L3M1 Procurement and Supply Environments Exam Dumps

dumps2024-05-29T09:26:22+08:00

L3M1 Procurement and Supply Environments exam dumps help students prepare for the L3M1 Procurement and Supply Environments exam. These dumps contain questions and answers from previous exams, which can provide a comprehensive understanding of the exam format, the types of questions that may be asked, and how to answer them effectively. Free Procurement and Supply Environments L3M1 exam dumps available below.

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1. The Equality Act in the UK was introduced in which year?

2019

2001

2010

2011

2. Sources of finance for a public sector entity are primarily (select one):

Sales revenues

Taxpayers

Long-term bank loans

Delaying payments to suppliers

3. Which of the following would be / should be subject to health and safety legislation?

All of them

Smoking cigarettes inside offices, factories and other buildings

The manual lifting of heavy objects

Floors, passages and stairs should be properly constructed, maintained and kept clear

The need for appropriate firefighting equipment in a factory

4. The letters 'NFP' mean...

Newly focused (on) profit

Not for procurement

Non-funded purchase

Not-for-profit

5. On a diagram of the Product Life Cycle, the x-axis shows:

Growth

Time

Decline

Profit

6. Doing the same with fewer resources is:

Efficiency

Effectiveness

Economy

Efficiency.

7. Thinking of Michael Porter’s Industry Structure Analysis (commonly referred to as Five Forces Analysis), the content of the centre circle is about:

Governmental regulation of competition within an economy

Competitive rivalry within the industry

Governmental interference in an industry

Competitor price-cutting to increase market share

8. As well as a Goods Received Note (GRN), three-way matching to authorise a payment to a supplier should involve two other documents.

Which two?

Service Level Agreement

Invoice

Purchase Order

Bill of Materials

9. 'Trade within major trading blocs tends to expand, whereas this is not necessarily the case regarding trade between major trading blocs'. True or false?

True

False

10. Think carefully.

There is low consumer demand; production capacity is unused; prices are stable or are falling; busi-ness profits are low; unemployment is high; and business confidence is low. Is this:

Recovery

Recession

Boom

Depression

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11. ‘The value of a commodity or service measured in terms of the standard monetary unit’ describes:

Value for money

Price

Value added

Cost

12. Which of the following is least risky from the buyer’s viewpoint?

Payment on delivery

Payment of 50% at time of order; with balance to be paid 90 days after delivery

Payment in full at time of order

Payment 60 days after delivery

13. A market situation where there is only one buyer in the marketplace is called:

Perfect competition

Oligopoly

Monopoly

Monopsony

14. 'Shareholders are an example of stakeholders'. True or false?

True

False

15. A contract clause which entitles the buyer to hold back 5% of the final price for six months to en-sure everything is in order is known as a --------- clause:

Retention

Redemption

Intention

Retainer

16. Which one of the following is a commercial document issued by a seller seeking payment for goods or services?

Invoice

Supplier quotation

Pre-qualification questionnaire

Delivery note

17. The total variety of life on Earth’ is CIPS’ definition of:

Depletion of renewables

Biodiversity

The environment

Corporate Social Responsibility

18. 'Price' and 'payment terms' are the same thing.

True or false?

False

True

19. ‘The social responsibility of business is profit maximisation’ - focusing on returns to shareholders. This is a famous business philosophy - in contrast to a philosophy of Corporate Social Responsibility as expounded by CIPS.

Which economic and management thinker famously promoted this view?

John Milton

Milton Friedman

John Maynard Keynes

Milton Keynes

20. Which of the following might result from increased costs of production (especially wages) without increased demand, so that producers have to increase their prices to maintain profitability?

Demand-pull inflation

Cost-push inflation

Monetary inflation

Stagflation

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21. The abbreviation ‘SME’ stands for …

Small and medium-sized entity

Small and medium-sized enterprise

Supply management enterprise

Single-minded entrepreneur

22. In which one of the following sectors would you least expect to find seasonal unemployment:

Policing

Construction

Agriculture

Tourism

23. Fiscal policy deals with:

Government decisions and actions regarding the number of staff members employed in the government Treasury

Government decisions and actions regarding the level of interest rates and supply of money in the economy

Government decisions and actions regarding the balance between taxation revenue and public expenditure

Government decisions and actions regarding exchange rates and unemployment in the economy

24. Which of the following is likely to reduce 'capital growth'? Select all that apply.

Increased sales

Payment of high salaries and large allowances to senior managers

Payment of dividends

Increased profit

25. ‘The optimum combination of whole life costs and quality’ is one definition of:

Quality circles

Life cycle costing

Contractual agreement (in English law)

Value for money

26. ‘A - - - - - - - - is a price in which the supplier and buyer agree that the supplier can charge a price based on actual costs incurred, plus a margin for profit’.

A whole life cost

A target cost incentive price

A fixed price

A cost-based price

27. Because of the need for frequent or semi-frequent uses of competition, public sector buyers are less likely to find themselves in a close partnership arrangement with a supplier than private sector buyers. True or false?

False

True

L3M1 Procurement and Supply Environments Exam Dumps

L3M1 Procurement and Supply Environments Exam Dumps

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