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L3M1 Exam Dumps - Procurement and Supply Environments

Question # 4

Doing the same with fewer resources is:

A.

Efficiency

B.

Effectiveness

C.

Economy

D.

Explanation

E.

Efficiency.

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Question # 5

A market situation where there is a small number of large suppliers is called:

A.

Oligopoly

B.

Monopoly

C.

Perfect competition

D.

Monopsony

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Question # 6

Which one of the following is a commercial document issued by a seller stating what the cost would be of supplying certain goods or services, normally in response to an enquiry by the buyer?

A.

Request for quotation

B.

Supplier quotation

C.

Pre-qualification QUESTION NO:naire

D.

Commercial invoice

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Question # 7

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

A.

Payment on delivery

B.

Payment of 50% at time of order; with balance to be paid 90 days after delivery

C.

Payment in full at time of order

D.

Payment 60 days after delivery

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Question # 8

The letters 'NFP' mean...

A.

Newly focused (on) profit

B.

Not for procurement

C.

Non-funded purchase

D.

Not-for-profit

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Question # 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?

A.

True

B.

False

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Question # 10

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

True or false?

A.

False

B.

True

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Question # 11

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

A.

Policing

B.

Construction

C.

Agriculture

D.

Tourism

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Question # 12

Which of the following could be part of STEEPLED?

Select all that apply.

A.

Social

B.

Technological

C.

Democratic

D.

Ergonomic

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Question # 13

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

A.

True

B.

False

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Question # 14

The letters 'MNC' stand for:

A.

Multi-national co-operative

B.

Multi-national corporation

C.

Multi-national conglomerate

D.

Multi-national company

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Question # 15

Monetary policy deals with:

A.

Government decisions and actions regarding exchange rates and unemployment in the economy

B.

Government decisions and actions regarding the size of banknotes and coins in the economy

C.

Government decisions and actions regarding the level of interest rates and supply of money in the economy

D.

Government decisions and actions regarding the balance between taxation revenue and public expenditure

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Question # 16

One textbook (Profex Publishing) for this course under the heading 'Right price for the supplier' re-fers to:

‘A price which allows the seller to win business, in competition with other suppliers (according to how badly it needs the business, and the prices being charged by its competitors)’

Which of the following mechanisms is being referred to here?

A.

Face-to-face negotiation

B.

A tender exercise

C.

Cost analysis

D.

Litigation

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Question # 17

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

A.

To boost national prestige

B.

To make profit

C.

To provide services

D.

To create jobs

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Question # 18

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:

A.

Retention

B.

Redemption

C.

Intention

D.

Retainer

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Question # 19

Which of the following would not be part of the not-for-profit sector?

A.

Trade unions

B.

A religious organisation, such as a church or a mosque

C.

Professional bodies such as CIPS

D.

A local independent supermarket

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Question # 20

The 'five forces' model is also known as an 'Industry Structure Analysis'.

True or false?

A.

True

B.

False

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Question # 21

Measurement of an organisation’s carbon footprint uses which gas as a standard measure?

A.

H2O

B.

CO

C.

CO2

D.

CO3

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Question # 22

The primary purpose of a public sector organisation is to:

A.

Boost national prestige

B.

Create jobs

C.

Make profit

D.

Provide services

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Question # 23

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

A.

Value for money

B.

Price

C.

Value added

D.

Cost

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Question # 24

In one format for describing socio-economic groupings, skilled, semi-skilled and unskilled working class people would be classified as:

A.

A,

B, C1

B.

C2,

C.

D

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Question # 25

A limited company is an incorporated body.' True or false?

A.

True

B.

False

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Question # 26

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 supplierthan private sector buy-ers.True or false?

A.

False

B.

True

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Question # 27

A 'mixed economy' is:

A.

One which is confused

B.

One in which private and public sectors operate together

C.

A market economy

D.

A centrally-planned economy

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