Free Preparation Discussions
MENU
CIPS L3M1 Exam Questions
- Topic 1: Different Sectors of Procurement and Supply: Under this heading, there are different subtopics of the various sectors of procurement and supply including description of the categories and functions of private sector, roles, and scope of procurement in the private, public, not-for-profit/third sectors. Understanding the above sub-topics is very essential in an attempt to understand the concept of procurement and supply in general in these different sectors.
- Topic 2: Types of Pricing Arrangements in Commercial Agreements: It focuses on explaining pricing arrangements of use in commercial agreements so an entity can have the most effective price and cost management. This sub-topic is important because through this the role of pricing in procurement and supply can be deciphered.
- Topic 3: External Environment and Its Impact on Procurement and Supply: The external environment and their impact on procurement and supply comprise such subtopics as identification of the impact of the external environment and a description of implications of economic, political, legislative, environmental, ethical, and social criteria on the procurement and supply. Investigating these sub-topics is necessary for comprehending the external factors influencing procurement and supply.
- Topic 4: Procedures that Regulate Procurement and Supply: It refers to the regulations that guide procurement and supply. The subtopics discuss the types of documentation in procurement and supply and how these documented policies and procedures help in working within this field. Knowledge of the subtopics presents an essential overview of how regulatory aspects work in procurement and supply.
Free CIPS L3M1 Exam Actual Questions
Note: Premium Questions for L3M1 were last updated On Jan. 31, 2025 (see below)
The primary purpose of a public sector organisation is to:
The correct answer is to provide services. However, some other secondary factors may come into play. For example, some public sector organisations may be encouraged to boost national prestige eg airports, airlines; or they may be used as job creation schemes.
The price of one currency expressed in terms of another currency is called the:
Exchange rate - the rate at which the currencies are exchanged. This rate can vary frequently, some-times several times per hour, depending on circumstances.
The interest rate is the rate charged on loans - the cost of borrowing.
The base rate is the basic interest rate used for agreeing loans within an economy. This rate is nor-mally set by the government or the central bank. Loans within that economy will usually be at a higher rate than the base rate, often much higher.
The equilibrium rate (more commonly 'equilibrium price') is the rate at which supply and demand meet, not necessarily related to currency.
The primary purpose of a public sector organisation is to:
The correct answer is to provide services. However, some other secondary factors may come into play. For example, some public sector organisations may be encouraged to boost national prestige eg airports, airlines; or they may be used as job creation schemes.
Which of the following would not normally be seen as part of public sector procurement?
Public sector procurement staff are expected to work and offer their best to their employer, normal-ly without additional reward for creating cost savings, which is part of their work; and they should not receive rewards from suppliers.
This latter point takes us into the area of procurement ethics, which CIPS regards as being particu-larly significant for procurement professionals.
The other answers shown are typical features of public sector procurement.
Which of the following might be objectives of private sector organisations? Select all that apply.
To gain market share and to create shareholder value (increase the value of shares) are common aims of private sector organisations.
The other two answers are the antithesis of what firms usually want.
- Select Question Types you want
- Set your Desired Pass Percentage
- Allocate Time (Hours : Minutes)
- Create Multiple Practice tests with Limited Questions
- Customer Support
Izetta
3 days agoRefugia
8 days agoBenton
18 days agoHermila
23 days agoMichal
1 months agoAnnice
1 months agoCassie
2 months agoAnjelica
2 months agoParis
2 months agoChristiane
2 months agoTheron
2 months agoDannie
3 months agoEarleen
3 months agoElenora
3 months agoNohemi
3 months agoJesusita
3 months agoShalon
4 months agoAntione
4 months agoRosalind
4 months agoCharlena
4 months agoMyra
4 months agoTruman
5 months agoArletta
5 months agoAnastacia
5 months agoRyann
5 months agoDenny
6 months agoMarshall
7 months agoHobert
7 months agoMichell
7 months agoEvangelina
7 months agoPenney
8 months agoIvory
8 months agoWinfred
9 months ago