CIPS L3M1 Procurement and Supply Environments Online Training
CIPS L3M1 Online Training
The questions for L3M1 were last updated at Feb 05,2025.
- Exam Code: L3M1
- Exam Name: Procurement and Supply Environments
- Certification Provider: CIPS
- Latest update: Feb 05,2025
‘The value of a commodity or service measured in terms of the standard monetary unit’ describes:
- A . Value for money
- B . Price
- C . Value added
- D . Cost
Which of the following is least risky from the buyer’s viewpoint?
- A . Payment on delivery
- B . Payment of 50% at time of order; with balance to be paid 90 days after delivery
- C . Payment in full at time of order
- D . Payment 60 days after delivery
A market situation where there is only one buyer in the marketplace is called:
- A . Perfect competition
- B . Oligopoly
- C . Monopoly
- D . Monopsony
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:
- A . Retention
- B . Redemption
- C . Intention
- D . Retainer
Which one of the following is a commercial document issued by a seller seeking payment for goods or services?
- A . Invoice
- B . Supplier quotation
- C . Pre-qualification questionnaire
- D . Delivery note
The total variety of life on Earth’ is CIPS’ definition of:
- A . Depletion of renewables
- B . Biodiversity
- C . The environment
- D . Corporate Social Responsibility
‘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?
- A . John Milton
- B . Milton Friedman
- C . John Maynard Keynes
- D . Milton Keynes
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?
- A . Demand-pull inflation
- B . Cost-push inflation
- C . Monetary inflation
- D . Stagflation
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