characteristic of CPIF contracts. 5 / 15 5. A contract is awarded with the understanding that the final price will be negotiated after performance is completed because costs cannot be estimated upfront. Which fixed-price variant applies? A) CPFF B) FPPR C) FPPRR D) FPIF Fixed-Price with Retroactive Redetermination sets the final price after completion. 6 / 15 6. A buyer cannot accurately estimate the duration or scope of work and agrees to pay fixed hourly rates plus materials used. Which contract type applies? A) FPIF B) T&M C) FPLOE D) CPFF This describes a Time-and-Materials contract. 7 / 15 7. A long-term fuel supply contract includes a clause allowing price adjustments based on a published inflation index due to market volatility. Which fixed-price variant is being used? A) FPIF B) FP/EPA C) CPIF D) FFP Fixed Price with Economic Price Adjustment allows predefined adjustments for inflation or commodity indices while remaining fundamentally fixed-price. 8 / 15 8. A buyer wants a fixed base price but plans to reward high-quality service delivery based on subjective evaluation rather than formulas. Which contract type fits best? A) CPFF B) FPIF C) CPIF D) FPAF Fixed-Price Award Fee provides discretionary rewards without changing the base price. 9 / 15 9. A government agency is procuring standardized office equipment with well-defined specifications and stable market prices. The agency wants maximum price certainty and intends to transfer cost risk entirely to the contractor. Which contract type best fits this scenario? A) FPIF B) CPFF C) T&M D) Firm-Fixed-Price (FFP) This scenario describes a classic Firm-Fixed-Price situation: clear scope, low uncertainty, and full cost risk on the contractor. 10 / 15 10. A contract reimburses costs and calculates profit as a fixed percentage of incurred costs. Why is this contract type prohibited under FAR? A) Because it lacks incentives B) Because it limits competition C) Because costs are hard to audit D) Because it rewards inefficiency CPPC creates a perverse incentive by increasing profit as costs increase. 11 / 15 11. A contractor is reimbursed for allowable costs and receives a discretionary award based on qualitative performance factors such as cooperation and innovation. Which contract applies? A) CPAF B) CPFF C) CPIF D) CPPC CPAF uses subjective evaluation rather than formulas. 12 / 15 12. A complex development program cannot establish a realistic target cost initially. The buyer plans to negotiate preliminary targets first and finalize them later as knowledge improves. Which contract type is most appropriate? A) CPFF B) FPIS C) FPR D) FPIF FPIS allows successive target setting as uncertainty is reduced over time. 13 / 15 13. In which contract type does the government bear the greatest risk for cost growth while the contractor bears minimal cost risk? A) FFP B) FP/EPA C) FPIF D) T&M T&M places most cost risk on the buyer because payment is based on time spent. 14 / 15 14. A buyer wants to minimize administrative burden and ensure rapid procurement for low-risk, well-defined work. Which contract family is most appropriate? A) T&M B) Award-fee C) Fixed-price D) Cost-reimbursement Fixed-price contracts are preferred when requirements are clear and risk is low. 15 / 15 15. A buyer initiates a project where the scope is unclear and cost estimates are unreliable but wants to ensure contractor participation without rewarding inefficiency. Which contract family applies? A) CPPC B) CPFF C) CPIF D) T&M CPFF reimburses costs while fixing the fee, ensuring continuity without cost-based profit. Your score is LinkedIn Facebook Twitter VKontakte Restart quiz aboozarkordi
