Free CIPS L3M3 Exam Dumps Questions & Answers

'A purchasing procedure whereby potential suppliers are invited to make a firm and unequivocal offer of the price and terms on which they will supply specified goods or services which, on ac-ceptance, shall be the basis of the subsequent contract'

• A.Competitive dialogue
• B.Invitation to tender
• C.Expression of interest
• D.Request for information

Which of the following statements is untrue? Select two.

• A.There is an obligation to buy under a framework arrangement
• B.In most cases, a framework arrangement is not itself a contract.
• C.The framework arrangement establishes the basic terms and conditions that will apply to subsequent orders
• D.A framework arrangement cannot be used for consultancy services, although it can be used for construction work.

Assume you calculate a selling price by adding a profit element onto costs. Assume the profit ele-ment is equivalent to 100% of costs.
Is mark-up or margin being described here?

• A.Mark-up
• B.Don't know.
• C.(Well take a guess then...)
• D.Margin

A sum of money credited to a buyer by a seller in recognition of a large volume of purchases bought throughout the previous year might be called a:

• A.Retrospective reward
• B.Retrospective rebate
• C.Historic refund
• D.Vendor debit

'Agreement' is composed of:

• A.Offer and consideration
• B.Capacity and consideration
• C.Correct form and acceptance
• D.Offer and acceptance