CIPS L4M3 Commercial Contracting Online Training
CIPS L4M3 Online Training
The questions for L4M3 were last updated at Nov 24,2024.
- Exam Code: L4M3
- Exam Name: Commercial Contracting
- Certification Provider: CIPS
- Latest update: Nov 24,2024
Question #131
Non-disclosure
- A . 3 and 4 only
- B . 1 and 4 only
- C . 1 and 2 only
- D . 2 and 3 only
Correct Answer: D
D
Explanation:
There are a number of ways for an offer to be terminated. They are events that may occur after an offer has been made which bring it to an end so that it can no longer be accepted. An offer is terminated in the following circumstances:
D
Explanation:
There are a number of ways for an offer to be terminated. They are events that may occur after an offer has been made which bring it to an end so that it can no longer be accepted. An offer is terminated in the following circumstances:
Question #131
Non-disclosure
- A . 3 and 4 only
- B . 1 and 4 only
- C . 1 and 2 only
- D . 2 and 3 only
Correct Answer: D
D
Explanation:
There are a number of ways for an offer to be terminated. They are events that may occur after an offer has been made which bring it to an end so that it can no longer be accepted. An offer is terminated in the following circumstances:
D
Explanation:
There are a number of ways for an offer to be terminated. They are events that may occur after an offer has been made which bring it to an end so that it can no longer be accepted. An offer is terminated in the following circumstances:
Question #131
Non-disclosure
- A . 3 and 4 only
- B . 1 and 4 only
- C . 1 and 2 only
- D . 2 and 3 only
Correct Answer: D
D
Explanation:
There are a number of ways for an offer to be terminated. They are events that may occur after an offer has been made which bring it to an end so that it can no longer be accepted. An offer is terminated in the following circumstances:
D
Explanation:
There are a number of ways for an offer to be terminated. They are events that may occur after an offer has been made which bring it to an end so that it can no longer be accepted. An offer is terminated in the following circumstances:
Question #144
Abolition of forced labor
- A . 1, 2 and 4 only
- B . 2, 3 and 4 only
- C . 1, 3 and 4 only
- D . 1, 2 and 3 only
Correct Answer: C
C
Explanation:
ILO Declaration on Fundamental Principles and Rights at Work was adopted in 1948. The Declaration commits Member States to respect and promote principles and rights in four categories, whether or not they have ratified the relevant Conventions.
These categories are: freedom of association and the effective recognition of the right to collective bargaining, the elimination of forced or compulsory labour, the abolition of child labour and the elimination of discrimination in respect of employment and occupation.
Reference:
– ILO Declaration on Fundamental Principles and Rights at Work
– CIPS study guide page 161-163
LO 3, AC 3.2
C
Explanation:
ILO Declaration on Fundamental Principles and Rights at Work was adopted in 1948. The Declaration commits Member States to respect and promote principles and rights in four categories, whether or not they have ratified the relevant Conventions.
These categories are: freedom of association and the effective recognition of the right to collective bargaining, the elimination of forced or compulsory labour, the abolition of child labour and the elimination of discrimination in respect of employment and occupation.
Reference:
– ILO Declaration on Fundamental Principles and Rights at Work
– CIPS study guide page 161-163
LO 3, AC 3.2
Question #145
The cost in cost reimbursable contract is…?
- A . Actual cost
- B . Variable cost
- C . Fixed cost
- D . Profit
Correct Answer: A
A
Explanation:
A cost reimbursable contract (sometimes called a cost plus contract) is one in which the contractor is reimbursed the actual costs they incur in carrying out the works, plus an additional fee. Option E of the NEC3 Engineering and Construction Contract (ECC) is an example of a cost reimbursable contract.
Reference:
– CIPS study guide page 176-179
– Cost reimbursable contract
LO 3, AC 3.3
A
Explanation:
A cost reimbursable contract (sometimes called a cost plus contract) is one in which the contractor is reimbursed the actual costs they incur in carrying out the works, plus an additional fee. Option E of the NEC3 Engineering and Construction Contract (ECC) is an example of a cost reimbursable contract.
