Quiz – Contract Types Strategy

Question 1 of 6

1. Question

Fixed-price contracts primarily place accountability on the:

Seller, through predetermined costs and deliverables

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Buyer, who reimburses all expenses

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Insurer of the project

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End customer only

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Question 2 of 6

2. Question

Cost-reimbursable contracts are ideal when:

Scope uncertainty exists and requirements may evolve

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Scope is fully fixed and detailed

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The buyer wants zero flexibility

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No fees can ever be paid

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Question 3 of 6

3. Question

Selecting the right contract type depends on scope clarity, budget constraints, and:

Organizational tolerance for change

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The vendor’s office size

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The color of the deliverables

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The day of the week

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Question 4 of 6

4. Question

Contract type selection in this capsule is aligned with which standards?

PMBOK and ISO 21500

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ISO 14001 and OHSAS 18001

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GDPR and CCPA

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IEEE 802.11

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Question 5 of 6

5. Question

Match each contract type to its characteristic.

Sort elements

Seller accountability with predetermined costs
Transparency and flexibility for evolving scope
Adaptability billed by actual hours and resources

Fixed-price

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Cost-reimbursable

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Time-and-materials

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Question 6 of 6

6. Question

A sponsor needs ongoing technical support where the exact hours cannot be predicted and requirements will shift month to month. Which contract type best fits this dynamic engagement?

Time-and-materials contract

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Fixed-price contract with locked scope

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A contract requiring all deliverables defined upfront

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No contract, based on a verbal agreement

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