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Prepare for the CIPS Procurement and Supply Environments exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.
QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the CIPS L3M1 exam and achieve success.
The questions for L3M1 were last updated on Jan 18, 2025.
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In terms of interest rates, the 'base rate' is:
The base rate is often used as a basis for the calculation of other rates, some of which eg credit card repayment rates, bear no resemblance to the base rate. Some longer-term, perhaps more responsible, lending, uses changes in the base rate to determine a repayment rate for debt eg mortgage rates. For credit card repayment rates and for late payments in business contracts there is often a considerable amount of freedom to agree relevant rates, but government is often encouraged to influence to try to ensure some level of sanity.
The answer which references procurement of a new 'instrument' is an attempt at humour, 'base' be-ing a type of guitar.
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 buy-ers. True or false?
This is true.
The idea / practice that some users / internal customers will spend organisational funds without in-volving procurement professionals when required to do so by organisational rules, is called:
One of the best ways to combat maverick buying is for procurement to be seen to be doing a good job, reducing the justification in colleagues' minds for going outside the system.
The other terms shown in the answers are simply made up to create the question.
This is your final question in this practice exam - good luck in the real exam!
A market situation where there is only one supplier is called:
The correct answer is, of course, 'monopoly'.
A market situation where there is a small number of large suppliers is called:
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.
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