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1.  Many organizations favor fixed-price contracts because the performance of the project is the responsibility of the seller. Which of the following is the characteristic of a firm fixed price contract?

   A) The buyer must precisely specify the number of resources to be used for procurement
   B) The buyer must precisely specify the service or product to be procured
   C) The buyer must precisely specify the time for completing the contract
   D) The buyer must precisely specify the price of the contract
   

2.  You are the project manager of a business that sells software contracting services to Banks. Recently, Fourth National bank has requested you to submit a proposal for their mortgage project that has been published for the bid. They have also requested you to register the name of your business on the list of qualified sellers. Which of the following statement about qualified sellers list is true?

   A) Qualified sellers list is the list generated from procurement negotiations and represents an output of the conduct procurements process
   B) Qualified sellers list gives the listing of vendors who have been selected to perform the work with the organization and represents an input to the plan procurements process
   C) Qualified sellers list gives the listing of vendors who have been pre-selected for their past experience with the organization and represents an input to the conduct procurements process
   D) Qualified sellers list is the list generated out of bidder conferences and represents an output of the conduct procurements process
   

3.  Rosanne is an experienced project manager working for a pharmaceutical project. This project involves two big vendors to supply chemical products with specific composition for preparing drugs. While reviewing documents to see how the seller is performing, she noticed that some of the contractual terms were not met by the sellers. Since it is first time violation, she would like to initiate a corrective action to bring the performance of the seller consistent with the statement of work. Which of the following are NOT outputs of Rosanne's effort?

   A) Work performance information and Approved change requests
   B) Procurement documentation and Seller performance evaluation documentation
   C) Procurement documentation and Organizational process assets update
   D) Change requests and Project management plan updates
   

4.  Which of the following is NOT a common name for one of the various types of procurement documents?

   A) Request for quotation
   B) Seller proposal
   C) Invitation to bid
   D) Tender notice
   

5.  A seller was notified that they were one of the selected sellers based on their proposal. The seller immediately circulated an internal newsletter stating that they had just been awarded a large contract for a term of 5 years. Would the newsletter be factually correct?

   A) The newsletter is likely to be factually incorrect. A selected seller is one whose proposal has been accepted and a contract has been completed pending signatures of the authorized parties.
   B) It is likely that the newsletter is factually incorrect. While the seller has been selected for the work, it is unlikely that the term of the project would have been 5 years.
   C) It is likely that the newsletter is factually incorrect. A selected seller is one whose proposal has been judged to be in a competitive range. It does not mean they have been awarded the work.
   D) The newsletter is likely to be factually correct. A selected seller is one who has been awarded a contract based on the procurement process.