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| Section | Objectives |
|---|---|
| Topic 1: Contract Award and Negotiation | - Negotiation and Pricing
|
| Topic 2: Business and Supply Chain Management | - Business and Financial Acumen
|
| Topic 3: Legal, Regulatory, and Ethics | - Legal and Regulatory Framework
|
| Topic 4: Contract Management Foundations | - Contract Principles and Lifecycle
|
| Topic 5: Post-Award Contract Management | - Contract Administration
|
| Topic 6: Pre-Award Activities | - Acquisition Planning
|
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NEW QUESTION # 154
A condition that activates a term is called a condition subsequent and the one that suspends a term is called a condition precedent.
Answer: A
Explanation:
Explanation
NEW QUESTION # 155
In which activity of Contract Management Process, if the input is proposal and by using weighting system as a tool the output will be contract?
Answer: C
NEW QUESTION # 156
A __________ is a top-down hierarchical description of the work to be accomplished as viewed from the standpoint of outputs or products.
Answer: A
Explanation:
The correct answer is A (work breakdown structure) because, within the NCMA Contract Management Body of Knowledge (CMBOK), a Work Breakdown Structure (WBS) is defined as a deliverable-oriented, hierarchical decomposition of the total scope of work . It organizes and defines the project in terms of outputs or products, breaking down complex work into manageable components.
A WBS is developed during the pre-award phase as part of planning and requirements definition. It provides a structured framework that helps contract managers and project teams clearly understand what work must be performed. By decomposing the work into smaller elements, the WBS supports accurate cost estimating, scheduling, resource allocation, and performance measurement.
Option B ( statement of work ) describes the requirements and scope in narrative form but does not provide a hierarchical breakdown. Option C ( project schedule ) focuses on timelines and sequencing of activities, not the structural decomposition of work. Option D ( basis of estimate ) documents assumptions and methodologies used in cost estimating, rather than defining the work itself.
CMBOK emphasizes that a well-developed WBS is critical for effective contract planning and management.
It ensures alignment between requirements, deliverables, and performance expectations, and serves as a foundation for many downstream activities, including budgeting, risk management, and contract performance monitoring.
NEW QUESTION # 157
Revenue from rendering services is recognized when __________.
Answer: B
Explanation:
The correct answer is D (services are completed and billed) because, under standard accounting principles reflected in the NCMA Contract Management Body of Knowledge (CMBOK), revenue recognition follows the accrual basis of accounting , which requires that revenue be recognized when it is earned and realizable , not merely when a contract is signed or cash is received.
For service-based contracts, revenue is considered earned when the services have been performed in accordance with the contract requirements. Billing typically accompanies or follows completion, providing evidence that the service obligation has been fulfilled and that payment is due. This ensures that financial statements accurately reflect actual performance rather than anticipated or incomplete work.
Option A is incorrect because while contracts may include terms related to payment, they do not override standard revenue recognition principles. Option B relates to internal payment flow and does not determine when revenue is recognized. Option C ( the contract is signed ) represents agreement formation, not performance or earning of revenue.
CMBOK emphasizes the importance of accurate financial reporting and performance measurement.
Recognizing revenue only when services are completed ensures transparency, supports proper cost and performance tracking, and aligns financial outcomes with actual contract execution.
NEW QUESTION # 158
In solicitation planning activity of Contract Management Process, what will be the input by using standard forms as a tool and whose output will be procurements documents?
Answer: C
NEW QUESTION # 159
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