Reference:
– CIPS study guide page 176-179
– Cost reimbursable contract
LO 3, AC 3.3
Question #146
A senior procurement specialist in UK is preparing a specification in which ISO standards are used to send to global suppliers. Is this action appropriate?
- A . No, the procurement specialist must use BSI standards instead
- B . Yes, evert specification must have ISO standards
- C . Yes, ISO standards are globally recognisable
- D . No, ISO standards are unfamiliar to global suppliers
Correct Answer: C
C
Explanation:
ISO standards are internationally agreed by worldwide experts. They overcome countries’ differences and facilitate global trade. If a buying organisation is sourcing globally, they should use ISO standards within the specification.
Reference: CIPS study guide page 93-94
LO 2, AC 2.1
C
Explanation:
ISO standards are internationally agreed by worldwide experts. They overcome countries’ differences and facilitate global trade. If a buying organisation is sourcing globally, they should use ISO standards within the specification.
Reference: CIPS study guide page 93-94
LO 2, AC 2.1
Question #147
Which of the following indicates the ratio between profit and costs?
- A . Gearing
- B . Margin
- C . Mark-up
- D . Liquidity
Correct Answer: C
C
Explanation:
Mark up is the profit as a percentage of total costs.
LO 3, AC 3.3
C
Explanation:
Mark up is the profit as a percentage of total costs.
LO 3, AC 3.3
Question #147
Which of the following indicates the ratio between profit and costs?
- A . Gearing
- B . Margin
- C . Mark-up
- D . Liquidity
Correct Answer: C
C
Explanation:
Mark up is the profit as a percentage of total costs.
LO 3, AC 3.3
C
Explanation:
Mark up is the profit as a percentage of total costs.
LO 3, AC 3.3
Question #147
Which of the following indicates the ratio between profit and costs?
- A . Gearing
- B . Margin
- C . Mark-up
- D . Liquidity
Correct Answer: C
C
Explanation:
Mark up is the profit as a percentage of total costs.
LO 3, AC 3.3
C
Explanation:
Mark up is the profit as a percentage of total costs.
LO 3, AC 3.3
Question #150
Return orders in an hour Is that a good thing or not?
- A . Yes, because these targets will propel the suppliers to continuous improvement
- B . No, the local suppliers are always the best choice
- C . No, because the KPIs are not a realistic and justified
- D . Yes, the higher the targets are, the better the outcomes will be
Correct Answer: C
C
Explanation:
KPIs and the targets for supplier should be SMART:
– Specific: What exactly do you want to achieve?
– Measurable: How will you identify that you have achieved your goal?
– Achievable: Is your goal really attainable?
– Relevant: Is it relevant to you or, in other words, does it align with where you want to be?
– Time-bound (or timely): When will you deliver your goal, and what are the key milestones?
The two KPIs (Delivery in one hour, Return orders in one hour) are not realistic and achievable for international suppliers. Therefore, you should not put such high targets for
supplier.
Reference:
– What Are SMART KPIs? (Spoiler: They Don’t Really Exist!)
– CIPS study guide page 107-108
LO 2, AC 2.2
C
Explanation:
KPIs and the targets for supplier should be SMART:
– Specific: What exactly do you want to achieve?
– Measurable: How will you identify that you have achieved your goal?
– Achievable: Is your goal really attainable?
– Relevant: Is it relevant to you or, in other words, does it align with where you want to be?
– Time-bound (or timely): When will you deliver your goal, and what are the key milestones?
The two KPIs (Delivery in one hour, Return orders in one hour) are not realistic and achievable for international suppliers. Therefore, you should not put such high targets for
supplier.
Reference:
– What Are SMART KPIs? (Spoiler: They Don’t Really Exist!)
– CIPS study guide page 107-108
LO 2, AC 2.2
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