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 abbreviation ‘SME’ stands for …
- A . Small and medium-sized entity
- B . Small and medium-sized enterprise
- C . Supply management enterprise
- D . Single-minded entrepreneur
In which one of the following sectors would you least expect to find seasonal unemployment:
- A . Policing
- B . Construction
- C . Agriculture
- D . Tourism
Fiscal policy deals with:
- A . Government decisions and actions regarding the number of staff members employed in the government Treasury
- B . Government decisions and actions regarding the level of interest rates and supply of money in the economy
- C . Government decisions and actions regarding the balance between taxation revenue and public expenditure
- D . Government decisions and actions regarding exchange rates and unemployment in the economy
Which of the following is likely to reduce ‘capital growth’? Select all that apply.
- A . Increased sales
- B . Payment of high salaries and large allowances to senior managers
- C . Payment of dividends
- D . Increased profit
‘The optimum combination of whole life costs and quality’ is one definition of:
- A . Quality circles
- B . Life cycle costing
- C . Contractual agreement (in English law)
- D . Value for money
‘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 . A whole life cost
- B . A target cost incentive price
- C . A fixed price
- D . A cost-based price
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?
- A . False
- B . True
‘Open tendering may impose a substantial administrative burden on the procurement function.’ True or false?
- A . True
- B . False
A ‘mixed economy’ is:
- A . One which is confused
- B . One in which private and public sectors operate together
- C . A market economy
- D . A centrally-planned economy
The Kyoto Agreement is about:
- A . Shipping freight rates
- B . Climate change
- C . Whale protection
- D . Fishing rights
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