CLC 056 Questions and Answers Latest Update

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CLC 056 exam Analyzing Contract Costs Exam (contains 55 questions)  Here is your test result.The dots represent the choices you have made.  The highlighted questions are the questions you hav... e missed.  Remediation Accessed shows whether you accessed those links.'N' represents links not visited and 'Y' represents visited links. 1.) Which of the following must be true to properly classify a cost as an “other direct cost”? The offeror customarily treats similar costs as “other direct costs” under similar circumstances The proposed cost benefits only the proposed contract work The contractor’s accounting system segregates “other direct costs” from similar indirect costs All of these 2.) Which of these statements below is correct regarding the criteria for classifying a special test equipment cost as an "other direct cost”? Engineered, designed, fabricated, or modified to meet not only the requirements of the current contract but also the requirements of all other contracts Developed and engineered by a subcontractor who is not currently working on another contract An item (e.g., fixture, pattern, or gauge) that is necessary in aiding the development of a unique product Engineered, designed, fabricated, or modified to meet specific contract needs and cannot be used for other contracts 3.) What is the most common base for calculating the General and Administrative (G&A) overhead rate? [Identify indirect cost pools and bases] [Remediation Accessed: N] Total price Total G&A expense Total management cost Total of all costs 4.) What two costs elements are required to calculate an indirect cost rate? [Identify the process of calculating indirect cost rates] [Remediation Accessed: N] Expense pool and Allocation base Allocation base and Overhead rate Overhead rate and Expense base Allocation Pool and Expense base 5.) In which of the following phases does the contractor determine actual indirect cost rates? Billing Phase Forward Pricing Phase Beginning Payment Phase Final Allocation Phase 6.) Which of the following situations would you most likely employ linear regression techniques? Comparing the proposed costs of a new computer database with the historical costs of all recent contracts in your office Calculating the mean cost of one individual unit in a production run of 10,000 units Estimating the cost of a new armored vehicle based on historical costs of similar procurements Analyzing the accuracy of a should-cost analysis generated by a DCMA Industrial Engineer [Show More]

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