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1. What is the definition of direct labor cost?
2. In general practice, what are the 3 types of labor costs that are referred to as direct labor?
3. How is the Government protected in cost-reimbursement contracts when analyzing direct labor costs?
4. When talking about average wage rates, which method is the most precise (plant-wide rate, departmental rate, or rates by labor category)?
5. Define direct material cost.
6. The actual quantity of parts consumed in manufacturing or construction will almost always exceed the basic minimum quantity that is listed in the bill of material. TRUE or FALSE
7. Give 3 examples of what could be included in material costs.
8. According to FAR 15.404-1 Technical Analysis, what 3 things should the Contracting Officer request technical assistance for evaluating
9. List 3 examples of what would be considered Other Direct Cost (ODC’s).
10. Give a couple of examples of what would increase a company’s overhead.
11. Normally overhead rates will increase as the volume of business increases, and decrease when business volume falls off. TRUE or FALSE
12. What are the 4 major components of factory overhead?
13. What is the formula for the Units of Production Method when discussing the allocation of overhead?
14. What is the formula for the Direct Material Cost Method when discussing the allocation of overhead?
15. What is allocation of overhead put simply?
16. What happens to a company if they have set their overhead rates too low?
17. What 3 factors must a Government analyst consider when assessing the reasonableness of a proposed overhead rate?
18. What is a Forward Pricing Rate Agreement (FPRA)?
19. What type of cost (expense) would a company’s top level management fall under?
20. List the 6 steps for determining Facilities Cost of Money.
21. Why is adequate profit in the Government’s best interest?
22. What is the statutory limit on fee for a Cost-Plus-Fixed-Fee contract EXCLUDING experimental, developmental, or research work?
23. What two general principles prevail in measuring equitable adjustments?
24. Profit may be included in an equitable adjustment proposal as long as the adjustment is not resulting from suspension of work. TRUE or FALSE
25. Which agency is the dominant federal agency that performs contract audit work?