Prep CIPS L3M1 Exam With L3M1 Dumps PDF Questions

1. C E R T S GR A DE High Grade and Valuable Preparation Stuff High Grade and Valuable Preparation Stuff CIPS L3M1 Procurement and Supply Environments Questions And Answers PDF Format: For More Information – Visit link below: https://www.certsgrade.com/ Version = Version = Product Visit us athttps://www.certsgrade.com/pdf/l3m1/

2. Latest Version: 6.0 Question: 1 Doing the same with fewer resources is: A. "Effectiveness" B. "Economy" C. "Efficiency (Correct)" Answer: C Explanation: Efficiency. Economy is most easily thought of as paying less, hopefully with no loss of quality, service, etc Effectiveness is most easily thought of as achieving the right outputs. What one really seeks is effectiveness. Unfortunately it is possible to be efficient without being effective. An example from my work life is the collection of statistics / 'returns'. I have come across parts of organisations which were very efficient at collecting data, but the data were not used in any meaningful way - the outputs of the efficiency did not add value and did not create useful outputs. There was a lack of effectiveness. The distinction is worthwhile, I think. Question: 2 Which of the following would often be subject to health and safety legislation? A. "The manual lifting of heavy objects (Correct)" B. "Floors, passages and stairs should be properly constructed, maintained and kept clear (Correct)" C. "Smoking cigarettes inside offices, factories and other buildings (Correct)" D. "The need for appropriate firefighting equipment in a factory (Correct)" Answer: A,B,C,D Explanation: All answers are correct. Each of these areas can create safety hazards for people in the workplace, and so in many countries government legislation has been passed to make these topics subject to regulation. For example, within the UK, it is mandatory for employers to provide compulsory training for employees who may be involved in lifting heavy items, and there are limits placed on the weight which can be handled by any one person. In many cases, mechanised lifting equipment is used to aid or replace humans. Question: 3 Visit us athttps://www.certsgrade.com/pdf/l3m1/

3. The letters 'MNC' stand for: A. "Multi-national corporation (Correct)" B. "Multi-national conglomerate" C. "Multi-national co-operative" D. "Multi-national company" Answer: A Explanation: 'Multi-national corporation' is the correct answer. Very large international organisations, with very large turnover, purchasing power and influence. Examples would include: Alphabet, Amazon, Apple, Dell, Ford, Shell, Toyota, etc Question: 4 A market situation where there is only one buyer in the marketplace is called: A. "Monopoly" B. "Monopsony (Correct)" C. "Oligopoly" D. "Perfect competition" Answer: B Explanation: A market with only one buyer is called a 'monopsony'. There may be other questions in this test about the other terms shown, so I shall hold back on Explanation: (s) here. Question: 5 An organisation is... A. "A social arrangement for the controlled performance of collective goals (Correct)" B. "A collection of social people controlling performance of arranged goals" C. "A social arrangement for the collective performance of controlled goals" Answer: A Explanation: Visit us athttps://www.certsgrade.com/pdf/l3m1/

4. Social arrangement because it involves people; they have a collective goal eg to be a profitable organisation; and their performance must be controlled to work towards or to achieve that goal / those goals. Question: 6 The abbreviation ‘SME’ stands for … A. "Small and medium-sized enterprise (Correct)" B. "Supply management enterprise" C. "Single-minded entrepreneur" D. "Small and medium-sized entity" Answer: A Explanation: This is the standard definition, widely used, and given in your textbook. Question: 7 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. "Stagflation" C. "Cost-push inflation (Correct)" D. "Monetary inflation" Answer: C Explanation: Inflation, in this case, is created by the increased cost of production coming through into the economy. The other answers are essentially names of alternative types of inflation. Question: 8 Under a contract with a price adjustment clause, which of the following would commonly be grounds for price adjustment (depending on the precise contract terms)? A. "Desire by shareholders to have increased profits" B. "Quality problems brought about by supplier’s haste to complete the contract to aid their cashflow" C. "Substantially escalating materials costs (Correct)" Visit us athttps://www.certsgrade.com/pdf/l3m1/

5. D. "Exchange rate fluctuations (Correct)" Answer: C,D Explanation: Exchange rate fluctuations and escalating materials costs can both substantially impact on a contract price. Where a contract has been drafted to allow for it, the price may be adjusted in line with some pre- agreed mechanism or formula to make the price paid more equitable. Quality problems of the supplier's own making and shareholders seeking extra profit - neither being uncommon - are not seen as being grounds for adjusting price (upwards). I should mention that price adjustment clauses can result in prices being adjusted either upwards or downwards, or not at all, depending on circumstances. Question: 9 A market situation where there is a small number of large suppliers is called: A. "Monopoly" B. "Monopsony" C. "Perfect competition" D. "Oligopoly (Correct)" Answer: D Explanation: A monopoly is a single supplier (or for some authorities where one supplier has control of the market eg 75% market share); a monopsony is a single buyer. Perfect competition involves many suppliers and many buyers. The clue here is the 'small number' of suppliers. Question: 10 Which of the following is least risky from the buyer’s viewpoint? A. "Payment 60 days after delivery (Correct)" B. "Payment in full at time of order" C. "Payment of 50% at time of order; with balance to be paid 90 days after delivery" D. "Payment on delivery" Answer: A Explanation: Visit us athttps://www.certsgrade.com/pdf/l3m1/

6. Payment (the implication here is 'in full') 60 days after delivery allows the buying organisation time to check the goods carefully, and possibly even use them in that time. All of the other options would require the buyer to part with money prior to holding the goods, thus exposing that sum to risk. The least risky from the buyer's viewpoint is therefore after 60 days. Particularly hazardous would be payment at time of order. Visit us athttps://www.certsgrade.com/pdf/l3m1/

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