Get all the Information About CIPS L3M3 Exam 2024 Practice Test Questions [Q40-Q63]

QUESTION 40
‘Profit is not a cost’. True or false?

QUESTION 41
Which STEEPLE factor deals with issues of foreign exchange rates, inflation, consumer spending, labour costs and unemployment levels?

QUESTION 42
Conducting individual and group-based (focus groups) in-depth interviews.
Is this quantitative or qualitative data gathering?

QUESTION 43
Which one of the following is a trading bloc?

QUESTION 44
Under a XXXX contract, the buyer does commit to purchase a given quantity over a given period of time, but the precise number of orders and their quantities is unknown at the start of the period. What expression has been replaced by XXXX?

QUESTION 45
The official power to make legal decisions and judgments in a given location, for example

QUESTION 46
‘Because they are set up for a specified duration, XXX contracts are subject to expiry rather than completion, unless they are renewed or extended.’

QUESTION 47
Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.

QUESTION 48
The variable cost of a bottle of water is 25 cents. Selling price is $1, and fixed costs are one hundred thousand dollars. How many bottles of water must be sold to reach breakeven point?

QUESTION 49
‘The CIPS Code of Conduct states that procurement professionals should not accept any business gifts under any circumstances.’ True or false?

QUESTION 50
Which STEEPLE factor deals with issues of waste management, pollution and recycling?

QUESTION 51
Which one of the following is from the STEEPLE framework?

QUESTION 52
What is the name given to costs which do not vary as activity levels in a business increase or de-crease?

QUESTION 53
Johnson, Scholes and Whittington suggested three key criteria for options which can be used in the evaluation of a business case. Which word was not one of these three key criteria?

QUESTION 54
Contracts published by third party experts such as trade associations or professional bodies, widely regarded as favouring neither buyer nor seller, are called:

QUESTION 55
The letters ‘MEAT’ stand for:

QUESTION 56
Contribution is equivalent to:

QUESTION 57
Intangibility means:

QUESTION 58
A sum of money credited to a buyer by a seller in recognition of a large volume of purchases bought throughout the previous year might be called a:

QUESTION 59
‘A purchasing procedure whereby potential suppliers are invited to make a firm and unequivocal offer of the price and terms on which they will supply specified goods or services which, on ac-ceptance, shall be the basis of the subsequent contract’

QUESTION 60
In legal parlance, in discussing / negotiating contract terms, something which is ‘less than an offer’, might be:

QUESTION 61
What gets measured, gets …’?

QUESTION 62
In which quadrant of a SWOT analysis would ‘well-developed management skills, unique intellec-tual property rights and sound financial backing’ appear?

QUESTION 63
After a framework arrangement is in place, a further XXXX competition can be held. Which word replaces XXXX?