Common Types of FFP Contracts Are: Firm Fixed Price,fixed Price

question 22

True/False

Common types of FFP contracts are: firm fixed price,fixed price with economic price adjustment and fixed price redetermination.

---

Definitions:

Ordinary Expense

An expense that is common, accepted, necessary, and appropriate for a business or individual's trade or profession under tax law.

Advertising

The activity or profession of producing advertisements for commercial products or services to increase sales or public awareness.

Property Taxes

Taxes paid by property owners on their real estate and personal property, usually imposed by local governments based on the assessed value of the property.

Flow-through

A business entity that passes income to the owners or investors, avoiding corporate income tax, including S corporations, partnerships, and sole proprietorships.