Updated L3M1 Dumps (V9.02) – Offering the Verified L3M1 Exam Questions to Prepare for the CIPS Procurement and Supply Environments Certification Exam

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

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

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

4. The letters 'NFP' mean...

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

6. Doing the same with fewer resources is:

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

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?

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?

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:

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

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

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

14. 'Shareholders are an example of stakeholders'. True or 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:

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

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

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

True or false?

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?

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?

21. The abbreviation ‘SME’ stands for …

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

23. Fiscal policy deals with:

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

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

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’.

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?

28. 'Open tendering may impose a substantial administrative burden on the procurement function.' True or false?

29. A 'mixed economy' is:

30. The Kyoto Agreement is about:

31. Which of the following are ways of classifying organisations? (select all that apply)

32. The system by which organisations are directed and controlled, thinking about business ethics and stakeholder responsibility, and where Directors may be held to account, is called:

33. In terms of interest rates, the ‘base rate’ is:

34. Which of the following could be described as an organisation?

35. The primary objective of a private sector organisation is...