Certified Professional Contracts Manager

Question 1

__________ is the most essential attribute for success in business.

A. decisiveness

B. fortitude

C. conviction

D. integrity

Correct Answer: D

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Question 2

An opportunity that falls into the __________ opportunity, __________ risk quadrant of the opportunity-risk assessment should be pursued.

A. high; low

B. low; high

C. high; high

D. low; low

Correct Answer: A

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Question 3

Fundamentally, the contract management profession is about the knowledge and application of __________.

A. contract principles and situational assessment

B. team dynamics and situational assessment

C. laws, codes, and regulations

D. pre-award, award, and post-award life cycles

Correct Answer: A

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Question 4

To excel in work, life, or as a leader, contract managers must commit to __________.

A. the organization's mission

B. achieving education degrees and professional certifications

C. SMART personal goals

D. continuous learning

Correct Answer: D

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Question 5

In approaching negotiations, the buyer and seller should __________.

A. only document the agreement at the end of the process when all decisions have been finalized

B. work collaboratively instead of assigning a team leader

C. be flexible in planning to create pricing and alternatives

D. avoid the use of a schedule or agenda during negotiations

Correct Answer: C

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Question 6

__________ is/are extremely influential on any organization and can drive the need to maintain awareness of industry capacity, pricing, standards, and best practices.

A. The workforce

B. Stakeholders

C. The competitive marketplace

D. Evolving technology

Correct Answer: C

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Question 7

From a marketing perspective, to determine the right price, it is important to understand __________.

A. costs, target market, and authority to make a purchase

B. promotion, line of business, and market share

C. competition, products/services, and organized exchange

D. supply, demand, and competition

Correct Answer: D

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Question 8

__________ states that only what is written in the contract is applicable and all previous verbal or written statements are not applicable.

A. Extrinsic Evidence

B. The Contra Proferentem Rule

C. The Parol Evidence Rule

D. Order of Precedence

Correct Answer: C

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Question 9

Which of the following is an example of internal market research?

A. Contacting customers of potential sources for past performance information.

B. The established cost targets for the acquisition with sufficient explanation to support the targets.

C. A description of the need to be satisfied.

D. Sharing information on contracting issues and trends with other managers.

Correct Answer: D

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Question 10

__________ is the most important step in the negotiation process.

A. Documentation

B. Forming the team

C. Collaboration

D. Preparation

Correct Answer: D

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NCMA Certified Professional Contracts Manager - CPCM Exam Practice Test

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