Question 1

Which of the following is a type of contract financing payment?

Group of answer choices

Advance

Adjustable

Modified

Invoice

Question 2

Deductions that may be taken from invoices submitted for payment include (select all that apply):

Group of answer choices

Invoiced prices that exceed the contract price for the supplies or services.

Liquidated damages,

Invoiced items that have been delivered and accepted.

Invoiced amounts that reflect hours worked during the invoiced period.

Question 3

Setoffs are used to collect debts owed the government by contractors, such as (select all that apply):

Group of answer choices

Price or cost reductions for defective certified cost or pricing data

Duplicate or erroneous payments

Government expense of correcting defects

Discounts for early payment

Incentive payments

Question 4

When is the government considered late in making a payment to a contractor?

Group of answer choices

When the Government does not meet its obligations to pay the contractor within 30 days after receipt of a proper invoice.

When the Government withholds amounts to liquidate progress payments.

When the Government does not make payment within 15 days of receipt of a proper invoice.

When the Government has not made payment due to problems in performance.

Question 5

A demand letter should be issued for overpayments if:

Group of answer choices

the debt is or will be the subject of a bilateral modification

the contractor rovides a lump sum payment, or submits a credit invoice.

the contractor notifies you that the payment office overpaid on an invoice payment.

the contractor agrees to perform work in an amount equal to the overpayment without invoicing for it.

Question 6

Final payment for a contract is issued when _________.

Group of answer choices

all work has been completed and accepted and a proper invoice is submitted.

the contractor promises in writing to repay any overpayments in exchange for final payment.

all work has been completed, but a contract claim is still being settled.

all work will be completed and accepted within the next 30 days.

Question 7

Identify which of the following results when it becomes necessary to definitize a contract change.

Group of answer choices

Supplemental agreement

New contract award

Unilateral modification

Fixed price incentive contract

Question 8

Identify three types of unilateral modifications.

Group of answer choices

Administrative changes

Issuing of termination notices

Issuing change orders

Definitizing change orders

Price modifications

Quantity increases, when the contractor has already agreed

Question 9

What is the name of the clause that gives the Government the unilateral right to extend the term of the contract?

Group of answer choices

Option

Modification

Change Order

Extension

Question 10

You have issued a change order with an equitable adjustment amount covering the cost of changed performance. However, the contractor refuses to agree to the adjustment and refuses to proceed. Is the contractor allowed to refuse?

Group of answer choices

No, the Disputes clause requires the contractor to continue performance regardless.

Yes, until the dispute is resolved.

It depends on whether or not the contractor will pursue litigation.

No, if the government agrees to Alternative Dispute Resolution (ADR).